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SUKVEY OF CURRENT BUSINESS 10 February 1948 Table 7.—Consolidated Receipts and Expenditures of Federal, State and Local Governments, 1946 and 1947 1 [Billions of dollars] 1946 Percent change 1947 1946 EXPENDITURES AND SURPLUS 1947 Percent change RECEIPTS Compensation of employees Other purchases Net interest paid Transfer payments Subsidies less current surplus of government enterprises 21.2 95 4.5 10.8 8 +20.3 +16 8 0 +2.8 — 112 5 Total expenditures Surplus on income and product transactions 46.8 3.5 43.5 12.9 -7.1 +268. 5 Total expenditures and surplus 50.3 56.4 +12.1 16.9 11 1 4.5 11.1 _ i Personal tax and nontax receipts Corporate profits tax accruals Indirect business tax and nontax accruals Contributions for social insurance Total receipts 18 8 86 16 9 6.0 21 5 11 3 17 9 57 +14 4 +31 4 +5 9 —5 0 50 3 56 4 1 1° 1 1 Detail will not necessarily add to totals because of rounding Source: U. S. Department of Commerce, Office of Business Economics. crease in the Federal surplus was larger, because State and local government surplus declined. Although table 7 presents an over-all summary of the major government receipt and expenditure transactions which influenced economic activity, certain peculiarities of the data should be noted. Most important, the expenditure of government loans, which contributed materially to the high level of exports, is reflected as expenditure by foreign nations under "net foreign investment" rather than as government expenditures which for national income purposes are defined to exclude loan transactions. In 1947, the value of exports financed by government credits amounted to more than 4 billion dollars. It is true, of course, that some of these exports might have materialized even if no United States government loans had been forthcoming, and to that extent the net effect of government operations on the export balance is smaller than this figure. Nevertheless, it can be used as a first approximation of the proportion of foreign demand that was really attributable to the United States government. Moreover, factors such as monetary and credit policies may be important in judging the impact of government on economic activity. Yet these are not reflected in the table which shows only revenue and expenditure transactions that are components of the current income and production of the economy. Table 8.—National Income and Product, 1946 and 1947 [Billions of dollars] Quarterly, 1947 1946 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 2 . -Business and professional Farm -Rental 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 Unadjusted 1947 Seasonally adjusted at annual rates I II III IV I II III IV 178.2 116.8 111.1 90.2 8.0 12.9 5.6 41.8 19.7 15.2 6.9 16.5 21.1 8.6 12.5 -4.7 3.2 21.2 202.6 128.1 122.8 105.2 4.1 13.4 5.4 47.8 23.5 17.0 7.3 23.0 28.7 11.3 17.4 -5.7 3.6 16.9 48.2 30.8 29.4 24.8 1.2 3.4 1.4 11.5 5.6 4.2 1.8 5.0 7.1 2.8 4.3 -2.1 .8 4.5 50.1 31.5 30.1 25.6 1.0 3.4 1.4 11.7 5.7 4.2 1.8 6.0 7.0 2.7 4.2 -1.0 .9 4.4 50.8 32.1 30.8 26.8 1.0 3.0 1.3 11.7 5.9 4.0 1.8 6.0 7.1 2.8 4.3 -1 1 .9 3.8 53.6 33.7 32.5 27.9 1.0 3. 6 1.2 12.9 6.3 4.6 1.9 (3) (33) (3) (3) () 1.0 4.3 194.6 124.7 119.1 101.2 4.6 13.3 5.6 46.2 22.4 16.8 7.0 20.4 28.9 11.5 17.4 -8.6 3.3 17.6 199.8 125.6 120.0 102.7 4.1 13.2 5.6 46.7 22.9 16.6 7.2 23.9 27.8 10.9 16.9 -3.8 3.5 17.1 203.3 128.7 123.6 106.2 3.9 13.5 5.1 47.0 23.5 16.2 7.3 23.9 28.2 11.1 17.1 -4.3 3.7 16.5 212. 3 132. 9 127. 8 110. 3 3.8 13.7 5.1 61. ,5 25.4 18. ,5 7.6 3 (3) () 203.7 143.7 14.9 87.1 41.7 24.6 8.5 3.3 5.2 12.4 3.7 3.9 4.8 30.7 23.7 3.0 10.0 229.6 164.4 19.8 99.3 45.3 27.8 10.7 4.9 5.7 17.9 — .7 1.3 8.7 28.7 17.7 1.3 12.3 54.0 37.4 4.1 22.3 11.0 7.6 2.1 .9 1.3 4.2 1.3 1.7 2.1 6.9 4.6 .5 2.9 56.2 40.4 4.7 24.5 11.2 6.0 2.4 1.0 1.3 4.6 -.9 -.3 2.6 7.2 4.4 .4 3.1 56.7 40.8 4.8 24.6 11.4 7.1 3.0 1.4 1.6 4.4 -.3 .3 2.0 6.9 4.3 .2 2.9 62.7 45.8 6.1 28.0 11.8 7.1 3.2 1.6 1.5 4.8 -.8 —.4 2.0 7.7 4.4 .2 3.4 221. 0 156.9 18.2 94.7 44.0 28.2 10.3 4.4 5.8 16.4 1.6 3.0 8.3 27.6 18.3 2.1 11.4 226.9 162.3 19.3 98.4 44.6 26.1 9.6 4.1 5.5 17.9 -1.4 .8 10.4 28.2 17.7 1.4 11.9 229.4 165.8 20.2 99.9 45.7 27.0 10.4 4.8 5.6 18.4 —1.7 .7 7.8 28.7 17.2 1.0 12.5 240. 9 172. ,5 21. 3 104. 2 47. 1} 29.9 12.4 6.3 6.1 18.8 -1.3 .6 8.2 30.3 17.7 .8 13.3 177.2 18.8 17.2 1.6 158.4 143.7 14.8 196.8 21.5 19.7 1.8 175.3 164.4 10.9 46.9 8.7 8.1 .5 38.2 37.4 .8 48.0 4.0 3.5 .5 44.0 40.4 3.6 49.4 4.6 4.2 .4 44.8 40.8 4.1 52.5 4.2 3.8 .4 48.3 45.8 2.4 189.8 21.0 19.3 1.7 168.8 156.9 11.9 191.4 21.2 19.4 1.8 170.1 162.3 7.8 199.6 21.6 19.8 1.9 177.9 165.8 12.1 205.8 22.1 20.2 1.9 183.7 172.5 11.2 8(!) ,s 16.4 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 Not foreign investment Government purchases of goods and services. _ __ Federal Less* Government sales State and local _ _ - -- DISPOSITION OF PERSONAL INCOME Personal income _ jLess* Personal tax and nontax payments State and local Less* Personal consumption expenditures Equals* Personal saving See footnotes at end of table. - - SURVEY OF CURRENT BUSINESS February 1948 S-l Monthly Business Statistics The data here are a continuation of the statistics published in the 1942 Supplement to the SURVEY OF CURRENT BUSINESS. That volume contains monthly data for the years 1938 to 1941, and monthly averages for earlier years back to 1913 insofar as available; it also provides a description of each series and references to sources of monthly figures prior to 1938. Series added or revised since publication of the 1942 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 refer to adjustment of monthly figures for seasonal variation. Data subsequent to December for selected series will be found in the Weekly Supplement to the Survey. Unless otherwise stated, statistics through 1941 and descriptive notes may be found in the 1942 Supplement to the Survey 1947 1946 December January February March April May June July August September October November December GENERAL BUSINESS INDICATORS NATIONAL INCOME AND PRODUCT * Seasonally adjusted quarterly totals at annual rates National income _ _ _ bil. ofdol. Compensation of employees do Wages and salaries _ _ _ do_ _ Private do Military do _ Government civilian do Supplements to wages and salaries do Proprietors' and rental income do Business and professional do Farm. do_ _ Rental income of persons do Corporate profits and inventory valuation adjustment bil. of dol Corporate profits before tax do _ Corporate profits tax liability do Corporate profits after tax do _ Inventory valuation adjustment do Net interest do 191.0 122.2 117.1 98.0 5.6 13.5 5.1 46.7 22.0 17.8 7.0 ' 1C4. 6 124.7 ' 119. 1 ' 101. 2 4.6 13.3 '5.6 '46.2 22.4 '16.8 7.0 ' ' ' ' 18.8 27.1 11.0 16.1 -8.3 3.2 '20.4 '28.9 '11.5 17.4 '—8.6 3.3 '23.9 '27.8 ' 10.9 '16.9 '-3.8 '3.5 23.9 28.2 11.1 17.1 '—4.3 '3.7 Gross national product do Personal consumption expenditures 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 bil. of dol Federal (less Government sales) do State and local do 218.6 154.9 18.2 93.6 43.1 30.4 9.3 15.7 5.4 5.2 ' 221. 0 ' 156. 9 '18.2 '94.7 '44.0 '28.2 10.3 '16.4 '1.6 83 '226 9 '162 3 ' 19 3 '98 4 '44 6 '26.1 96 ' 17 9 '—1.4 ' 10 4 '229 4 ' 165 8 '20 2 '99.9 '45 7 '27 0 10 4 ' 18 4 '.7 '78 240 9 172 5 21 3 104 2 47 o 29 9 12 4 18 8 —.3 c o 28.2 16.9 11.2 '27.6 '16.2 '11.4 '28 2 ' 16 3 11 9 '28 7 '16 2 12 5 30 3 16 9 13 3 Personal income. do Less: Personal tax and nontax payments do Equals: Disposable personal income do Personal savings § do PERSONAL INCOME* Seasonally adjusted, at annual rates: Total personal income bil. of dol_. "Wage and salary receipts, total do Total employer disbursements _._do Commodity-producing industries do Distributive industries _ do Service industries _ do Government _ do Less employee contributions for social insurance bil. of dol.. Other labor income do Proprietors' and rental income _ _ do Personal interest income and dividends. _do Total transfer payments do 187.5 19.5 168.0 13.1 ' 189. 8 '21.0 ' 168. 8 '11.9 ' 191 4 ' 199 6 '21 6 ' 177. 9 ' 12.1 205 8 22 1 183.7 11 2 189.9 117.0 118.8 52.3 33.5 14.4 18.6 1.8 1.6 47.2 13.7 10.4 ' 189. 3 203.3 ' 128. 7 ' 123. 6 ' 106. 2 3.9 '13.5 ' 5.1 47.0 23.5 16.2 7.3 r 21 2 ' 170. 1 '7.8 '33.4 14.6 18.0 ' 189. 5 '117.1 ' 119. 2 '53.0 '33.5 14.6 18.1 ' 190. 6 '117.0 ' 119. 1 '53.4 '33.5 14 6 17 6 ' 189. 4 '116.0 ' 118. 2 '52.8 '33 1 14 8 17 5 ' 190. 5 '117.3 '119.4 '53.5 '33 8 14 9 17 2 2.1 1.6 '45.8 '14.0 '11.0 2.1 1.7 '45.9 '14.1 10.7 2.1 17 '46.8 '14.2 10.9 2.2 17 '46.5 '14.3 10.9 2.1 18 '46.5 '14.4 10.5 rl!6.9 r 119.0 '53.0 199. 8 125. 6 120. 0 102. 7 4.1 13 2 '5.6 ' 46.7 '22.9 '16.6 7.2 ' 194. 1 ' 120. 1 ' 122. 2 '54.9 '34 9 15 2 17 2 2.1 18 ' 47 1 '14.6 10.5 ' 194. 9 ' 119. 9 ' 122. 0 ' 54.4 '35 0 15 4 r 17 2 2.1 18 r 47 4 '14.7 11.1 212.3 132 9 127 8 110 3 38 13 7 51 51 5 25 4 18.5 76 38 ' 193. 8 ' 121. 2 ' 123. 3 '55.5 '35 2 r 15 2 17 4 ' 209. 9 ' 123. 2 ' 125. 2 '56.7 '35 8 15 2 17 5 ' 203. 2 ' 123. 7 ' 125. 7 '57.2 r 35 g 15 1 17 6 ' 204. 2 ' 126. 4 ' 128. 4 '58.8 15 2 17 6 209.7 127.4 129.4 59.8 36 9 15 2 17 5 2.1 18 r 45 5 '14.9 10 4 r 173 3 '2.0 18 '48 1 '15.6 21.2 2.0 19 r 50 4 '15.4 11 8 '2.0 19 49 9 '15.5 10 5 2.0 19 54 0 15.6 10 8 r 36 8 r igs 7 Total nonagricultural income. do ' 168. 2 168.8 167.3 ' 167. 8 ' 168. 3 ' 169. 7 ' 172 4 ' 173 0 r 180 6 ' 182 3 183 9 NEW PLANT AND EQUIPMENT EXPENDITURES* All industries, total mil. ofdol. 3,730 3,160 3,940 4,440 ' 4,r 140 Electric and gas utilities ._ do 360 330 450 500 550 Manufacturing and mining _ _ do 1,920 1,600 2,010 ' 2 050 2 230 Railroad __ ___do___ 180 160 220 370 ' 230 Commercial and miscellaneous do 1,280 1,080 1,260 ' 1 360 1,300 FARM INCOME AND MARKETINGS Cash farm income, total, including Government payments* _ . -mil. ofdol 2,284 2,076 2,438 1,897 2 211 1,974 2,026 2 662 2 517 3 060 3 773 3 109 From marketings and C. C. C. loans* _ . do. _ 2,248 1,853 2,420 2,010 1,914 1,989 2,185 2 657 2 505 3 049 3 096 2 909 3 759 Crops* _ _ do 692 918 999 707 594 621 743 1 187 1 205 1 497 1 299 2 122 1 540 Livestock and products* do _ 1,146 1,318 1,421 1,330 1,368 1 442 1 320 1 318 1 452 1 552 1 556 l' 637 1 610 Dairy products* do 292 345 317 330 345 379 392 353 382 334 293 319 303 Meat animals* . __. do 829 807 667 743 726 705 782 711 785 958 970 1 019 1 039 Poultry and eggs*___ do 181 224 187 266 97Q 280 232 244 9fi9. 234 251 236 261 ' Kevised. § Personal savings is the excess of disposable income over personal consumption expenditures shown as a component of gross national product above. * New series. Quarterly data for 1939-46 and annual data beginning 1929 for national income and gross national product and monthly data for 1929-46 for personal income are published in the "National Income Supplement to Survey of Current Business", which is available from the Superintendent of Documents, Washington, D. C., for 25 cents; these series are compiled by the U. S. Department of Commerce. For source and a brief description of the series on plant and equipment expenditures, see note marked "*" on p. S-3 of the September 1947 Survey; fourth quarter of 1947 estimates are based on anticipated capital expenditures of business. Revisions for January 1945-May 1946 for farm income are available on request; see note in September 1947 Survey regarding earlier data; revisions beginning 1945 were in part to adjust the series to levels indicated by 1945 Census data; 1940-44 data have not been similarly revised. 774576°—48 5