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9 SUEVEY OF CUKEENT BUSINESS February 1951 Table 4.—National Income and Product, 1948, 1949, and 1950 l [Billions of Dollars] Quarterly, 1950 Item 1948 1949 Seasonally adjusted at annual rates Unadjusted 1950 I III II IV I II III IV 216.9 229.1 244.0 142.3 135.2 114.3 4.5 16.4 7.1 147.9 140.6 119.5 4.5 16.6 7.3 155.3 147.8 125. 3 87.4 (3) 162.7 155.1 130.3 3 (3) () 7.6 NATIONAL INCOME BY DISTRIBUTIVE SHARES National income Compensation of employees _ Wages and salaries _ _ Private Military Government civilian. _ -____.__. Supplements to wages and salaries __ 4 Proprietors' and rental income Business a n d professional _ _ _ _ _ _ _ Farm Rental income o f 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 2 235. 6 53.7 57.2 61.1 140.6 134.2 113.7 4.3 16.1 6.4 152.2 144.9 122.6 (33) () 7.3 35.0 33.2 27.9 1.1 4.2 1.8 36.9 35.1 29.7 1.1 4.3 1.9 39.0 37.1 31.9 (3) (3) 1.8 (3) 41.2 39.5 33.2 3 () (3) 1.8 47.3 22.1 17.7 7.5 41.7 21.0 13.4 7.3 43.6 23.2 13.1 7.4 10.4 5.4 3.2 1.8 10.3 5.6 2.9 1.8 11.4 6.2 3.4 1.8 11.6 6.1 3.6 1.9 41.5 21.4 12.8 7.3 41.2 22.3 11.7 7.1 45.5 24.6 13.5 7.4 46.3 24.3 14.4 7.6 31.8 33.9 13.0 20.9 -2.0 29.9 27.6 10.6 17.0 2.2 234.8 239.8 217.7 2 22.1 -5.1 7.1 7.3 3.3 4.0 -.3 8.7 9.3 4.1 5.2 -.6 9.5 11.4 5.1 6.4 -2.1 (33) (3) () (3) -2.1 28.1 29.2 13.2 16.0 -1.0 35.0 37.4 16.5 20.9 -2.4 38.1 46.4 20.6 25.8 -8.3 (33) (3) () (3) -8.5 4.1 17.5 4.7 19.5 5.0 21.1 1.2 5.1 1.3 5.1 1.3 5.0 1.3 5.9 5.0 19.7 5.0 19.8 5.0 21.2 5.1 23.4 259.1 255.6 279.8 63.4 66.0 71.6 78.7 263.3 271.6 283.9 300.3 46.0 6.5 24.6 15.0 49.1 8.6 25.5 15.0 52.5 8.3 28.9 15.3 182.6 26.4 97.9 58.3 185.8 26.5 99.9 59.5 198.9 34.0 104.5 60.4 195. 8 30.0 104.3 61.5 10.3 5.4 3.1 2.3 5.6 -.7 -.7 13.3 6.5 3.9 2.6 6.4 .5 .4 15.0 5.9 3.3 2.5 6.6 2.6 2.5 41.8 20.0 11.2 8.9 19.5 2.3 2.7 47.7 21.5 12.4 9.1 21.8 4.4 4.3 47.8 23.0 13.6 9.4 26.3 -1.5 -1.7 60.2 22.9 12.9 10.0 26.1 11.2 11.0 223.5 216.8 140.2 134.4 115.7 4.0 14.7 5.8 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 _ Less: Go vernment sales _ State and local _ 177.4 22.9 100.9 53.7 178. 8 23.8 98.5 56.4 190.8 29.2 101.6 59.9 43.2 5.9 22.7 14.7 43. 1 17.7 8.6 9.1 19.9 5.5 4.4 33.0 17.3 8.3 9.0 19.5 -3.7 -3.1 49.4 21.8 12.5 9.3 23. 4 4.1 4.1 10.8 4.1 2.2 1.9 4.8 1.8 1.9 1.9 .4 -2.5 -.4 -.4 -.9 -.7 -1.7 -1.7 -3.3 -3.4 36.6 21.5 .5 15.6 43.3 25.7 .4 18.0 42.1 22.9 .2 19.4 9.9 5.5 .1 4.4 10.2 5.3 .1 4.9 10.2 5.3 .1 4.9 11.9 6.8 .1 5.2 40.5 22.1 .3 18.7 39.9 21.4 .3 18.8 40.4 21.1 .2 19.5 47.6 27.1 .2 20.8 209. 5 206.1 223.2 53.4 53.8 56.1 60.0 216.4 215.1 224.9 234.9 21.2 19.0 2.2 188.4 177.4 10.9 18.7 16.2 2.5 187.4 178.8 8.6 20.5 17.8 2.8 202.7 190.8 11.9 7.0 6.2 .8 46.4 43.2 3.2 3.9 3.2 .7 49.9 46.0 3.9 4.8 4.2 .7 51.3 49.1 2.2 4.8 4.2 .6 55.2 52.5 2.7 19.0 16.3 2.7 197.4 182.6 14.8 19.5 16.8 2.7 195.6 185.8 9.8 20.3 17.5 2.8 204.6 198.9 5.7 23.3 20.4 2.8 211.6 195.8 15.8 DISPOSITION OF PERSONAL INCOME Personal income Less: Personal tax and nontax payments Federal _ 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 259.1 255.6 279.8 63.4 66.0 71.6 78.7 263.3 271.6 283.9 300.3 Less: Capital consumption allowances. _ Indirect business tax and nontax liability. Business transfer payments.. _ Statistical discrepancy Plus: Subdidies less current surplus of Government enterprises 17.4 20.4 .7 -2.9 .0 18.8 21.3 .7 -1.9 .1 20.8 23.7 .7 -1.0 .1 4.9 5.3 .2 -.8 .0 5.1 5.7 .2 -2.1 .1 5.3 6.4 .2 -1.4 -.1 5.4 6.2 .2 19.7 22.0 .7 4.1 .2 20.5 23.2 .7 -1.3 .5 21.3 25.3 .7 -7.6 —.3 21.7 24.3 .7 Equals: National income 223.5 216.8 2 235. 6 53.7 57.2 61.1 216.9 229.1 244.0 (3) 1.6 .0 2.8 1.2 3.4 .2 28.1 6.7 .0 20.9 4.7 8.1 .7 35.0 6.8 .0 14.2 4.7 8.2 .7 38.1 6.9 .0 11.2 4.8 9.3 .7 (3) 60.0 216.4 215.1 224.9 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 31.8 5.2 .0 10.6 4.5 7.5 .7 29.9 5.7 .0 11.6 4.7 7.8 .7 234.8 6.8 .0 14.3 4.8 9.4 .7 7.1 1.8 .0 5.3 1.1 1.9 .2 8.7 1.8 .0 3.5 1.4 1.9 .2 9.5 1.7 .0 2.7 1.1 2.2 .2 209.5 206.1 223. 2 53.4 53.8 56.1 (3) .0 (3) 3 () (3) 7.2 .0 11.2 4.8 11.5 .7 234.9 1 Detail will not necessarily add to totals because of rounding. 2 Data for estimating fourth-quarter profits are not yet available. In order to arrive at national income and corporate profits for the year, fourth quarter corporate profits before tax were assumed to be the same as in the third quarter. 34 Not available. Includes noncorporate inventory valuation adjustment. NOTE: Data for prior years are published in the July 1950 SURVEY OF CURRENT BUSINESS and in the National Income Supplement to the July 1947 SURVEY. Source: U. S. Department of Commerce, Office of Business Economics. 924280°—51- BUSINESS STATISTICS A HE DATA here are a continuation of the statistics published in the 1949 Statistical Supplement to the SUEVEY OF CURRENT BUSINESS. That volume (price $1.25) contains monthly data for the years 1945 to 1948, and monthly averages for earlier years back to 1935 insofar as available; it also provides a description of each series and references to sources el monthly figures prior to 1945. Series added or revised since publication of the 1949 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 1949 are shown in the March 1950 issue of the Survey of Current Business. for selected series will be found in the Weekly Supplement to the Survey. Unless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey 1950 1949 December Data subsequent to December 1950 January February March April May June July August September October November December GENERAL BUSINESS INDICATORS NATIONAL INCOME AND PRODUCTf Seasonally adjusted quarterly totals at annual rates: National income, total bil. of dol Compensation of employees total do Washes and salaries, total do Private do Militarv do Government civilian do Supplements to wages and salaries do Proprietors' and rental income, total c? do Business and professional of 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 214.2 140.2 133. 6 112.7 4 6 16.4 6.6 40.7 20.6 12.8 7.3 216. 9 142.3 135. 2 114.3 4 5 16.4 7.1 41.5 21.4 12.8 7.3 229.1 147.9 140.6 119.5 4 5 16 6 7.4 7.6 46.3 24.3 14.4 7.6 28.4 27.6 10.6 16.9 .8 '28.1 35.0 37 4 16. 5 20 9 '-2.4 5.0 '38.1 46.4 20.6 25 8 '-8.3 5.0 -8.5 5.1 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 Chance 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 253.8 180. 6 25. 3 97.9 57.4 31.2 18.2 18.7 —5.7 7 ' 263 3 ' r182. 6 26 4 ••97.9 ' 53 3 ' 41.8 ' 20 0 ' T19 5 2 3 -1.7 271 6 185 8 26 5 '99.9 r 59 5 'r 47 7 21 5 * 21 8 r 283 9 42.8 24.3 18 5 MO. 5 ' 21 8 18 7 '39.9 Personal income tot^l do Less: Personal tax and nontax payments__.do Equals: Disposable personal income do Personal saving§ do 205.4 18.7 186.8 6.2 216 4 19.0 ' 197. 4 ' 14 8 215.1 19.5 195.6 '9 8 7.3 r 41.2 22.3 11.7 7.1 29.2 13.2 16.0 -1.0 5 0 4.8 ' 244. 0 • 155 3 ' 147. 8 * 125 3 r r ' 7.4 45 5 r 24. 6 r 13 5 300.3 195. 8 30.0 104.3 61. 5 60.2 22.9 26.1 11.2 -3.4 r 198. 9 r '34 0 ' 104. 5 '60.4 r 47. 8 r 23 0 '26.3 —1 5 -3.3 r 4 4 r 162. 7 155. 1 130.3 — 1.7 '40.4 r 20 9 ' 19. 5 ' 21 1 18.8 47.6 26.9 20.8 r 224 9 r 20 3 ' 204. 6 '5.7 234.9 23.3 211.6 15.8 PERSONAL INCOME, BY SOURCEf Seasonally adjusted, at annual rates: Total personal income bil. of dol Wage and salary receipts, total do Employer disbursements, total 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 Total nonagricultural income ___ do 208.4 132.9 135. 1 57.0 39.3 17.8 21.0 214.6 132.2 135.0 56.7 39.5 17.9 20.9 215.4 131.5 134.2 55.8 39.3 18.1 21.0 219.3 133.6 136. 4 57.7 39.6 18.1 21.0 213.8 135.3 138.1 59.1 39.7 18.2 21.1 214.5 137.7 140.5 60.9 40.1 18.5 21.0 217.1 140. 2 143.2 62.7 40.7 18.6 21.2 220.7 141.7 144. 5 63.3 40.9 18.7 21.6 225.4 145.5 148. 5 65.6 41.7 18.8 22.4 228.7 147.8 150.6 66.5 41.6 18.8 23.7 231.1 150.7 153.8 68.6 41.9 19.2 24.1 r 232. 9 ' 152.' 1 ' 155. 1 '69.1 '41.9 '19.3 '24.8 240.7 153. 5 156.4 69.9 41.8 19.3 25.4 2.2 3.1 40.6 18.9 12.9 2.8 3.0 43.5 17.5 18.4 2.7 3.0 41.0 17.7 22.2 2.8 3.3 40.2 18.0 24.2 2.8 3.3 39.8 18.2 17.2 2.8 3.4 41.5 17.8 14.1 3.0 3.4 42.3 17.8 13.4 2.8 3.4 45.5 17.8 12.3 3.0 3.4 46.1 18.4 12.0 2.8 3.4 45.0 21.1 11.4 3.1 3.4 45.7 19. 2 12'.1 3.0 3.4 '46.2 '19.4 11.8 2.9 3.4 46.9 25.3 11.6 191.1 195.2 199.0 203.7 198.7 198.4 200.7 202.7 207.3 211.2 212.7 r 213. 9 221.5 NEW PLANT AND EQUIPMENT EXPENDITURES Ali industries, quarterly total Manufacturing Mining Railroad Other transportation Electric and gas utilities Commercial and miscellaneous mil of dol do do do do do do ___ 4,630 1,830 180 300 120 890 1,320 3,700 1,520 150 230 80 650 1,060 4,330 1,860 160 300 90 760 1,160 i 5, 410 i 2 520 i 200 1320 i 140 !990 i 1, 240 4,690 2, 050 180 280 120 820 1, 230 ' Revised. * Estimates based on anticipated capital expenditures of business; those for 1951 are shown on p. 4 of the January 1951 SURVEY. tRevised series. Quarterly estimates of national income, gross national product, and personal income and monthly estimates of personal income have been revised beginning 1946: see pp. 28-35 of the July 1950 SURVEY for the revised figures. cf Includes inventory valuation adjustment. §Personal saving is excess of disposable income over personal consumption expenditures shown as a component of gross national product above. 924280—51- S-l