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SURVEY OF CURRENT BUSINESS July 1948 27 Table 40.—National Income by Distributive Shares, Quarterly, 1944-47 [Billions of dollars] 1945 1944 I National income _ . Compensation of employees _ Wages and salaries Private _ Military Government civilian. __ Supplements to wages and salaries Proprietors' and rental income . Business and professional . Farm Rental income of persons Corporate profits and inventory • valuation adjustment Corporate profits before tax Corporate profits tax liability Inventory valuation adjustment. Net interest Addendum: Compensation of general government employees II 44.6 45.7 29.2 30.0 28.2 29.0 20.3 20.6 4.6 5.1 3.2 3.3 1.0 1.1 8.4 8.6 3.7 3.8 3.1 3.0 16 17 III IV Year I II 45.7 30.5 29.4 21.0 5.4 3.0 1.1 8.4 3.9 2.8 17 46.5 31.4 30.3 21.3 5.6 3.3 1.1 8.7 4.0 3.0 17 182. 4 121.1 116.9 83.3 20.7 12.8 4.2 34.1 15.4 11.9 67 47.3 31.5 30.3 21.2 5.8 3.3 1.3 9.1 4.1 3.3 18 47.7 31.8 30.4 21.2 5.9 3.4 1.4 9.0 4.1 3.1 1.8 5.6 5.7 3.2 2. 5 .0 8 24.0 24.3 13.5 6.0 6.1 3.4 6.1 6.3 3.5 4.2 4.4 2.5 -.3 31 -.1 7 -.1 7 8.8 32.9 9.1 93 6.1 6.2 3.4 6.2 6.3 3.5 —.1 8 —.1 8 6.0 6.1 3.4 2. 7 .0 8 7.7 8.2 8.2 III 1946 IV Year I II III 44.3 42.4 181.7 30.6 29.0 122.9 29.2 27.7 117.6 20.2 19.5 82.0 5.9 4.9 22.5 3.1 3.2 13.0 1.4 1.4 5.4 8.8 9.1 36.0 4.4 16.8 4.2 2.9 3.0 12.3 17 17 7 0 41.5 27.4 26.0 20.0 2.9 3.1 1.4 9.8 4.7 3.4 17 44.0 28.8 27.4 22.1 1.9 3.3 1.4 9.8 4.9 3.3 1.6 45.5 29.9 28.5 23.9 1.6 3.0 1.4 10.7 5.3 3.8 1.7 3.4 3.6 2.2 19.8 20.4 11.6 3.5 3.8 1.7 4.5 5.1 2.1 3.9 5.9 2.4 -.2 7 -.2 8 -.6 30 -.3 8 9.2 8.3 35.9 6.1 1947 Year I II III IV Year 48.4 179.3 31.1 117.3 29.8 111.7 25.0 91.0 7.8 1.3 3.5 12.9 1.3 5.6 11.4 41.8 5.6 20.4 4.1 14.6 1.7 6.7 48.8 30.7 29.3 24.6 1.1 3.6 1.5 11.6 5.6 4.2 1.8 49.9 31.4 29.9 25.7 1.0 3.2 1.4 11.2 5.7 3.7 1.7 50.2 32.0 30.7 26.7 .9 3.1 1.3 11.1 5.7 3. 6 1.8 53.6 33.4 32.2 27.7 .9 3.6 1.2 12.2 6.2 4.1 1.9 202.5 127.5 122.2 104.7 16.8 21.8 9.0 5.4 7.2 2.9 6.3 7.2 2.8 6.1 7.3 2.8 6.9 8.1 3.2 24.7 29.8 11.7 -.9 -1.2 -1.2 1. 1 1.1 1.1 -5.1 IV 4.9 7.0 2.8 -.6 -2.0 -2.1 -5.0 -1.8 9 9 34 8 1.0 5.4 4.6 4.7 20.9 4.4 4.4 3.8 3.9 13.6 5.3 46.0 23.2 15.6 7.1 4.3 4.2 16.8 Year Table 41.—National Income by Distributive Shares, Seasonally Adjusted Quarterly Totals at Annual Rates, 1944—47 [Billions of dollars] 1945 1944 I II III IV Year 179.9 182.1 182.7 184.9 182.4 National income _ _ _ . . Compensation of employees 118.0 119.8 122.3 124.4 121. 1 Wages and salaries 114 1 115.6 117 9 119 9 116 9 Private 82.8 82.6 83.4 84.5 Military 18.6 20.2 21.5 22.5 20.7 Government civilian. __ 12.7 12.8 13.0 12.9 12.8 Supplements to wages and salaries 4.2 4.4 4.2 3.9 4.5 Proprietors' and rental income 33.7 34.4 33.5 34.8 34.1 Business and professional 15.0 15.2 15.5 16. 1 15.4 Farm 12 2 12.4 11.3 11.8 11.9 Rental income of persons 6.9 6.6 6.7 6.7 6.7 Corporate profits and inventory valuation adjustment 25.0 24.7 23.8 22.7 24.0 Corporate profits before tax _ _ 25.4 25.1 23.9 22.9 24.3 14.1 14.0 13.3 12.8 13.5 Corporate profits tax liability C orporate profits after tax _ _ 11.3 11.2 10.6 10.1 10.8 — 4 —.4 .2 — . 2 —.3 Inventory valuation adjustment 3.2 3.2 3.0 3.1 3.1 Net interest __- - _ _ Addendum: Compensation of general government 30.4 32.3 33.9 35.0 32.9 employees 00 0 I II III 1947 1946 IV Year I II III IV Year I 190.9 190.1 177.8 168.0 181.7 167.9 175.0 182.1 192.0 179.3 197.3 127.3 126.8 122.6 114.7 122.9 111.5 114.6 119.9 123.0 117.3 125. 0 122.4 121.4 117.2 109.0 117.6 105.8 108.9 114.4 117.5 111.7 119.3 86.3 84.8 80.0 77. 1 82.0 81.8 88.4 94.8 98.7 91.0 101.7 6.4 5.3 4.3 23.0 23.6 23.8 19.5 22.5 11.6 7.8 7.8 13.1 13.1 13.5 12.4 13.0 12.4 12.7 13.2 13.5 12.9 13.3 5.4 5.0 5.4 5.7 5.4 5.5 5.5 5.6 5.7 5.7 5.7 36.4 36.1 35.1 36.6 36.0 39.1 39.4 42.9 45.6 41.8 4614 16.3 16.6 16.7 17.6 16.8 18.7 19.6 21.1 22.4 20.4 22.5 13.0 12.5 11.5 12.1 12.3 13.6 13 2 15.2 16.4 14.6 16.9 7.0 6.9 7.0 7.0 7.1 7.0 6.6 6.6 6.7 6.8 6.8 II III IV 199.3 125.3 119.6 102.3 3.9 13.4 5.7 44.6 22.7 14.9 7.0 200.6 127.6 122 5 105.3 3.7 13.5 5.1 44.4 23.0 14 3 7.1 212.8 132.2 127 1 109.5 36 14.0 50 48.6 24.7 16 5 7.4 202. 5 127 5 122 2 104 7 39 13. 6 53 46.0 23 2 15 67.1 24.2 24.7 14.2 10.5 —.6 3.0 24.2 24.8 14.3 10.6 —.6 3.0 17.0 17.6 10.1 7.6 —.6 3.0 13.7 14.4 8.0 6.3 —.7 3.1 19.8 14.1 17.8 15.8 19.6 16.8 21.8 25.2 24.3 27.5 24.7 20.4 15.3 20.3 23.7 28.0 21.8 28.9 28.8 29.1 32.4 29.8. 11.6 9.0 11.4 11.3 11.4 12.7 11.7 6. 3 8.3 9.8 11.6 9.0 12.0 13.9 16.5 12.8 17.5 17.5 17.7 19.7 18.1 8.7 —.6 — 1.2 —2.6 —7.9 —8.5 —5.0 —7.1 — 3. 6 —4 8 —4 9 —5 1 3.0 3.4 4.1 4.2 3.1 3.3 3.5 4.4 3.8 4.5 4.3: 36.0 37.0 37.8 32.6 35.8 24.3 20.9 19.6 18.6 20.8 17.4 17.0 16.2 16.5 16. 8 Table 42.—Gross National Product or Expenditure, Quarterly, 1944-47 [Billions of dollars] 1944 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 N e t foreign investment _ _ _ _ . __ _ _ _ _ Government purchases of goods and services Federal _ War Nonwar _-Less* Government sales State and local _ _ I II 50.6 25 5 1.4 15.0 90 2.1 .5 .1 3 1.2 .4 .6 -.7 23 8 21.9 21 9 .3 3 1.9 51.8 27 1 1.6 16.2 9 3 1.3 .6 .1 5 1.4 -.7 —.5 -.7 24 2 22.2 22 1 .4 3 2.0 III 1946 1945 IV Year 53.6 56 2 212 2 27 6 31 2 111 4 2.3 1.6 6.9 16.8 19.4 67.5 9 3 9 5 37 0 6.4 2.2 .8 2.3 .7 .6 .1 .1 5 5 6 18 1.4 1.5 5.4 .2 -1.2 -1.4 .3 — 1 2 — 8 -.3 — . 4 -2.1 24 0 24 6 96 5 22.3 22.6 89.0 22 2 22 5 88 6 .4 .5 1.6 3 3 12 7.5 1.7 2.0 I II 54.3 28 5 1.6 17.2 9 7 1.8 .5 .1 4 1.5 -.2 — .1 —.7 24.7 22.7 22 7 .3 3 2.0 55.0 29 3 1.8 17.8 9 8 2.0 .7 .1 6 1.6 -.4 -.3 -.7 • 24.4 22.4 22 4 .3 3 2.0 III IV Year 52.9 51.2 213.4 30 1 34 9 122 8 8.3 3.0 1.8 18.5 21.9 75 4 9 8 10 0 39 2 3.2 2.2 9.2 .9 1.1 3.3 7 3 .2 7 8 26 2.2 7.3 1.9 .4 -1.1 -1.3 .5 — 1 1 — 1 0 -.3 .2 -1.4 19 9 13 9 82 8 18.0 11.7 74.8 18 5 12 3 75 9 .2 .3 1.0 7 8 2 2 2.2 8.0 1.9 I 47.3 32 4 2.7 19 2 10 5 5.4 15 4 10 2.2 1.8 18 .7 88 6.5 70 .3 7 2.2 11 III 50.1 53.7 35 3 37 2 4.2 3.6 20 9 21.9 10 8 11. 1 7.9 6.1 2 1 2.7 7 1.0 14 17 3.1 3.5 .9 1.7 9 1.7 1.3 1.3 7 3 74 4.8 5.0 5 5 4.7 .5 .8 11 6 2.5 2.5 1947 IV Year 58.2 42.5 5.7 25.4 11.4 7.1 2.6 1.0 16 4.0 .5 .6 1.3 7.3 4.5 4.0 .9 .4 2.8 209.3 147 4 16.2 87.5 43.6 26.5 8.9 3.2 57 12.8 4.8 5.0 4.7 30.8 20.8 21.2 2. 5\ 2 9J 10.0 I II 54.7 56.2 37 6 40 3 4.4 5.0 21.6 23.6 11.6 11.7 8.2 6. 3 2.2 2.6 9 11 13 15 4.5 4.2 1.8 -.8 2.3 —.2 2.2 2.6 6 7 7.0 3.9 3.9 4 4 4.3 .5 .3 2.8 3.1 III 56.4 40 5 5.0 23.7 11 9 6.9 3.3 15 18 4.2 -.7 .0 2.1 70 3.9 4 2 .2 3.0 IV Year 64.4 231 & 46 4 164 8 6.5 21 0 27 7 96 5 12 2 47 a 8.6 30 0' 36 11 7 18 53 17 6 4 4 8 17 8 .2 .6 7 .27 2.0 89 7 3 28 0 3.9 15.6 4 1 16 9 .2 1.1 34 12 3 28 SURVEY OF CURRENT BUSINESS July IMS Table 43.—Gross National Product or Expenditure, Seasonally Adjusted Quarterly Totals at Annual Rates, 1944-47 [Billions of dollars] 1944 I Gross national productPersonal 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 War_ _. Nonwar Less; Government sales State and local 205. 8 106.5 6.5 64.0 36.0 7.0 2.4 .7 16 4.8 -.2 .7 -2.7 95 0 87.5 ._ 87.5 1. 1 1.0 7.4 II 208.3 109.9 6.7 66.3 36.9 5.1 2.3 .6 18 5.5 -2.7 -2.1 -2.9 96.3 88.8 88.4 1.6 12 7.5 III 1945 IV Year 216.1 218.7 212.2 113.4 115. 8 111.4 7.4 7.0 6.9 69.1 70.5 67.5 37.4 37.9 37.0 6.4 6.9 6.5 2.4 2.3 2.3 .4 .4 .5 19 2.0 1.8 5.4 5.5 5.8 9 -1.7 — 1.4 K -1.4 -.8 -1.2 -1.6 -2.1 96.9 98.0 96.5 89.3 90.4 89.0 88.6 90.0 88.6 2.0 1.6 1.6 1.2 1 2 13 7.6 7.6 7.5 1946 I II III IV 220.7 119.0 7.6 73.0 38.4 5.9 2.4 .4 21 6.0 -2.5 -2.2 -2.7 98 5 90.8 90.9 1.0 1 i 7.6 221.6 119.4 7.7 72.9 38.9 7.8 2.9 .5 2 4 6.5 -1.6 — 1. 1 -2.8 97 2 89.5 89.8 1. 1 13 7.7 213.8 123.7 8.1 76.3 39.4 11.0 3.4 .7 2.6 7.7 -.1 .4 —1.2 80.2 72.1 73.9 1.1 2.9 8.1 197.4 129.2 9.7 79.3 40.2 12.2 4.6 1.2 3 4 8.8 — 1.3 — 1.0 .9 55.2 46.8 49.2 .9 3 4 8.4 Year I II III 1947 IV Year I II III IV 213.4 196.1 202.8 215.6 222.4 209.3 226.4 228.3 227.9 243. 8 122.8 136. 8 143.1 152.6 157.0 147.4 158.1 164.2 165.6 171.1 8.3 12.2 15 2 18.0 19.5 16.2 19.6 21.1 21.1 22. 1 75.4 82 8 85.0 90.1 92 0 87 5 92.5 96.3 96 8 100 2 39.2 41.8 42.8 44.5 45.5 43.6 46.0 46.7 47.7 48.8 9.2 21.3 25. 1 28. 1 31.3 26 5 32.6 26.4 25.6 35.4 3.3 7.2 8.7 9.6 10.1 8.9 10.8 10.3 11.6 14.0 .7 4.5 4.3 2.3 2.9 3.6 3 9 32 5.2 7.0 2 6 5.8 6 3 60 4 9 60 6 2 6 3 57 6 9 7.3 17.9 17.6 18.9 8.8 12.3 13.9 16.2 12.8 16.6 4.1 5.2 -1.8 -3.5 5.3 4.8 -1.3 4.6 5.0 2.5 5.4 4.2 4.9 6.8 .8 -.9 -1.0 5.6 5.0 4.2 — 1.4 5.3 8.8 10.2 8.4 5.3 5 1 4.7 8.2 3.0 82 8 35 1 29 3 29 7 29 0 30 8 26 9 27.6 28 3 29 0 74.8 26.2 19.8 19.3 17.9 20.8 15.6 15.7 15.7 15.5 75.9 27.9 22.2 18.7 16.0 21.2 \17 7 17.0 16. 6 16.3 1.0 1.2 1.9 3.2 3.6 2.5 j l * . < 8 4 2 2 2 2 9 2.1 2 6 1.4 .9 30 17 9.5 10.4 11.1 10.0 11.3 11.9 12.6 13.5 8.0 9.0 Year 231. 6 164. 8 21.0 96. 5 47.3 30 0 11.7 5.3 6.4 17.8 .6 2.7 8.9 28.0 15.6 16. 9 1.3 12.3 Table 44.—Disposition of Personal Income, Quarterly, 1944—47 [Billions of dollars] 1945 1944 Personal income .. _ _ _ Less; Personal tax and nontax payments Federal State and local Equals* Disposable personal income Less: Personal consumption expenditures _ _ _ Equals: Personal saving .__ I II III 39.8 5.2 40.9 6.0 5.6 4 34.9 27.1 7.8 41.0 4.4 4.1 3 36 6 27.6 9.0 4.8 4 34.6 25.5 9.1 IV Year 42.7 164. 5 3.3 18.9 3.0 17.5 3 14 39.5 145.6 31.2 111.4 8.2 34.2 j 42.7 8.5 8.0 4 34.3 28.5 5.8 II III 43.2 4.9 4.5 4 38.4 29.3 9.0 41.9 3.9 3.6 .3 37.9 30.1 7.9 1947 1946 IV Year 42.5 170.3 3.7 20.9 3.3 19.4 3 15 38.8 149.4 34.9 122.8 3.9 26.6 I II III 41.6 7.6 7.1 5 34.0 32.4 1.6 43.6 3.4 2.9 4 40.2 35.3 5.0 45.2 4.3 3.9 4 40.9 37.2 3.7 IV Year 47.7 178.1 3.7 18.9 3.3 17.2 4 17 44.0 159.2 42.5 147.4 1.5 11.8 I II III IV 47.0 8.7 8.2 6 38.3 37.6 .7 47.6 4.0 3.5 5 43.6 40.3 3.3 48.9 4.7 4.3 4 44.2 40.5 3.7 51.7 4.2 3.7 4 47.6 46.4 1.2 Year 195.2 21.6 19.7 2 0 173.6 164.8 8.8 Table 45.—Disposition of Personal Income, Seasonally Adjusted Quarterly Totals at Annual Rates, 1944—47 [Billions of dollars] 1944 I Personal income Less: Personal tax and nontax payments Federal State and local Equals* Disposable personal income Less* Personal consumption expenditures Equals: Personal Saving _ _ _ _ II III 1945 IV Year I II III 1947 1946 IV Year I II III IV Year I II III IV Year 161.3 163.3 164.8 168.4 164.5 172.8 172.5 168.6 167.4 170.3 168.8 173.6 181.7 187.3 178.1 190.9 189.6 196.7 203.1 195. 2 18.9 18.8 18.9 19.0 18.9 21.4 21.3 20.7 20.3 20.9 17.9 18.7 19.2 19.7 18.9 21.2 21.4 21.7 22.2 21. 6 17.5 17.5 17.5 17.6 17.5 19.9 19.8 19.2 18.7 19.4 16.2 17.0 17.5 17.9 17.2 19.3 19.4 19.8 20.2 19.7 2.0 17 1.9 1.4 14 2 0 2.0 1.7 1.5 1.7 1.6 14 14 14 1.8 1.9 1.6 16 15 1. 5 142.4 144.5 145.9 149.3 145. 6 151.5 151.3 147.9 147.1 149.4 150.9 154.9 162.5 167.6 159.2 169.7 168.2 175.0 180.9 173. 6 106.5 109.9 113.4 115.8 111.4 119.0 119.4 123.7 129.2 122.8 136.8 143.1 152.6 157.0 147.4 158.1 164.2 165.6 171. 1 154.8 4.1 9.7 8.8 9.4 35.9 34.6 32.5 33.6 34.2 32.5 31.9 24.2 17.9 26.6 14.2 11.8 10.0 10.6 11.8 11.6 Table 46.—Relation of Gross National Product, National Income, and Personal Income, Quarterly, 1944-47 [Billions of dollars] 1945 1944 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 I II III IV 50.6 29 3. 1 .1 .1 51.8 3.5 .1 2 53.6 30 3.7 .1 1.2 2 44.6 .2 45.7 .1 45.7 9 Q 6.2 6.1 1.3 1.3 2 .0 .7 .8 7 6 1l 1.0 1 1 39.8 40 9 1946 I II III IV 56.2 212.2 3 1 11 9 3.7 4.0 .1 .5 4.1 3.0 54.3 32 3.7 .1 .2 55.0 3 2 3.8 .1 .1 52.9 3.3 4.0 .1 1.4 2 .7 46.5 182.4 .2 47.3 .1 .2 47.7 44.3 Year 6.0 5.6 24.0 52 1.3 1.3 .0 .0 -.2 8 .8 31 7 7 28 1.5 4 7 LI 1 5 41 0 42 7 164 5 Year 1947 I II III IV 51.2 213.4 2.7 12 4 4.2 15.6 .1 .5 2.3 4.0 47.3 28 4.1 .1 —.7 50.1 2.9 4.3 .1 —.7 53.7 3.0 4.5 .1 .5 58.2 209.3 54.7 56.2 56.4 64.4 3. 1 11 8 32 3.3 33 34 4.7 17.5 4.4 4.5 4.7 5.0 .2 .2 .2 .2 .2 .6 1.9 1.0 —1.9 —1.6 -2.0 -2.1 .4 .8 42.4 181.7 .4 41.5 .5 44.0 .0 45.5 .0 .9 48.4 179.3 .0 48.8 .1 49.9 —.1 50.2 —.1 53.6 —. 1 202. 5 4.5 3.5 4.9 16.8 3.9 1.4 5.9 1.4 1.6 1.6 .0 .2 -.2 .0 .0 30 2.8 2.6 2.5 10.8 11 13 10 11 4 5 12 5.6 1 3 1.9 1.3 1 1 1 2 6 41.6 43 6 45 2 47.7 178. 1 5.4 1.6 .0 2.6 1i 1.5 2 47.0 6.3 1.5 .0 2.5 13 1.6 2 47.6 6.1 1.3 .0 3.3 10 1.6 2 48.9 6.9 1.2 .0 2.7 11 2.2 2 51.7 24.7 5.6 .0 11. 1 4.4 6.9 .6 195. 2 4.2 3.4 19.8 6.1 6.0 1.5 1 5 1.6 6. 1 1.5 .0 .0 .0 .0 .0 9 2.5 5.6 1 0 1.2 9 8 10 37 10 1.5 4 7 1 0 1 1 1. 1 1 1 1 1 5 42 7 43 2 41.9 42 5 170 3 Year I II III IV Year 231. 6 13 3 "18. 5 .6 -3.4 BUSINESS STATISTICS J.HE 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 tc May for selected series will be found in the Weekly Supplement to the Survey. Unless otherwise stated, statistics through 1941 and descriptive notes may he found in the 1942 Supplement to the Survey 1948 1947 May June July August September GENERAL BUSINESS October November December January February March April May ' 205. 6 ' 125. 7 ' 127. 8 ' 57.0 '37.5 ' 15.4 '17.9 '207.4 ' 125. 0 ' 127.0 '56.3 '37.2 15.6 '17.9 208.1 ' 126. 7 ' 128. 7 '57.3 '37.9 15.5 18.0 2.1 '1.9 '49.3 ' 16.6 '12.1 '2.0 '2.0 '51.9 '16.7 ' 11.8 2.0 2.0 '51.8 '16.7 10.9 INDICATORS NATIONAL INCOME AND PRODUCT* Seasonally adjusted quarterly totals at annual rates: National income bil of dol 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 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 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 '44.4 ' 23.0 '14.3 '7.1 212. 8 132. 2 127. 1 109. 5 '3.6 ' 14.0 ' 5.0 48.6 24.7 16.5 '7.4 215.5 ' 134. 0 ' 128. 8 ' 111. 1 '3.5 '14.2 ' 5.2 '50.6 '25.0 '18.0 '7.5 '25.2 ' 28.8 ' 11 3 ' 17.5 '—3 6 '4.2 '24.3 '29.1 ' 11.4 ' 17.7 '—4 8 '4.4 27.5 32.4 12 7 19.7 '—4 9 ' 4.5 26.3 31.4 12.2 19.2 '—5. 1 '4.6 'r 228 3 164. 2 '21.1 '96.3 r 46.7 '26.4 r 10.3 17.9 '—1.8 ' 10.2 'r 227.9 165. 6 21. 1 96.8 47.7 25.6 11.6 17.6 —3.5 '8.4 ' 243 8 ' 171.1 ' 22.1 ' 100. 2 '48.8 ' 35.4 ' 14.0 '18.9 ' 2.5 8.2 ' 246. 0 ' 172. 3 '21.4 ' 101. 3 '49.6 '40.4 '14.3 ' 19.6 '6.5 '3.9 '27.6 ' 15.7 11.9 28.3 15.7 12.6 '29.0 ' 15. 5 '13.5 '29.4 '16.0 '13.4 ' 189. 6 '21.4 ' 168. 2 '4.1 ' 196. 7 '21.7 ' 175. 0 '9.4 ' ' ' ' 199.3 125. 3 119.6 102. 3 ' 3.9 ' r13.4 5.7 '44.6 '22.7 '14.9 '7.0 ' ' ' ' 200. 6 127. 6 122. 5 105. 3 '3.7 13.5 ' ' ' ' 5.1 ' 188. 6 ' 117. 0 ' 119. 1 ' 192. 4 ' 119.6 ' 121.7 ' 54.0 ' 35. 0 ' 15.3 '17.4 ' 193. 2 '119.4 ' 121. 4 '53.6 ' 35. 2 ' 15.5 '17.1 ' 190.8 '120.1 ' 122.2 '54.3 '35.4 ' 15.3 '17.2 ' 206. 2 ' 121.9 ' 123. 9 '55.4 '36.0 15.2 '17.3 ' 200. 0 ' 122.7 ' 124. 7 ' 55.9 '36.0 ' 15.2 17.6 ' 201. 4 ' 125. 5 ' 127. 3 '57.4 '37.1 15.2 17.6 2.1 1.8 '44.2 ' 15.3 2.1 1.8 '45.1 ' 15.4 10.5 '2.0 1.8 '45.3 ' 15.6 11.1 2.1 1.8 '42.8 ' 15.6 '10.5 2.0 ' 1.9 '45.0 '16.2 21.2 2.0 1.9 '47.5 ' 15.9 '12.0 '1.8 1.9 '47.1 '16.1 '10.8 '52.9 '33.9 ' 15.1 r 17.2 r 10. 3 ' 207. 3 '23.2 ' 184. 1 ' 11.8 ' 203. 1 '22.2 ' 180. 9 '9.7 ' 207.7 ' 127. 4 ' 129. 4 '59.2 ' 37.4 15.2 '17.6 2.0 1.9 ' 51. 3 '16.2 '10.9 ' 209. 4 ' 206. 8 ' 126. 9 ' 127.5 ' 129. 7 ' 128. 9 '58.0 '59.3 ' 37. 5 '37.8 ' 15. 3 ' 15.4 17.7 '17.6 '2.2 1.9 '52.4 '16.5 11.1 '2.0 '2.0 '50.0 ' 16.6 11.3 ' 183. 7 ' 184. 4 ' 187. 4 ' 184. 2 ' 172. 9 ' 173. 1 ' 181. 4 ' 184. 7 ' 184. 5 ' 184. 1 ' 179. 7 172.4 ' 169. 6 Total nonagricultural income do NEW PLANT AND EQUIPMENT EXPENDITURES* '4,r 170 4,960 4,140 3,940 All industries, total _ mil. of dol 500 620 500 Electric and gas utilities do 450 ' 1, 980 2,500 2,050 Manufacturing and mining do 2,010 '270 Railroad _ do 310 230 220 r 1,420 1,360 Commercial and miscellaneous do 1,530 1,260 FARM INCOME AND MARKETINGS Cash farm income, total, including Government 2,096 2,178 2,001 1,866 2,927 3,060 payments* mil. of dol.. 3,109 2,581 3,773 2,662 2,211 2,517 2,026 1,961 2,909 2,140 2,047 1,837 3,096 2,555 3,759 2,505 3,049 2,657 1,989 2,185 From marketings and C. C. C. loans* do 698 1,299 678 670 717 1,044 1,497 1,187 Crops* do 2,122 1,540 1 205 621 743 1,263 1,462 1,377 1,610 1,120 1,556 1,511 1,637 1,552 1,462 1,318 Livestock and products* do 1,442 1,368 373 392 460 353 329 318 303 319 293 334 382 Dairy products* _ _ _ _ _ do 392 379 645 724 720 1,019 593 1,039 970 968 785 711 Meat animals*.. do_ . 958 705 782 255 237 250 279 201 251 232 280 206 262 244 234 261 Poultry and eggs* do ' Revised. §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 1939-43 and earlier annual data beginning 1929 for national income and gross national product and monthly data for 1929-43 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; revised figures beginning 1944 are on pp. 27-29 of this issue. For description of the series on plant and equipment expenditures and data for 1929-45, see p. 24 of the March 1948 Survey; first quarter of 1948 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. S—1
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