Full text of National Income and Product Accounts Benchmark Revisions : National Income and Product Statistics of the United States, 1929-46

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UNITED STATES DEPARTMENT OF COMMERCE
V7. AVERELL HARRIMAN, Secretary

OFFICE OF BUSINESS ECONOMICS
AMOS E. TAYLOR, Director

NATIONAL INCOME AND PRODUCT STATISTICS




OF THE
UNITED STATES

1929-46
Prepared by the
NATIONAL INCOME DIVISION
Milton Gilbert, Chief

For sale by th« Superintendent of Documents, U* S, Government Printing Office
Washington 25, D. C - Pri«o 2 5 coats

CONTENTS
Fast
2
6
8

The National Economy and Major Economic Sectors
Relation of the Accounts
Definitions of Concepts and Terms

Terminology Used
Changes in Content of National Income Aggregates
Note on Industrial Classification

Page
10
11
17

LIST OF TABLES *
Text Tables
I, National Income and Product Account, 1939
I I . Consolidated Business -Income and Product Ac­
count, 1939
-I I I , Consolidated Government Receipts and Expendi­
tures Account, 1939
IV. Rest-of-the-World Account, 1939
V. Personal Income and Expenditures Account, 1939__

2
3
4
4
5

VI. Gross Saving and Investment Account, 1939
VII. Reconciliation of New and Old Series of Gross
National Product, National Income, and Per­
sonal Income, 1929-46
VIII. Industrial Classification for National Income Esti­
mates

14
18

Statistical Tables
1.
2.
3.
4.
5.
6.

7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.

National Income by Distributive Shares, 1929-46
Gross National Product or Expenditure, 1929-46
Personal Income and Disposition of Income, 1929-46-Relation of Gross National Product, National Income,
and Personal Income, 1929-46
_.
Sources and Uses of Gross Saving, 1929-46
Liquid Saving Estimates of the Securities and Excliange Commission and their Reconciliation with
Personal Saving Estimates of the Department of
Commerce, 1933-46
Consolidated Business Income and Product, 1929-46..
Government Receipts, 1929-46
Government Expenditures, 1929-46
Social Insurance Funds, 1928-46.
-.
Transactions of the Rest of the World with the United
States, 1929-46
National Income by Legal Form of Organization,
1929-46...
National Income by Industrial Origin, 1929-46
Wages and Salaries, by Industry, 1929-46
Supplements to Wages and Salaries, by Industry,
1929-46
Income of Unincorporated Enterprises, by Industry,
1929-46
—
Corporate Profits before Federal and State Income
and Excess Profits Taxes, by Industry, 1929-46
Federal and State Corporate Income and Excess Pro­
fits Tax Liability, by Industry, 1929-46
Corporate Profits after Federal and State Income and
Excess Profits Taxes, by Industry, 1929-46
Net Corporate Dividend Payments, by Industry,
1929-46
Undistributed Corporate Profits, by Industry, 1929-46.
Inventory Valuation Adjustment, by Industry, 192946
Net Interest, by Industry, 1929-46..
—
Number of Full-time Equivalent Employees, by In­
dustry, 1929-46.
Average Number of Full-time and Part-time Em­
ployees, by Industry, 1939-46
_

36

26. Average Annual Earnings per Full-time Employee, by
Industry, 1929-46
27. Number of Active Proprietors of Unincorporated
Enterprises, by Industry, 1929-46
28. Number of Persons Engaged in Production, by Indus­
try, 1929-46
29. Corporate Sales, by Industry, 1929-46
30. Personal Consumption Expenditures, 1929-46
31. New Construction Activity, 1929-46
32. Producers' Durable Equipment, 1929-45
33. Net Change in Business Inventories, 1929-46
34. Supplements to Wages and Salaries, 1929-46
_
35. Employee Contributions for Social Insurance, by Type,
1929-45
36. Transfer Payments, 1929-45
37. Monetary and Imputed Interest, 1929-46
_
38. Reconciliation of Department of Commerce Estimates
of Corporate Profits with Bureau of Internal Reve­
nue Tabulations, 1929-43
u
39. Major Items of Personal Income and Personal Con­
sumption Expenditures in Kind, 1929-46.."
40. National Income by Distributive Shares, Quarterly,
1939-46.
41. National Income by Distributive Shares, Seasonally
Adjusted Quarterly Totals at Annual Rates, 1939-46.
42. Gross National Product or Expenditure, Quarterly,
1939-46
43. Gross National Product or Expenditure, Seasonally
Adjusted Quarterly Totals at Annual Rates, 19394644. Disposition of Personal Income, Quarterly, 1939-46
45. Disposition of Personal Income, Seasonally Adjusted
Quarterly Totals at Annual Rates, 1939-46
46. Relation of Gross National Product, National Income,
and Personal Income, Quarterly, 1939-46
47. Relation of Gross National Product, National Income,
and Personal Income, Seasonally Adjusted Quarterly
Totals at Annual Rates, 1939-46

37

48. Personal Income, Seasonally Adjusted M o n t h l y Totals
a t A n n u a l Rates, 1929-46

19
19
19
20
20

20
21
21
23
23
24
25
26
27
28
29
30
30
31
32
33
34
35

38
39
40
41
41
44
45
45
45
46
46
46
47
47
48
48
49
49
50
50
51
51
52

•Ail annual tables are carried in millions or dollars or thousands of poreons. Thfs"proccduie is followed in preference to further rounding because many of tbe detailed esti­
mates would be distorted by such rounding and because of the inconvenience of numerous rounding discrepancies in using tbe tables. On theother band, quarterly and monthly
tables are carried in ten tits of billions since they arc in loss detail. Needless to say, tbe number of digits shows has no implication for the degree or accuracy.




National Income and Product Statistics
of the United States, 1929-46
r p H I S REPORT presents a basic revision of the esti-*■ mates of national income and national product and
their component series,1 parts of which have appeared
in preliminary form in the SURVEY OF CURRENT BUSI­
NESS 2 during the past few years. The revision was
designed to accomplish three objectives: (1) to com­
plete the setting up of the whole body of national income
statistics as an interrelated and consistent system of
national economic accounting, 3 (2) to improve the sta­
tistical procedures used in estimating all the series and
to base them on the latest source data, and (3) to incor­
porate a number of changes in the basic aggregates so
as to achieve more generally useful and clear-cut defini­
tions of national income and national product. The
definitions and presentation of the statistics were worked
out in consultation with technicians from other countries
in order to promote international comparability of na­
tional income statistics. * 5
1
Tho revisions have been incorporated in all scries except income payments by
States. Current personal income data will be published monthly on page S-I of the
SURVEY OF CUKKENT BUSINESS. Estimates keeping the other tables up to date will
be released periodically in the SURVEY. It will not be possible to introduce tbc revi­
sions into the State data for 1940 to be published shortly. The State estimates will bo
reworked at a later date ict conformity with tbc changes introduced into the national
estimates. The present State income payment series is described In: Charles F.
Schwartz and Robert E. Graham, Jr., State Income Payments in, 1045, SURVEY OF

CURRENT BUSINESS., August 1916.

1
See Edward F, Denison, Consumer Expenditures for Selected Groups of Services,
1920-41, October 1912, Revised Estimates of Wages and Salaries in t lie National Income,
1020-13, June 1919, and extension of the latter estimates, October 1040; William H. Shaw,
The Gross Flow of Finished Commodities and New Construction, 1929-41, April 1942
and Consumption Expenditures, 1629-43, June 1941; Dwight B. Yntcma, Rents in the
United States, 1D29-44, March 1946; and Gardner F. Dorrickson, Trend ol Corporate
Profits, 1929-fS, April 1916.
> For previous stops in this process see Milton Gilbert and R. B. Bangs, Preliminary
Estimates of Gross National Product, 1929-41, SURVEY OF CURRENT BUSINESS, May
1942; Milton Gilbert and George Jsssti, National Income and National Product in 1942,
told., March 1&S3; and Milton Gilbert and George Jaszi, National Product and Income
Statistics, Dun's Review, February 1944 (reprinted in Readings in tho Theory ot In­
come Distribution, published for the American Economic Association by BJnkiston,
IMG).
< A report on our discussions with British and Canadian experts was presented to
the Conference on Research in Income and Wealth by Edward P. Denison. It win
be published shortly in vol. 10 of the Conference series by the National Bureau of
Economic Research. For the recommendations of a larger international group of exparts, see Measurement of National Income and the Construction of Social Accounts,
a. Report of the Sub-Committee on National Income Statistics, League of Nations,
Princeton, N. J. (mimeographed), now in process of publication by tho United Nations
Secretariat.
* For a review of the extent to which the national income statistics being issued by
five English-speaking countries are based on a common viewpoint, see I. R. N. Stone,
National Income and Expenditure: A Review of the Official Estimates of Five Coun­
tries, The Economic Journal, June 1947.




The results constitute far more than a routine revision.
For in addition to statistical refinements, the data have
been cast into a theoretical mold which, we believe,
constitutes a major improvement in the structure of
national income statistics. Considerable new informa­
tion has been provided, particularly the complete ac­
counts for the major sectors of the economy and the
distribution of national income by legal form of organi­
zation. A much improved and more detailed industrial
classification has been adopted and extended back
through the estimates to the year 1929.a In general,.
the new series have been computed with better articu­
lation of detail, not only in the interest of statistical
accuracy, but to clarify the meaning and content of
the aggregates and to provide an expanded body of
data for analytical purposes.
The net effect of the changes made in the estimates
has been to raise the level of the national income and
the other basic aggregates. For the period before the
war the increases are of relatively small magnitude but
for the war period they reach sizeable proportions. To
some extent the numerical changes have resulted from
statistical revisions—that is, the incorporation of later
source data and of improved estimating procedures—but
primarily they have been due to changes in definition.
These changes are listed, and their quantitative impor­
tance shown, in a subsequent section of this report.
With respect to the estimates for recent years, it
should be recognized that the most complete and accu­
rate source materials become available only after con­
siderable lapse of time. During that interval, the De­
partment of Commerce prepares estimates for all the
component series on the basis of the partial information
available. These estimates must be subject to revision
until the basic sources can be used. For example, the
various censuses are taken only periodically and then
cannot be made available for some time after the year
the census covers, while tabulations of income tax
returns are generally not available for more than two
years after the tax year. At the present time the diffi­
culties of preparing estimates for recent years are in• See table Vui for the detailed content of this Industrial classification.

1

NATIONAL INCOME SUPPLEMENT TO SUEVEY O F CURRENT BUSINESS

j„iyi947

Table I.—National Income and Product Account, 1939
[MUlions of dollars]
Compensation of employees:
Wages and salaries
Supplements
'
Income of unincorporated enterprises and inventory valua­
tion adjustment
Rental income of persons
Corporate profits and inventory valuation adjustment:
Corporate profits before tax:
Corporate profits tax liability
Corporate profits after tax:
Dividends
'
Undistributed profits
Inventory valuation adjustment
Net interest
-National income '
Indirect business tax and nontax liability
Business transfer payments
Statistical discrepancy
Less: Subsidies minus current surplus of government
enterprises
Charges against net national product2
Capital consumption allowances
CHAEGES AGAINST GROSS NATIONAL PRODUCT K.
1

Data for other years in table 1.

s

45, 745
2,075
11, 282
3,465

67,466
9,004
888
13,068

GROSS NATIONAL P R O D U C T ' .

90,426

1,462
3,796
1,209
—714
4,212
72, 5SS
9,365
451
462
' 485
82, sm
8, 101
90, 426

Data for other years in table 4.

creased by the fact that no censuses of manufactures
or business were taken during the war emergencyWhile this report contains an enumeration of the
changes in national income and product that have
been made and a series of definitions of the major
aggregates and their components, it cannot deal ade­
quately with the problems involved in concepts, statis­
tical methods, and use of sources. A comprehensive
volume containing a full discussion of these matters is
in preparation and will be published as soon as possible.
We appreciate that during the last few years users of
income and product statistics have encountered diffi­
culties because the data were not conveniently assembled
or adequately described. Within the limit of available
resources, every effort is being made to correct this
situation.
In this report we begin with a brief description of the
framework of the national income accounts as a guide
to those unfamiliar with this approach. There follow
a series of definitions of the major aggregates and their
components used hi the present estimates and a descrip­
tion of the changes from our previous estimates.
The National Economy and Major Economic Sectors
National income research over the past decade and
the experience gained in using the statistics in analytical
work have broadened the scope of the field. It has
become evident that a single national income aggregate
is not applicable to all problems requiring a measure of
the income or output of the national economy, but that
alternative measures are at times better adapted to the
needs at hand. Furthermore, it has been found illumi­
nating not only to measure the various aggregates of
income and product but to develop national income and
related statistics into a system of economic accounting.



Personal consumption expenditures
Gross private domestic investment
Net foreign investment
Government purchases of goods and services,

a

Data for other years ia table %

In its work in the field of national income statistics,
the Department of Commerce presents the series be­
lieved to be most generally useful—national income,
national product, personal income, and disposable in­
come—arranged to show the interrelations of the various
magnitudes. As an integral part of this work, the cur­
rent income and outlay accounts for the major sectors of
the economy and a consolidated capital account are
drawn up, both because they are of interest in them­
selves and because they show the interactions of these
sectors and how the whole is derived as the sum of the
parts.
These accounts for the national economy and the
major sectors thereof are illustrated in tables I to VI by
data for the year 1939. The accounts are shown in
detail to clarify their composition and to permit the
tracing of the various flows from one account to another.
It will be apparent, however, that less detailed tables are
sufficient for most analytical problems.7
Summary National Account

Table I is the summary income and product account
for the national economy. I t is a summary account in
that the items on each side are derived from the current
transactions of businesses, consumers, and government.
Of course, in the drawing up of the national income and
product account some difficult and controversial deci­
sions must be made as to whether certain activities rep­
resent economic production or income. Government in­
terest, the services of housewives, and income from illegal
activities are examples of items we exclude from national
income and product. On the other hand, we include
' For a simplified version of this approach see Milton Gilbert and Geome Jsszl,
National Product and Incomo Statistics, op. <AL An elaborate system of national
accounts Is presented by J. B. N. Stono as an appendix to the League of Nations report
cited in footnote 4.

July 1947

NATIONAL INCOME SUPPLEMENT TO SURVEY OF CURRENT BUSINESS
Table IL—Consolidated Business Income a n d Product Account, 1939 '
[Millions of dollars]

Compensation of employees:
Wages and salaries:
Disbursements
Excess of accruals over disbursements
Supplements;
Employer contributions for social insurance
Other labor income
Income of unincorporated enterprises and inventory
valuation adjustment
.
Rental income of persons
_
Corporate profits before tax and inventory valuation
adjustment:
Corporate profits before tax:
Corporate profits tax liability
Corporate profits after tax:
Dividends
Undistributed profits
Inventory valuation adjustment
Net interest
Income originating
Indirect business tax and nontax liability
_.
Business transfer payments
Statistical discrepancy
Less: Subsidies minus current surplus of government
enterprises.
Cfiarges against net product
:
_
Capital consumption allowances

Consolidated net sales:
To consumers
To government
To business on capital account
To abroad
Change in inventories

63, 816
5,375
8,563
1, 123
441

CHARGES AGAINST.JBUSINESS GROSS P R O D U C T .

BUSINESS GROSS PRODUCT

79, 318

i D a t a for other years in table 7.

various items of income in kind, such as rental value of
owner-occupied houses and banking services rendered to
persons without explicit payment.
On trie right side of the account are the consolidated
sales of the economy, adjusted for the change in inven­
tories so as to measure the market value of the goods and
services produced. On the left are the various costs in­
curred in producing the gross national product, part of
which are the earnings of the factors of production that
make up the national income. The two sides of the ac­
count must, in principle, balance exactly. Any error in
estimation prevents statistical equality, however, unless
an entry for the "statistical discrepancy" is included on
one side or the other of the account.8
The economy covered by this account, and hence by
the various income and product aggregates, is the con­
tinental United States. Thus it does not coincide with
the customs area of the Nation since territories and pos­
sessions are excluded. However, the account does not
measure the income and product of factors of production
physically located in the continental United States but
rather the income and product attributable to factors
supplied by residents of the continental United States.
Not only individuals who contribute their labor and
property to the productive process, but nonprofit insti­
tutions and governmental bodies supplying capital re■ It wilt be noticed that we have omitted an item required to make the two sides of
the account equivalent in concept. This is the financial costs of acquiring property
and issuing socorltte, to the extent that these costs are charged to capital account by
business. The item, undoubtedly ot significant magnitude In certain years, has been
neglected for lack of data,




sources are viewed as residents supplying factors of
production. Corporate enterprises are not considered
residents in this connection since corporate income does
not accrue to corporations as such, but to the holders of
their securities.
The meaning of "resident individuals" is largely selfexplanatory. Our usage of the term in national income
statistics may be more precisely formulated, however, by
reference to the following three attributes: permanent
residence, place of performing work, and location of em­
ployer. A worker is counted as a resident individual if
at least two of these attributes refer to the continental
United States. Tor example, United States Govern­
ment military and civilian personnel whose usual resi­
dence is in the United States are counted as residents,
even though they are stationed abroad. Also, foreign
border workers employed in this country by domestic
employers, as well as permanent residents of the United
States employed in this country by foreign governments
or international government organizations, are counted
as resident individuals.
Business Account

Table I I shows the income and product account for
the business sector of the economy. In essence, this
table is a consolidated profit and loss account relating to
current business operations. Consolidated sales, ad­
justed for the change in inventories, appear on one side
of the account whereas the various charges against sales
and the earnings of business appear on the other. I t is
a consolidated statement in that all intrabusiness trans-

NATIONAL INCOME SUPPLEMENT TO SURVEY OF CURRENT BUSINESS

ji,i>- 1947

T a b l e I I I . — C o n s o l i d a t e d G o v e r n m e n t R e c e i p t s a n d E x p e n d i t u r e s A c c o u n t , 1939 *
{Millions ot dollars]
Purchases of goods and services:
P u r c h a s e s of direct services:
C o m p e n s a t i o n of employees:
W a g e s and salaries 2
Supplements:
E m p l o y e r contributions for social in­
surance5
O t h e r labor income !
Income originating and net and gross product..
N e t purchases from business
N e t p u r c h a s e s from abroad
Transfer p a y m e n t s
N e t interest paid
Subsidies m i n u s c u r r e n t surplus of g o v e r n m e n t e n t e r ­
prises

Personal t a x a n d n o n t a x receipts
C o r p o r a t e profits tax accruals
Indirect business t a x and n o n t a x accruals
C o n t r i b u t i o n s for social i n s u r a n c e :
E m p l o y e e contributions '
E m p l o y e r contributions:
Business *
Governments
Households and institutions 2
Deficit ( + ) or surplus (—) o n income and p r o d u c t t r a n s ­
actions'

GOVERNMENT EXPENDITURES

GOVERNMENT RECEIPTS AND DEFICIT

1
3

D a t a for o t h e r y e a r s in t a b l e s S a n d 9 except where otherwise noted.
D a t a for o t h e r years in t a b l e 35.
■ D a t a for other years in table 7.
•
T a b l e I V . — R e s t of t h e World

2

2,440
1,462
9,365

596
1,330
199
11
1,867

17,270

D a t a for o t h e r y e a r s in t a b l e 12.
6
D a t a for o t h e r years in table 5.

A c c o u n t , 1939

l

[Millions of dollars)

Net payments of factor income to the United States'.
Wages and salaries
Dividends
Branch profits
Income originating and net and gross product
Net purchases from the "United States:

_

From government
N E T C U R R E N T PAYMENTS TO T H E UNITED
STATES
—1

2
127
137
47
SIS

Net disinvestment in the United States

888

NET DISINVESTMENT IN T H E UNITED STATES.

888

1, 123
-64
-4S4
888

D a t a for o t h e r years in t a b l e 1 1 .

actions on current account are netted out. On the sales
side the data are net of current purchases of goods and
services from other businesses, and on the cost side
dividends and interest originating in tbe business sector
are net of dividends and interest received by business.
The business sector of the economy covers all the
firms, organizations, and institutions which produce
goods and services for sale at a price intended at least
to approximate costs of operation. In the main, it
covers all private enterprises organized for profit, both
corporate and noncorporate) including farm operators,
independent professional practitioners, and lessors of
real property. Mutual financial institutions, coopera­
tives, nonprofit organizations serving business, and
owner-occupied houses are also classified in the business
sector, as are government enterprises with respect to
their purchases and sales on current account.
Government Account

The other sectors of the economy are the government,
the personal, and the rest of the world. In contrast to
the business sphere, for which the account is essentially
a profit and loss statement, the accounts of these sectors
are merely receipt and expenditure accounts. The re­
ceipts represent income and other revenues, rather than.
sales as in the business account. Similarly, the expendi­
tures constitute purchases for consumption and transfers




to other sectors, rather than the costs of producing for
sale (and profit) as in the business account.
The receipts and expenditures account for the govern­
ment sector of the economy is given in table III. This
account shows essentially the consolidated general gov­
ernmental operations of Federal, State, and local govern­
ments, inclusive of social insurance funds. I t incorpo­
rates also, however, the purchases of government enter­
prises on capital account, their net interest payments,
and their operating surplus or deficit.9
* To explain bow government enterprises are fitted into our economic accounting
system, three points must bo brought out: (l) the distinction between government
enterprise and general government activities; (2) the bundling ot capital outlays of
these enterprises; and (3) the treatment of their interest income and their profits and
losses,
{I) The distinction between general government and government enterprises can
be rcadDy understood even though It cannot bo drawn with theoretical precision.
Government enterprises are those agencies of government bodies whose operating costs
are at least to a substantial extent covered by the sate of goods and services, in contrast
to tbe general activities of government which are financed by tax revenues and debt
creation. Government enterprises, In other words, conduct operations essentially
commercial in character even thongh they perform them under the auspices of the
State. The Post Office and public power systems are typical examples of government
enterprises. On the other hand. State universities and public parks, where tbe fees
and admissions collected cover only a nominal part of operating costs, are part of gen­
eral government activities.
This distinction, itself, explains in part why government enterprises are classified as
businesses rather than combined entirely with general government. It is so that each
of these sectors of the economy will reflect activities as homogeneous as isfeasible,given
the diversity ol tbe real world that wo are confronted with. But more important, it
it desirable to consolidate government enterprises with business so that neither tbe
goods they purchase from private business for resale, nor the goods they sell to private
business for resale, will be counted twice in the national income and product account.

July 1947

NATIONAL INCOME SUPPLEMENT TO SURVEY O F CURRENT BUSINESS

5

T a b l e V . — P e r s o n a l I n c o m e a n d E x p e n d i t u r e A c c o u n t , 1939
[Millions of dollars]
Personal consumption e x p e n d i t u r e s :
Purchases of direct services:
C o m p e n s a t i o n of employees:
Wages a n d salaries paid '
Supplements paid:
E m p l o y e r contributions for social in
surance '
O t h e r l a b o r income '
I n t e r e s t paid l
Income originating in and net product of house
holds and institutions
I n s t i t u t i o n a l depreciation 2
Gross product of households and institutions
N e t purchases from b u s i n e s s *
N e t purchases from a b r o a d * .
_
Personal tax and nontax p a y m e n t s '
Personal s a v i n g '
_
_

Wage a n d s a l a r y receipts:
Disbursements by:
Business s
Government'
Households and i n s t i t u t i o n s l
R e s t of t h e world *
L e s s : E m p l o y e e contributions for social insurance °,
O t h e r labor i n c o m e :
Business3
Government1
H o u s e h o l d s a n d institutions l
I n c o m e of unincorporated enterprises a n d i n v e n t o r y
valuation adjustment3
R e n t a l income of p e r s o n s 3
Dividends (
P e r s o n a l interest income 5_
_
G o v e r n m e n t transfer p a y m e n t s 7
7
Business transfer p a y m e n t s

PERSONAL OUTLAY AND SAVING

PERSONAL INCOME

1
1
3

D a t a for o t h e r years in t a b l e 12.
D a t a for o t h e r years in t a b l e 5.
D a t a for o t h e r years in t a b l e 7.

431
87
17
11, 282
3,465
3,796
5,417
2,512
451
72, 607

(
7

* D a t a for o t h e r years in t a b l e 1 1 .
D a t a for o t h e r y e a r s in t a b l e 3.

5

36, 250
7,343
2, ISO
2
596

D a t a for o t h e r years in t a b l e 3 5 .
D a t a for o t h e r years in t a b l e 4.

T a b l e V I . — G r o s s S a v i n g s a n d I n v e s t m e n t A c c o u n t , 1939 '
(Millions of dollars]
Excess of wage accruals over d i s b u r s e m e n t s
U n d i s t r i b u t e d corporate profits (domestic) 8
C o r p o r a t e i n v e n t o r y valuation a d j u s t m e n t
Statistical discrepancy
C a p i t a l c o n s u m p t i o n allowances b y p r i v a t e b u s i n e s s 1 .
Foreign b r a n c h profits (net) *
I n s t i t u t i o n a l depreciation
Personal s a v i n g

Business purchases o n c a p i t a l a c c o u n t '
C h a n g e in business i n v e n t o r i e s 2
N e t d i s i n v e s t m e n t in t h e U n i t e d S t a t e s b y r e s t of w o r l d .
G o v e r n m e n t deficit ( + ) or surplus (—) on income a n d
p r o d u c t transactions

GROSS
INVESTMENT
DEFICIT
1

AND
„

GOVERNMENT
—

D a t a for o t h e r years in t a b l e 5 except as n o t e d ,

GROSS P R I V A T E
2

D a t a for o t h e r y e a r s in t a b l e 7.

(2) Once government enterprises are classified as businesses, it is necessary to segre­
gate their current expenses tram their outlays onfixedcapita! and the changes in their
inventories. TbQ reason is, as with private business, that investment outlays cannot
be deducted from sales in obtaining net output for the accounting period hat must be
refected in the summation of the total product ol the year in question.
In the statistical accounts and tables, however, we have not combined investment
by government enterprises with gross domestic investment on private account because
we believe that the investment series is more useful analytically when restricted to
private outlays. Rather we have included them in general government expenditures.
It would be desirable, needless to say, to distinguish all government capital outlays
from current government expenditures for goods and services; but, aside from some
difficulties of defining government capital, this cannot be done adequately from the
available statistical sources.
(3) As just indicated, tbe classification of government enterprises as businesses in­
volves offsetting their operating expenses against their sales receipts, as in the customary
profit and loss statement. In our treatment, tbe resulting surplus or deficit, calculated
without allowauce lor depreciation, is then consolidated with general government
receipts and expenditures,
In order to make tbe handling of government enterprises with respect to their profits
strictly parallel with private business it would be necessary, of course, to add them to
other factor costs. Hence, they would appear in tbe national income just as the profits
or losses of private business. This procedure has often been used in national Income
accounting. We have not adopted it, as yet at least, because of tbe fact that some
transactions of these enterprises nave been noucommcrcial in character, particularly
during the war, and havo not been separated statistically. It will be recognised, more over, that even with such an improvement of the source data the rather continuous
intrusion of public policy considerations Into the operations or government enterprises
would leave some doubt as to which treatment sbould be preferred.
A corollary of the treatment of government enterprise surplus or deficit Is that their
receipts and payments of interest are combined with other government interest rather
than counted as factor costs.
In summary, am handling of the surplus, net interest, and capital outlays of government enterprises results in a consolidated government surplus or deficit which reflects
the receipts and expenditures both of general government and of government enter­
prises




SAVING.
3

0
1 162
,
-714
462
7,014
47
187
2,701
11, 759

D a t a for o t h e r y e a r s in t a b l e 1 1 .

Social insurance funds consist of government-ad­
ministered funds established for the benefit of individuals
in an employee status. These are tbe funds set up by
the Social Security and Railroad Retirement programs,
State health insurance funds, the retirement funds of
government employees, and military life insurance
funds. Since it is convenient for some purposes to
analyze social insurance funds separately from other
government operations, the transactions of the former
are shown separately in table 10.
F o r e i g n Account:

The net transactions on current account of the rest
of the world with domestic businesses, persons, and
governments are given in table IV. The rest of the
world covers foreign countries, territories and posses­
sions of the United States, international government
organizations, and the United States monetary gold
stock. The gold stock is included in this sector because
acquisition of gold by the monetary authorities, like the
acquisition of foreign exchange, is considered in United
States balance of payments statistics as foreign invest*
ment.

6

NATIONAL INCOME SUPPLEMENT TO SURVEY OF CURRENT BUSINESS

I t may seem strange at first that the "rest of the
world" is a sector of the national economy. It will be
recalled, however, that the national income and product
account relates to the income and product attributable
to factors of production supplied by residents of the
continental United States. I t is necessary to include
in an accounting of the national economy, therefore, the
earnings of United States residents received from abroad
and to exclude earnings of foreigners paid by domestic
establishments. Moreover, as the national product is
measured in terms of purchases of goods and services,
the purchases of United States production by foreigners
must be added to domestic purchases in obtaining the
national product and the purchases of foreign production
by United States producers and consumers must be
deducted. These transactions are shown on a net basis
in the rest-of-the-world account.
Personal Account

The personal income and expenditures account, shown
in table V, covers essentially the consuming public.
I t consists chiefly of individuals in their capacity as
income receivers and buyers of consumption goods, but
includes also nonprofit institutions serving individuals,
private trust funds, and private pension and welfare
funds. It should be noted that in the consolidation of
the accounts of persons, gifts and other transfers among
persons cancel out.
The entries in these four sector accounts show the
current account transactions of the economy, with the
transactions for each sector on a consolidated basis.
A logical and useful extension of this national accounting
system would be the construction of the corresponding
asset and liability accounts for each sector.
Capital A c c o u n t

The data necessaiy for so complete a structure of ac­
counts have not yet been developed.10 Consequently, it
has been possible to present a gross saving and invest­
ment account only on a consolidated basis for the econ­
omy as a whole. This is shown in table VI. The
various entries represent changes in the relevant items of
assets, liabilities, and surplus arising out of the current
production and current flow of income in the accounting
period. The account contains, of course, only such
capital account items as are made explicit in the frame­
work of our estimates. I t does not provide a complete
statement of current capital formation from some stand­
points since, as has been noted, government capital out­
lays have not been segregated from total government ex­
penditures and consumer durables are treated as current
expenditures rather than as capital investment.
a The nest annua! meeting of the Conference on Research fa Income and Wealth win
be devoted to the statistical and theoretical problems involved in developing the balance
sheet aspects of the national economio accounts,




July 1947

Relation of the Accounts
It may be seen that the current accounts of the sectors
and the consolidated capital account constitute an in­
ternally consistent and self-contained accounting system
for the national economy. This system shows not only
the consolidated transactions of each sector of the
economy but the relations of the transactions among the
accounts. As with any double-entry system, every item
in the accounts must appear twice, once as a debit in the
account making payment and once as a credit in the ac­
count receiving payment. For example, consumers1
purchases from business appear as a credit or sale in the
current account of business and also as a debit or pur­
chase in the current account of persons. Likewise,
business taxes are a debit or payment in the business ac­
count and a credit or receipt in the government account.
In the case of items of gross savings and investment, the
corresponding debit (credit) to each credit (debit) in the
four current accounts is to be found in the consolidated
capital account and not in the current account of some
other sector. Thus, the credit of "sales to business on
capital account" in the business account is matched by a
debit in the gross saving and investment account. Also,
undistributed profits is a debit in the business account
and a credit in the consolidated capital account.
As has been indicated, the national income and product
account (table I) is designed to summarize the transac­
tions relating to productive activity shown in the current
accounts of the four sectors of the economy and their
consolidated capital account. In order to derive this
summary account it is necessary only that the items
taken be restricted to those relating to the product of the
economy and that each item be taken once, from the ac­
count of the buyer or from that of the seller. The
process may be illustrated by showing how the national
income and the gross national product can be added up
from the five basic accounts.
The national income can be secured by adding either
the factor incomes paid out (or retained) by the sectors of
the economy or the factor incomes received (or retained)
by them. I t should be emphasized again that not all
items paid out, received, or retained by the various
sectors constitute factor income. Only items which are
part of the total factor cost of producing the national
output constitute factor income. For instance, as is ex­
plained below, u government interest payments are not
regarded as factor income in the definitions used here,
but corporate profits taxes are considered as part of cor­
porate profits in their factor cost aspect.
The national income can be secured most readily by
adding the factor incomes originating in the sectors of the
economy from the debit side of each of the current ac­
counts, as shown at the top of page 7.
11

Seadiscasstaaonp.il 2.

NATIONAL INCOME SUPPLEMENT TO SURVEY O F CURKENT BUSINESS
Mffliont

From the debit side of the business account (table I I ) :
Wage and salary disbursements
Excess of wage accruals over disbursements
Employer contributions for social insurance
Other labor income
,—
Income of unincorporated enterprises and inventory
valuation adjustment
.,—
Rental income of persons
Corporate profits tax liability
,—
Corporate dividends
--,—
Undistributed corporate profits
,—
Corporate inventory valuation adjustment
,—
■Net interest
,—
Prom the debit side of the government account (table I I I ) :
Wages and salaries
Employer contributions for social insurance
Other labor income
From the debit side of the rest-of-the-world account (table
IV):
Wages and salaries
Net interest
-—
Net dividends
-—
Net branch profits
_-—
From the debit side of the personal aecount (table V):
Wages and salaries paid
,—
Employer contributions for social insurance
Other labor income
.
..—
Interest paid
.
National income, 1939

of dollars

36, 250
0
1,330
431
11, 282
3,485
1,462
3,659
1,162
-714
3,284
7,343
199
87

2
127
137
47
2,150
11
17
801
72, 532

The national income can be secured also by adding the
factor incomes received by the various sectors of the
economy and the retained factor incomes transferred to
capital account, as follows:
F r o m t h e credit side of t h e personal account (table V ) :
AfflKoo*
Wage a n d salary receipts:
ofdoUors
Disbursements by business
36, 250
Disbursements by government
-.
7,343
Disbursements by households and institutions- - 2,150
Disbursements by the rest of the world
—
2
Less: Employee contributions for social insur­
ance
596
Other labor income from business
431
Other labor income from government
S7
Other labor income from households and institutions17
Income of unincorporated enterprises and inventory
valuation adjustment
11, 282
Rental income of persons
3,465
Dividends
_
3,796
Personal interest income
5,417
From the credit side of the government account (table
III):
Corporate profits tax accruals
—
1,462
Employee contributions for social insurance
.—
596
Employer contributions for social insurance (busi­
ness)
1) 330
Employer contributions for social insurance (govern­
ment)
199
Employer contributions for social insurance (house­
holds and institutions)
11
Less: Net interest paid a
1,205
ii in this summation of the national income, interest paid by government must be
deducted. The reason for this Is that such interest is included In the receipts of the
other accounts. As It Is not considered to be income arising out of current production,
it must be taken out to secure tbo national Income,
74022S—17




2

7

From the credit side of the gross saving and investment Millions
account (table VI):
ofdottort
Excess of wage accruals over disbursements
0
Undistributed corporate profits (domestic)
_ . 1,162
Corporate inventory valuation adjustment
—714
Foreign branch profits (net)
47
National income, 1939

72, 532

In similar manner, the gross national product can be
obtained by summing either the gross product originat­
ing in the various sectors or the purchases of output by
the various sectors.
The following summation shows the purchases of out­
put by the various sectors on both current and capital
account:
w .„.
From the debit side of the personal account (table V)-. of<htiar*
Wages and salaries paid
2,150
Employer contributions for social insurance
11
Other labor income
17
Interest paid
.
801
Institutional depreciation
187
Net purchases from business
63, 816
Net purchases from abroad
484
From the debit side of the government aecount {table
III):
Wages and salaries
7, 343
Employer contributions for social insurance
199
Other labor Income
87
Net purchases from business
5, 375
Net purchases from abroad—
64
From the debit side of the gross saving and investment
account (table VI}: :
Business purchases on capital account
8, 563
Change in business inventories
441
Net disinvestment by rest of world in the United
States
888
Gross national product or expenditure, 1939

90, 426

From the standpoint of the sector of origin, the gross
national product is secured by taking the total charges
incurred in production from the debit sides of the sector
accounts, as follows:
From the debit side of the business account (table I I ) :
Wage and salary disbursements
Excess of wage accruals over disbursements
Employer contributions for social insurance.Other labor income
Income of unincorporated enterprises and inventory
valuation adjustment—
Rental income of persons
Corporate profits tax liability...
_
Corporate dividends
Undistributed corporate profits
Corporate inventory valuation adjustment
Net interest
_
Indirect business tax and nontax liability
Business transfer payments
Statistical discrepancy..
Less: Subsidies minus current surplus of government
enterprises
_
_
Capital consumption allowances
From the debit side of the government account (table I I I ) :
Wages and salaries.Employer contributions for social insurance
Other labor income

ofdoUart
36,250
0
1,330
431
11, 282
3, 465
1,462
3, 659
1, 162
—714
3,284
9, 365
451
462
485
7, 914
7, 343
199
87

8

NATIONAL INCOME SUPPLEMENT TO SURVEY OF CURRENT BUSINESS

From the debit side of the rest-of-the-world account Miui<m>
(table IV);
efdoXen
Wages and salaries
2
Net interest
J
327
Net dividends—
—
137
Net branch profits
_
47
From the debit side of the personal account (table V):
Wages and salaries paid
2,150
Employer contributions for social insurance
11
Other labor income
17
Interest p a i d . .
801
Institutional depreciation
187
Gross national product or expenditure, 1939

90, 426

These illustrations do not exhaust the combinations of
items that can be taken from the sector accounts to
secure the national income or product. Since the
accounts are interrelated and are all arithmetical equa­
tions, the possible combinations of items that can be
made are many. It may be suggested, moreover, that
the useful combinations of items are not restricted to
those that add up to national income or national product.
The Nation's Economic Budget is an interesting
arrangement of the data that has become familiar through
its use in the President's annual budget message and his
economic reports to the Congress.
Definitions of Concepts and Terms
With this summary of our general approach, we now
present a series of definitions to which our estimates of
the national income aggregates and their components
conform. The definitions are intended to give concise,
accurate descriptions of the coverage of the various
series and, at the same time, to call attention to the
principal aspects of the series which are not readily
apparent from their titles. The definition of each of
the national income aggregates should be considered in
conjunction with the definitions of its components as
the details of the latter are not repeated in the former.
The more technical aspects are brought out in the foot­
notes to the various tables.
A complete description and explanation of the series
will be presented in the comprehensive volume now in
preparation.
I. National Income Aggregates

National Income is the aggregate earnings of labor and
property which arise from the current production of goods
and services by the Nation's economy. Thus, it
measures the total factor costs of the goods and services
produced by the economy. The Nation's economy in
this context refers to the labor and property supplied
by residents of the Nation. Earnings are recorded in
the forms in which they accrue to residents of the Nation,
inclusive of taxes on those earnings. As such, they
consist of the compensation of employees, the profits of
corporate and unincorporated enterprises, net interest,
and the rental income flowing to persons..




jmyi94T

Gross National Product or Expenditure is the market
value of the output of goods and services produced by
the Nation's economy, before deduction of depreciation
charges and other allowances for business and institu­
tional consumption of durable capital goods. Other
business products used up by business in the accounting
period are excluded. The Nation's economy in this con­
text refers to the labor and property supplied by residents
of the Nation. Gross national product comprises the
purchases of goods and services by consumers and
government, gross private domestic investment, and net
foreign investment.
Net National Product or Expenditure is the market
value of the net output of goods and services produced
by the Nation's economy. All business products used
up by business in the accounting period are excluded to
avoid duplication. The Nation's economy in this con­
text refers to the labor and property supplied by residents
of the Nation. Net national product comprises the
purchases of goods and services by consumers and
government, - net private domestic investment, and net
foreign investment.
Personal Income is the current income received by
persons from all sources, inclusive of transfers from
government and business but exclusive of transfers
among persons. Not only individuals (including owners
of unincorporated enterprises), but nonprofit institutions,
private trust funds, and private pension and welfare
funds are classified as "persons." Personal income is
measured as the sum of wage and salary receipts, other
labor income, proprietors' and rental income, interest
and dividends, and transfer payments.
Disposable Income is the income remaining to persons
after deduction of personal tax and other payments to
general government.
I I . Components of National Income and Product Aggregates

A. National Income (as in table 1).
Compensation oj Employees is the income accruing^to
persons in an employee status as remuneration for their
work. Prom the employer's standpoint, it is the direct
cost of employing labor. I t is the sum of wages and
salaries and supplements to wages and salaries.
Wages and Salaries consists of the monetary remunera­
tion of employees commonly regarded as wages and
salaries, inclusive of executives' compensation, commis­
sions, tips, and bonuses, and of payments in kind which
represent income to the recipients.
Supplements to Wages and Salaries is the monetary
compensation of employees not commonly regarded as
wages and salaries. It consists of employer contributions
for social insurance, employer contributions to private
pension and welfare funds, compensation for injuries,
directors' fees, pay of the military reserve, and a few
other minor items of labor income.

July 194T

NATIONAL INCOME SUPPLEMENT' TO SURVEY OF CURRENT BUSINESS

Iiwome of Unincorporated Enterprises measures the
monetary earnings and income in kind of soleproprietorships, partnerships, and producers' cooperatives from
their current business operations—other than the sup­
plementary income of individuals derived from renting
property. As with corporate profits, capital gains and
losses are excluded and no deduction is made for deple­
tion.
Inventory Valuation Adjustment measures the excess of
the value of the change in the volume of nonfarm business.
inventories, valued at average prices during the period,
over the change in the book value of nonfarm inven­
tories.13 This adjustment is required because corporate
profits and income of unincorporated enterprises are
taken inclusive of inventory profit or loss, as is customary
in business accounting, whereas only the value of the real
change in inventories is counted as current output in the
national product. No valuation adjustment is required
for farm inventories because farm income is measured
exclusive of inventory profits.
Rental Income of Persons consists of the monetary
earnings of persons from the rental of real property, ex­
cept those of persons primarily engaged in the real estate
business; the imputed net rental returns to owner-occu­
pants of nonfarm dwellings; and the royalties received
by persons from patents, copyrights, and rights to
natural resources.
Corporate Profits before Tax is the earnings of corpora­
tions organized for profit which accrue to residents of the
Nation, measured before Federal and State profit taxes,
without deduction of depletion charges and exclusive of
capital gains and losses. Profits accruing to residents
are measured by eliminating intercorporate dividends
from profits of domestic corporations and by adding the
net receipts of dividends and branch profits from abroad.
In other respects, the definition of profits is in accordance
with Federal income tax regulations.
Corporate Profits Tax Liability comprises Federal and
State taxes levied on corporate earnings. Disbursements
of tax refunds are deducted from tax liability in the year
in which the tax liability was incurred.
Net Interest measures the monetary interest and im­
puted interest accruing to the Nation's residents from
private business and from abroad, minus government
interest disbursements to corporations. Imputed interest
consists of the value of financial services received by per­
sons without explicit payment and property income
withheld by life insurance companies and mutual finan­
cial intermediaries on the account of persons. As govern­
ment interest paid to corporations appears as part of
corporate profits, it is deducted in computing net interest
to prevent its inclusion in the national income.
u Seo Simon Kuinats, Changing Inventory Valuations and Their Effect on Business
Savings and on National Income Produced, Conference on Research in Income, and
Wealth, vol. 1, National Bureau o[ Economic Research, 1037.




9

B. Gross National Product (as in table 2).
Personal Consumption Expenditures consists of the
market value of purchases of goods and services by
individuals and nonprofit institutions and the value of
food, clothing, housing, and financial services received
by them as income in kind. I t includes the rental value
of owner-occupied houses but does not include purchases
of dwellings, which are classified as capital goods.
Gross Prwate Domestic Investment consists of acquisi­
tions of newly produced capital goods by private business
and nonprofit institutions and of the value of the change
in the volume of inventories held by them. I t covers all
private new dwellings, including those acquired by
owner-occupants.
Net Foreign Investment is the net change in inter­
national assets and liabilities, including the monetary
gold stock, arising out of the current international flows
of goods and services, factor incomes, and cash gifts and
contributions. Thus it measures the excess of (1)
domestic output sold abroad over purchases of foreign
output, (2) production abroad credited to United Statesowned resources over production at home credited to
foreign-owned resources, and (3) cash gifts and contribu­
tions received from abroad over cash gif,ts and contribu­
tions to foreigners. The net transfer of cash gifts and
contributions offsets corresponding entries in personal
consumption expenditures and government purchases of
goods and services.
Government Purchases of Goods and Services measures
purchases of goods and services by government bodies,
exclusive of acquisitions of land and used depreciable
assets and of current outlays of government enterprises.
I t consists of general government expenditures for com­
pensation of employees, purchases from business (net of
sales by government of consumption goods and ma­
terials), net government purchases from abroad and
international contributions, and the gross investment of
government enterprises. Therefore, government pur­
chases of goods and services excludes transfer payments,
government interest, and subsidies, as well as loans and
other financial transfers outside the scope of income and
product transactions.
C. Personal Income and Disposition of Income (as in
table 3).
Wage and Salary Receipts is equal to wages and salaries
less employee contributions for social insurance, except
that retroactive wages are counted when paid rather
than when earned.
Proprietors' and Rental Income is the Bum of income
of unincorporated enterprises and inventory valuation
adjustment and rental income of persons as given in the
components of national income.
Personal Interest Income measures the monetary inter­
est and the imputed interest accruing to individuals and
nonprofit institutions. Imputed interest consists of the
value of financial services received by persons without

10

NATIONAL INCOME SUPPLEMENT TO SURVEY OF CURRENT BUSINESS

explicit payment and property income withheld by life
insurance companies and mutual financial intermediaries
on the account of persons.
Transfer Payments consists of monetary income re­
ceipts of individuals from government and business
(other than government interest) for which no services
are rendered currently, of government payments and
corporate gifts to nonprofit institutions, and of indivi­
duals' bad debts to business.
Personal Tax and Nontax Payments consists of the
taxes levied against individuals, their income, and their
property that are not deductible as expenses of business
operations, and of other general government revenues
from individuals in their personal capacity. I t includes
payments for such specific services as are provided
within the framework of general government activity.
I t excludes, however, purchases from government enter­
prises. Tax refunds are deducted from payments at the
time of refund.
Personal Consumption Expenditures is the same as in
gross national product.
Personal Saving is the excess of personal income over
personal consumption expenditures and taxes and other
payments to general government. I t consists of the
current saving of individuals (including owners of unin­
corporated businesses), nonprofit institutions, and private
pension, welfare, and trust funds. Personal saving may
be in such forms as changes in cash and deposits, security
holdings, indebtedness, and reserves of life insurance
companies and mutual savings institutions, the net in­
vestment of unincorporated enterprises, and the acquisi­
tion of real property net of depreciation.
D. Reconciliation Items Between National Income and
Gross National Product (as in table 4).
Depreciation Charges represents the charges made by
private business against receipts for the current consump­
tion of durable capital goods and comparable allowances
for nonprofit institutions. I t includes depreciation
charges against owner-occupied houses. Depreciation
reported by business is not adjusted for changes in the
replacement value of capital goods, except for farm enter­
prises.
Accidental Damage to Fixed Capital measures the value
of the physical losses by fire, natural events, and other
accidents to fixed capital of private business, not covered
by depreciation charges.
Capital Outlays Charged to Current Expense represents
the purchases of new durable capital goods included in
gross private domestic investment that are charged as cur­
rent expense by business rather than entered on capital
account.
Indirect Bv&iness Tax and Nontax Liability consists
of tax liabilities incurred by businesses, except corporate
income taxes, and other general government revenues
from business. I t includes all sales taxes. It includes




payments for such specific services as are provided within
the framework of general government activity. I t ex­
cludes, however, purchases from government enter­
prises. Government receipts from the sale of surplus
property are not included in this item. Tax liabilities
are net of refunds.
Subsidies Minus Current Surplus of Government Enter­
prises:
Subsidies are the monetary aids provided by govern­
ment to private business.
Current surplus of government enterprises represents
the excess of sales receipts over current operating costs
of government enterprises. In the calculation of the
eurrent surplus, no deduction is made for charges to
depreciation or other reserves and interest is not
counted in either receipts or costs.
Subsidies and current surplus are shown as a single
item because of the difficulties involved in segregating
subsidies paid through Federal Government enter­
prises from other expenditures of these enterprises.
Statistical Discrepancy is the excess of the value of the
estimated gross national product computed by the final
products method over its independently estimated value
computed by adding necessary conceptual adjustments
to the national income.
Terminology Used
Before discussion of the changes from our previous
estimates that are implicit in the definitions just given,
a few comments on terminology seem appropriate.
While the term "national income statistics" has come
to be used to designate the entire field of statistics em­
bracing value measures of the income and product of the
economy, "national income" is also widely used as the
title of a specific statistical series. We have followed
this practice and utilized "national income" to designate
total factor costs of current output.
I t will be noted that we use the terms "national in­
come" and "net national product" to designate the cur­
rent production of the economy at factor cost and at
market value, respectively,14 Some technicians prefer
to use the single term "national income" but to modify
it by the phrases "at factor cost" and "at market value"
to distinguish between what we call national income and
net national product. We prefer our terminology be­
cause we have found that the nontechnician more readily
distinguishes the two concepts by visualizing the na­
tional income as a summation of factor incomes and the
national product as a summation of goods and services
produced.
As to gross national product or expenditure, this term
is used to designate the market value of current output
before deduction of allowance's for capital consumption.
While the gross national product is a somewhat arbitrary
« With regard to the theoretical distinction between the two concepts, see the stimu­
lating and original article by Prof. T. K, Hicks, The Valuation ot tbo Social Income.
in Economics, 1940,

NATIONAL INCOME SUPPLEMENT TO SURVEY OF CURRENT BUSINESS
measure from a theoretical standpoint, depending as it
does upon what categories of goods one chooses to call
durable capital, it has the advantage of being more pre­
cise statistically than the net national product. The
latter is theoretically preferable when defined as the
amount of production that could be consumed without
impairing the stock of capital. It suffers, however,
from the serious obstacle that there is no satisfactory
operational definition of the consumption of fixed
capital,'" We measure eapital consumption charges
merely in a way required to reconcile the income and
product sides of the national income and product
account. The estimates of depreciation charges used
are, in the main, business allowances for depreciation
for tax purposes. Li the light of the basic general
difficulty of measuring capital consumption, accounting
depreciation charges have not been revalued to reflect
changes in the current prices of capital goods, though
such revaluation is indicated on conceptual grounds.
The net national product has been incorporated into
the definitions and illustrative tables of the report pri­
marily to help clarify the nature of the concepts of na­
tional income and gross national product. We do not
intend to feature the net national product regularly in
summary public releases because the addition of one
more series to the other basic aggregates would probably
be more confusing than helpful to those who are inter­
ested primarily in following broad changes in economic
conditions. All the data for its computation will be
available to technicians who may prefer the concept for
certain analytical work.
Another matter of terminology that should be noted
is that the name of the series "income payments to
individuals" has been changed to "personal income."
The main reason for this change is that the latter term
seems more appropriate for an aggregate that includes,
as previously, such items as income in kind, income of
proprietors, and rental income to which no explicit cash
payments correspond. Unfortunately, we have not
been able to find a descriptive title for the series which at
the same time would draw attention to another of its
characteristics, namely, that it covers nonprofit institu­
tions and private pension, welfare, and trust funds as
well as individuals proper.
For the convenience of those who want an income
total that is closer to a cash basis, the major items of
income and expenditure in kind that are included in
personal income and personal consumption expenditures
are shown in table 39.
In connection with the data on personal income, we
call attention to the fact that the monthly series and its
components will henceforth be issued in the form of
seasonally adjusted annual rates rather than as index
it For a comprehensive study of capital consumption, see Solomon Fabricant, Capital
Consumption and Adjustment, National Bureau of Economic Research, 1938. See
also Wendell D. Hancc, Adeqnacj ol Estimates Available for Computing Net Capital
Formation, in Studies in Income end Wealth (vol. (I), National Bureau of Economic
Research, JM3.




11

numbers.18 The use of annual rates of income has a
great advantage over indexes in that the components of
income for each month add to the income total and in
that the monthly series are more easily compared with
annual data. In addition, this technique eliminates the
need for base periods which seem inevitably to gather an
aura of normality. The unadjusted data on personal
income will be issued quarterly rather than monthly.
Changes in Content of National Income Aggregates
As stated earlier, the content of the national income
and product aggregates in this report differs in several
respects from the estimates previously issued by the
Department of Commerce. The conceptual changes
which should be taken into account in weighing the mean­
ing of the various aggregates are the following:
1. Interest payments on government debt have been
eliminated from the national income and product.
This change is designed to make the aggregates conform
better to the commonly accepted idea of current produc­
tion. As the bulk of government debt was created to
finance wars and current expenditures, most writers in
the national income field believe that interest on such
debt does not represent currently produced goods and
services or the current use of economic resources. For
example, it seems sensible that a comparison of the pre­
war and postwar volume of production should not be
distorted by the continuing interest on the national debt
that arose during the war.
Some measure of the current services of durable capital
used by public authorities (and, indeed, of consumers'
durables, in addition to housing) might be included in
national income and product for some purposes. I t is
highly questionable, however, that interest paid on the
debt incurred to acquire government capital would pro­
vide an appropriate measure of such imputed income and
product*
2. Imputed net rent on owner-occupied dwellings has
been added to national income and product and to per­
sonal income. It is generally agreed that this change
should be made to provide comparable treatment between
rented and owner-occupied housing.
As a corollary to the inclusion of imputed net rent,
depreciation and taxes on owner-occupied dwellings have
been- added to the consumer expenditure component of
the gross national product.
3. Corporate profits before taxes have been included
in the national income rather than profits after taxes.
This change has been made so that the national income
will more accurately reflect factor costs of current pro­
duction, which is the basic idea used in defining national
income. It means that all factor incomes are now in­
cluded in the national income before taxes levied on
income.
ii The revised monthly series for the period 1929-4G on this basis are presented in table
48.

12

NATIONAL INCOME SUPPLEMENT TO SURVEY OF CUKRENT BUSINESS

The rationale for the inclusion of corporate profits
before taxes must rest ultimately, of course, on the
incidence of taxes on profits. Although this question
probably cannot be settled definitively, the weight of
theoretical and statistical evidence is that changes in
corporate profit tax rates affect profits after taxes more
significantly than prices of output. Certainly, the high
proportion of profits taken in taxes during the war period
meant a substantial reduction in the income accruing to
stockholders. In addition, the carry-back and carry­
forward provisions of the corporate tax law make each
year's taxes partly dependent upon events in other years.
This introduces an increasingly arbitrary element into
profits after taxes, and virtually necessitates the use of
profits before taxes in any measure, like national income,
that relates to current production.
I t should be emphasized that t h e inclusion of profits
taxes in the national income in no way implies that they
directly benefit stockholders. This applies, of course,
to taxes levied on all the distributive shares of national
income—they cannot be used directly as measures of
benefits to the recipients of those shares.
4. National income has been computed without deduc­
tion of allowances for depletion. This change affects
both corporate profits and unincorporated business
income. It is required because the value of new dis­
coveries of natural resources is not counted as part of
gross capital formation, or of profits in the year of dis­
covery, and consequently deduction of a capital con­
sumption charge for impairment of the stock of natural
resources would be inappropriate.
5. The inventory valuation adjustment has been
incorporated into the national income in order to secure
conceptual comparability with the national product.
We have hesitated until now to make this change be­
cause of the difficulty of preparing adequate estimates—
particularly on an industry basis. While this difficulty
still remains, we have thoroughly reworked the estimates
industry by industry and now feel that whatever statis­
tical inaccuracies remain are a lesser evil than the con­
tinued conceptual inconsistency of excluding the adjust­
ment .from the national income. It will be noted that
we have presented the data so that the user, according
to his needs or preference, can readily pbtain profit
estimates either with or without this adjustment.
6. National income and product have been revised to
include income in kind received by the armed forces, the
Government's contribution to military life insurance
funds, and the Government's contribution to family
allowances to dependents of enlisted personnel. Income
in kind comprises the value of food consumed by the
armed forces and of issues of personal clothing. The
purpose of these changes is to make the measurement of
military income conform more closely to the measure­
ment of income for civilian labor."
" Bonuses and other deferred payments (c. g., mustorlng-out pay, adjusted service
compensation, and payments under the Ot bill) ore in many respects similar to Items




Personal income has been revised to include military
income in kind in conformity with the change in national
income. Benefit payments from mihtary life insurance
funds have been added to personal income and premiums
paid to the funds deducted. These changes follow from
the fact that military life insurance funds are now classi­
fied as social insurance funds, whereas in the former in­
come payments series they were handled like private life
insurance. No change was required in respect to the
Government's contribution to family allowances, as this
item was included as a transfer payment in our previous
income payments series.
One other change, of minor importance, might be
noted here. Military retirement pay, formerly counted
as a supplement to wages and salaries, has been classified
as a transfer payment. I t is, therefore, no longer in­
cluded in the national income and national product. I t
seemed desirable to include this item in the broad
category of military pension, disability, and retirement
payments.
7. Government subsidies paid to private enterprises
have been eliminated from the national product. This
change has been made so that the national product will
consistently1 measure the purchases of goods and services
valued at their market prices. With this definition of
national product, the inclusion of subsidies would in­
volve the artificial assumption that the Government, in
paying a subsidy, is in effect purchasing goods or services.
8. The value of the services of banks and other finan­
cial intermediaries rendered to persons without the
assessment of specific charges are regarded as imputed
interest (income in kind) accruing to persons.18 This
item is included in the national income and product and
in personal income both because it represents a real
element of income and product in the national economy
and because it permits a sensible solution to the problem
of allocating the national income by industries. While
alternatives from the latter standpoint are possible, we
believe the imputation of interest to the depositors of
banks conforms most closely with economic reality.19
Formerly the expedient used in this connection was
to assume that all long-term interest originating in the
economy, except government interest received by nonfinancial corporations, accrued to persons and that shortterm interest accurately reflected inter-business interest
payments. These assumptions have been abandoned in
included in the national income, bat since the timing ot the payment is not synchro­
nized with the performance of military duty It seemed best to handle them as transfer
payments.
'* It should be noted that not all "imputed interest" shown in table 37 is of this nature.
Much of it represents interestreceivedby life insurance companies and mutual finan­
cial institutions in behalf of individuals but not paid out to them as cash interest in the
current period,
i' For discussion of the treatment otfinancialintermediaries, see the paper by Dwight
B. Yntema presented to the Conference on Research in Income and Wealth, Treatment
of Financial Intermediaries (mimeographed). This paper wilt shortly bo published
in Vol. 10 of the Conference Studies by the National Bureau of Economic Bcsearca.
Pot on alternative method of measuring income originating in banting see M, A,
Copeland, Some Problems in the Theory of National Income, Journal of Political
Economy, February 1932.

July 1947

NATIONAL INCOME SUPPLEMENT TO SURVEY OF CUKRENT BUSINESS

13

Chart I.-NATIONAL INCOME, 1929-1946
BILLIONS OF DOLLARS
250

^

NEW SERIES
FORMER SERIES
FORMER CONCEPT, STATISTICALLY REVISED

200

S!?2Z£~150

100

50

J
1929

1930

1931 1932

I
1933 1934

1935

1936 1937

1938

1939

J

1940

1941

L

1942 1943

1944 1945 1946
47-343

favor of actual measurement of both monetary interest
flows and imputed interest arising in financial inter­
mediaries.
9. Employer contributions to private pension and
welfare plans have been substituted for benefit payments
under such plans in national income and personal income.
These plans have grown so greatly during the past five
years that the previous assumption that benefit pay­
ments and contributions are roughly the same magni­
tude has become artificial. Thus, the change is designed
to make the estimates of national income and of supple­
ments to wages and salaries more accurate. This change
means that private pension plans are treated in personal
income like private life insurance companies. This is
particularly desirable in view of the fact that many of
these plans are administered by life insurance companies.
10. The change in farm inventories of crops not held
for sale, positive or negative, has been added to national
income, national product, and personal income. Former740228—*7




3

ly, the definition-of the change in farm inventories was
restricted to total livestock and crops held for sale.
This addition, which is quantitatively important in
some years, was made to obtain complete coverage of
goods-in-process inventories in the private business
system.
11. Business transfer payments have been included in
personal income. Such payments were previously neg­
lected essentially for statistical reasons but now have
been estimated to effect a better reconciliation of the
accounts for the sectors of the economy.
Comparison WitU Former Estimates

In all, the result of the revisions has been to increase
the levels of the national income, personal income, and
gross national product. The magnitude of the increases
over the whole period is indicated in the charts while the
precise effects of the various changes in each year are
shown by the reconciliation of our old and new esti-

NATIONAL INCOME SUPPLEMENT TO SURVEY O F CURRENT BUSINESS

July 1947

revisions in the aggregates arising from purely statistical
changes are generally fairly small on balance.
The most important statistical revision has been in
consumer expenditures, arising principally from a
fundamental change in the estimating procedure for
this component of national product. Those familiar
with the details of our previous estimates will recall
that the gross national product for the period before
the war was computed from the income side of the
national account by adding the necessary adjustment
items to the national income. In the filling in of the
product side of the account, consumer expenditures were
obtained as a residual, as direct estimates of this com­
ponent were not then available.20 In our present esti-

mates in table VII. I t may be seen that the increases
in the aggregates are substantially accounted for by the
changes in concepts that have been listed. As the most
important of these changes concerned items which ex­
panded substantially during the war, they exert the
greatest effect in raising the new series during the war
years. The three items of military income—income in
kind to the armed forces, the Government's contribution
to military life insurance lunds, and the Government's
contribution to family allowances—which account for a
large part of the addition to the national income and
gross national product in 1945, were negligible in 1939.
The level of the national income since 1941 is also raised
considerably by the inclusion of corporate profits
before taxes rather than profits after taxes, particularly
during the period of high excess-profits taxes. The

" For tbe period after 1939 the estimates of consumer expenditures were obtained by
extrapolating the 1039 residual on tbe basis of retail trade and other information relating
to consumers7 purchases. Hence, the estimates /or this period were independent as
to movement but not as to level.

T a b l e VII.—Reconciliation o f N e w a n d Old S e r i e s o f G r o s s N a t i o n a l Product, N a t i o n a l I n c o m e , a n d Personal I n c o m e , 1929-46'
[Billions of dollars]
1930
Gross national product (new series).
Less items in. new series, but not in old:
Net imputed rent of owner-occupied dwellings
Depreciation of owner-occupied dwellings
Taxes on owner-occupied dwellings
Institutional depreciation...
Change in farm inventories not held for sale
Construction expenditures for crude petroleum and
natural gas drilling..
Income i n k i n d to armed forces.
s
O overnment's contribution to military family allow­
ances
Government's contribution to military life insur­
ance funds
Plus items in old series, but not in new:
Government interest payments
Subsidies minus current surplus of government
enterprises—
Military retirement payments
Equals: Former concept, statistically revised >
Less: Gross national product (former series)..
Equals: Statistical revision
National income (new scries).

1933

1932 J1&53

1934

103.8

90.9

75.9

58.3

65. a

64.6

2.8
1.0
3,0
.2

2,5
1.0
1.1
.2
-.3

2.1
1.0
1,0
.2
.2

1.0
.9
1.0
.2

1.2
.9
.9
.2
—.2

1.0
.9
.2
-.7

.3
,1

.3
.1

193S 1939

50.2

84.7

1.0
1.0
.9
,2
1.4

1.2
1.0
,0
.2
.3

1.4
1.0

.4
.1

P>

(•)

P)

.2
TO

<»>

TO

P)

TO

TO

TO

l.l

1.1

.2

1.0

1.0

1.1

M

1.2

1.2

—.1

-.1

P)

.3

99.4
99.4

66.9
SB. 2
-1.3

8

P)

67.*

75,0

«?«

Less items In new series, but not In old:
Noncorporate depletion charges
Net imputed rent of owner-occupied dwellings
..
Change in farm inventories not held tor sale
Employer contributions to private pension and
welfare funds
Income In kind to armed forces
Government military life insurance benefits
Business transfer payments
Inventory valuation adjustment (noncorporate)
Plus items in old series, but not in new:
Premiums to military life Insurance lands
Private pension payments
Equals: Former concept, statistically revised '
Less: Income payments to individuals (former series)...
Equals: Statistical revision

.1

1937

84.7

.9
1.0

1930

TO

.3
.1

1940

1941

3942

95.1

P)

72.3

72.1 55.6
+ 2 55.4
.1
58.0

.3
,5
2.S
-.3

.5
.3
2.1
,2

P>

p)

<\
03.8
63.8

39.6

48.6

<\

F>

2.0
1.2
.9
.2

.3

.3
1.4

TO

P)

TO
-2.7

(')

TO

P)

2.7
1.3
1.0
.2
—.2

P)

2,9
1.5
1.2
.2
.3

.3
2,7

.5
3.8

4.1

.7
1*

TO

P)

1.0

2.5

2.9

.7

P)

.3

3.3

to

1.5
2.1
2.8
1.3
4.5
3.7
,2
.1
.2
A
.8
.8
TO TO
.1
.1
.1
.1
TO
.1
.1
37.4 82.0 8&2 97.9 121.8 154.7 180.8 201.9 203,1 108.7
87.7 SO. 0 88.6 97.1 120.2 152.3 1S7.4 197.6 390.2 104.0
-.3
.8
1.6
4.3
2.4 - . 6
1.4 - . 4
3.0
1 - ^
73.6 07.4 7277 81.3 103.8 130.5 163.3 182.3 182.8 r 178.21.2

1.2

.1

.2

.6

1.5
.5
3.5
p)
.2
.1

2.9
.5

p>

P)

70.0
70.8
-.8

TO
81.0
81.7

Hrl?

06.9
1.4
.4
1.0
1.4

1.5
.5
1.2
.3

1.0
.4
1.4
.1

TO

.2
.1

,1
.1

.1
.1

TO

TO

A

1.3

1.5
.2

7,8
.0
1.7
.2

.2
.1

.6
2.0
A

14.2
.7
2.4

4.0

3.0

1.0
.1
C)

W

1.1
.1

1.3

1.1
.1

(')

„
68.3 53.8 39.2
cs. e 54.5 40.0
-.7 -,S
-.6
76.2
P)

2.8
—1

2.5
-.3

.1

1.3
,1
TO
41.7
42.3

04.8

49.3

46.0

2.1
.2

1.6

P)

1.2
-.2

.1
.1

,1

i

P)

.i

.5
.8

.6

.i
,i
31.7
82,6
-.0

.1
.1
72.0
73.3
-,T

.1
.1
01.3
62,0
—.7

(')

P)
. t

.3

.1
.1
46.6
47.4
-.8

.1

<\
49.2
49.5
-.3
53.2

-.9

3.1
.1
P)

55.5
55.7
-.2

1.1
.1
P)
04.5
64.9
-.4

59.9

70.6
1.0
1.4

TO
.9
.1

TO
TO

TO
P)
.7
-.5

.0
—.1

.!

,1

,1
«.S
40.3
-.8

i?a

.4

-.7
1.2

,1

52,3
62.9

.2

i i
-.3

,1
.1
67.0

58.6
-.7

.1

.1
67.6
68.1
-.5

1.2

P)

-3.3

TO

l

\

-1.0 -1.0

2.7
—.2

11.3
.6.
3.0
P>

.7
3.8

.2
1.4
2.0

P)

1946

24
1.3
1.0
.2

A

1.2

.4

.4
.3
1.6

1945

3.0
1.4
1.1
.2

1.5
1.0

.4
.1

TO

1944

203.7

.9
.2
TO

1.0

53.9
54.3
-.9

p>

,1
,1

P)

.4

TO

IMS

90.4 100.5 125.3 159.6 192.6 210.6 213.1

.1
P)

Less Items In new series, but not In old:
1.4
Corporate profits taxes
.6
Depletion charges.
2.8
Net imputed rent Of owner-occupied dwellings
Change in farm Inventories not bold for sale
Employer contributions to private pension and wel­
fare funds
Income in kind to armed forces.
Government's contribution to military family allow­
ances
Government's contribution to military Ii(e Insurance
funds.
Inventory valuation adjustment..
Plus items in old series, but not in new:
1.0
Government interest payments
Private pension payments
.1
Military retirement payments
.
.. (')
Equals: Former concept, statistically revised t
83.0
Less: National income (former series)
S3.3
Equals: Statistical revision
.
—.3
Personal income (new series)

(')

1935

.8
4.1

2.5

29

.3
-.4

1.3
-.0

13.9
, f

Pi
71.3
71.5
-.2

-.9
'1.2
1.2
.1
.1
TO .1
64.3 71.2
64.2 70.3
.4
.1

1.3
.1
.1
77.7
77.6
.1

1.3
3.5
2.1
2.8
3.7
.1
,t
.1
.1
.1
.1
.1
.1
.1
P)
97.7 123.3 150.9 161,2 163.3
90.9 122.2 149.4 100.7 161.0
1.6
2.3
.8
1.3
.5

74.0

esTs

78.3

95.3 122,2 149.4 164.9 171.0

177.2

P>

P>

(»)

1.2
.1

1.2
.3
.1
.1

P)

.6
TO
.i
.i
71,0
72.4
-.6

72.6

TO

P)

1.7
.2

P)

2.0
.4

2.4
-.7

P)

.2

2.7
-.2

TO
3.0
P>

TO
2.0
.3

.2

.1
.1
.5
-.2

.2
.1
.1
.4
-.1

.2
.4
.1
.5
-.6

.2
1.4
.1
.5
-.4

,4
2.7
.1
.5
—.1

,7
3.8
,1
.5
-.1

.8
4.1
.3
.0
-.1

.9
1.4
.3
.5
-1.3

,1
.1
90.1
60.2
-.1

.1
.1
70.7
70.8
-.1

.1
.1
70.1
76.2
-.1

.1
.2
.6
1.0
.1
.1
.1
.3
.1
93.1 118.1 145.0 158.3 164.1
82.7 117,3 143.1 150.8 160.8
A
. 8 . t.0
1.5
3.3

.6
.1
373.0
165.1
7.9

1.4
.1

.1
.1

1.5
P>
.2

i IHtitt-Brtll not necessarily add t o totals because oi rounding.
> No entries for private Interest have been included In this table because tbe effect upon tbe series of changes in statistical procedures cannot be distinguished from tbat of the
conceptual clarification of the estimates.
> Less than $50,000,000.




July 1947

NATIONAL INCOME SUPPLEMENT TO SURVEY OF CURRENT BUSINESS

15

Chart 2.-GROSS NATIONAL PRODUCT, 1929-1946
BILLIONS OF DOLLARS
£50
NEW SERIES
FORMER SERIES
—

FORMER CONCEPT, STATISTICALLY REVISED

200

/

7
150

/

J"

100

50

I

0
1929

1930

I
1931

I
1932

1
1933

1934

1
1935

1936

1
1937

mates, however, all the items on both sides of the ac­
count are obtained independently. As was indicated
by the data in earlier articles," the direct estimates of
consumer expenditures have proved to be significantly
higher than the previous residual estimates—quite apart
from definitional differences.
Since the major changes introduced into this revised
body of national income statistics are due to differences
in definitions, they do not in general alter the quantita­
tive ideas about the American economy that have
become familiar on the basis of our previous estimates.
This is not to overlook the inconvenience involved in
adjusting one's thinking to a new set of definitions and
numerical values.
Special comment should be made, however, on the
estimates of personal saving. The new estimates run
at a considerably lower level than our previously pub­
lished series. While the change,is partly due to dif" STO7ET or CUBBBNT BuslKESS, April 1942, October IM2, and Jtrao 1W4.
749228—*7

S




1
1938

1

1
1939

1
1940

1

1941

I
1942

I
1943

!
1944

1945

1946

ferenoes in eoncept, the greater part arises from the
fact that, in obtaining personal saving as a residual
from disposable income, a higher level of consumer
expenditures is subtracted than was formerly the case.
I t should be emphasized that the personal saving
estimates of the Department of Commerce are obtained
as residuals and hence are subject to errors in the various
statistical series from which they are derived. In view
of the rather substantial difference in level between
these estimates and the results of several earlier investiga­
tions, we should like to explore some of the problems
involved in assessing the accuracy of the Commerce
personal saving estimates.
In any comparison of the general level of personal
saving shown in this report with earlier estimates, it is
first necessary that the differences in the concepts of
saving employed be fully recognized. Our concept im­
plies a quite complete measurement of personal saving
from an economic standpoint, in contrast to various other

16

NATIONAL INCOME SUPPLEMENT TO SURVEY OF CURRENT BUSINESS

juiy 19*7

Chart 3.-PERS0NAL INCOME AND INCOME PAYMENTS, 1929-1946
BILLIONS OF DOLLARS
250
PERSONAL INCOME (NEW SERIES]
INCOME PAYMENTS {FORMER SERIES)
- — FORMER CONCEPT, STATISTICALLY REVISED

200

150

JOO

50

J

J

L

1929 1930 1931

1932

L
1933 1934

1

J
1935

L
1936 1937

estimates that have not attempted to measure all types
of saving on a net basis. In addition to the types of
liquid assets that readily come to mind in estimating
personal saving, such as changes in cash and deposits, in
life insurance reserves, in building association reserves,
in security holdings, and in consumer debt, our concept
includes the direct investment of individuals in housing
and the direct investment of owners of unincorporated
enterprises in real property, equipment, and inventories.
Moreover, in our definition of personal saving, the depre­
ciation of houses owned by individuals and of capital
owned by unincorporated enterprises is counted as nega­
tive saving. Similarly, declines in inventories of unin­
corporated enterprises constitute negative saving. Also,
our definition of saving is net of capital gains and losses
and of the financial costs of acquiring property or secu­
rities—important points in considering the net saving
figure for a year like 1929. These conceptual points
considerably narrow the differences between our esti­
mates and those of certain other investigators. As




J
1938

1939

1940

1941 1942

I

1

L

1943 1944 1945 1946

compared with our own previous estimates, our new
series is conceptually lower by depreciation on owneroccupied homes and on the property of nonprofit insti­
tutions, by the noncorporate inventory valuation adjust­
ment, and by the change in farm inventories of crops not
held for sale. The two last-named items, which may be
positive or negative, significantly affect the year-to-year
movement of personal saving.
We turn now to the more statistical aspects of the
estimates. What is presented in this report is not a
single estimate of personal saving for any given year but
three estimates that are derived by largely independent
methods. One is the residual estimate obtained from
the data on personal income and its disposition, as shown
in table 3, to which the "personal saving" label is at­
tached. Concerning this series it need only be said that
the components of personal income, taxes, and expendi­
tures have been more carefully denned and the statistics
more meticulously compiled than has previously been
the case in national income estimation.

NATIONAL INCOME SUPPLEMENT TO SURVEY O F CURRENT BUSINESS
Another estimate of personal saving can be derived
from our accounts as a residual from the data on sources
and uses of gross saving given in table 5. It will be seen
that most of the items in table 5 are statistically inde­
pendent of the items in table 3 and that the former yield
alternative estimates of "personal saving" equal to that
item plus the statistical discrepancy.** So long as the
statistical discrepancy remains small, there must be
some presumption that the true figure for personal saving
is approximately indicated by the estimates. For this
not to be the ease would imply a somewhat unlikely com­
bination of errors in the two tables. For example, for
personal saving to be appreciably higher in the decade
before the war, it would be necessary not only that in­
come be higher or expenditures lower than they are shown
to be in table 3 but also that gross capital investment be
higher or gross business saving and government surplus
lower than shown in table 5.
A third method of deriving personal saving in this
report is the direct estimation of changes in the various
assets and liabilities of persons. A virtually complete
reconciliation of the familiar Securities and Exchange
Commission estimates with those of the Department of
Commerce is shown for the first time. These data were
prepared by the research staff of the Securities and Ex­
change Commission and are shown in table f>. The re­
conciliation items represent, in the main, types of per­
sonal saving measured by changes in the relevant assets
or liabilities.
We feel that the similarity in both levels and move­
ments of the estimates of saving derived by these three
methods is striking in view of the fact that the basic
data involved in each are so largely independent. For
a This series ("personal saving" plus "statistical discrepancy") is also the saving
scries which would be obtained if the double-residual method formerly used for the
decade of the thirties—obtaining personal consumption expenditures by deducting
other gross national product components from the gross national product aggregate
obtained from the Income side, and deducting persona] consumption expenditures from
disposable Income—were applied with oni revised estimates,




17

example, the cumulative difference between the direct
estimates of saving in table 6 and the residuals in table 3
for the period from 1933*3 to 1946 amounts to only 0.2
billion dollars per annum, while the cumulative discrep­
ancy in the two series derived from the national income
and product accounts from 1929 to 1946 amounts to
only 0.6 billion dollars per annum.
"While we have found these considerations impressive,
we are aware that the saving estimates, or other data in
this report, may be modified by future research. In
particular, as national income statistics do not rest upon
the foundation of a consistently conceived statistical
program designed to yield a complete and integrated
portrayal of the economy, the current efforts of Federal
statistical agencies to increase the coverage and accuracy
of economic data should lead to further improvements in
national income estimation.
Note on Industrial Classification
For the convenience of the technical users of the data for
national income and the various distributive shares by industry,
a comparison of our industrial classification with those of the
Social Security Administration and the Bureau of Internal Rev­
enue, and t h a t given in the Standard Industrial Classification
Manual is provided in table ¥111. From the standpoint of the
general user of the estimates, the most important point to be
emphasized is that, because of the nature of the basic sources,
corporate profits, the corporate inventory valuation adjustment,
and corporate interest are on a company basis of industrial classi­
fication, while the other distributive shares are on an establish­
ment basis. This is a serious limitation on the comparability of
the distributive share estimates for some industrial groups, and
one 'which should be considered carefully by those who use the
data for particular industries. All the estimates are on a current
product classification; that is, firms and establishments which
converted to new products during the war were reclassified to the
appropriate industry.
» Unfortunately, S. E. C. data on savings are uot available prior to 1033 due to the
inadequacy of source materials. In connection with our residual estimate for 1929,
which may appear low atfirstsight, it should be noted that personal saving in the form
of cash and deposits was a substantial negativefigurein that year.

18

NATIONAL IKCOME SUPPLEMENT TO SURVEY OF CXTKEENT BUSINESS

J u l y 1947

T a b l e VIII.—Industrial Classification for t h e N a t i o n a l I n c o m e >
Industrial content tn terms of the
Industrial division or industry '

Agriculture, forestry and fisheries
Farms
Agricultural and similar service
establishments.
Forestry
Fisheries
Mining
Metal mining
Anthracite mining
Bituminous and other soft coal
mining.
Crude petroleum and natural gas
production.
Nonmetallic mining and quarry­
ing.
Contract construction
Manufacturing
.-Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished fabric
products.
Lumber and timber basic products
Furniture and finished lumber
products.
Paper and allied products
Printing, publishing, and allied
industries.
Chemicals and allied products
Products of petroleum and coal...
Rubber products
Leather and leather products
Stone, clay, and glass products
Iron and steel and their products,
including ordnance.
Nonferrous metals and their products.
Machinery (except electrical)
Electrical machinery
Transportation equipment except
automobiles.
Automobiles and automobile
equipment.
Miscellaneous manufacturing in­
dustries.
Wholesale and retail trade
Wholesale trade..
...
Retail trade and automobile serv­
ices.
Finance, insurance, and real estate
Banking
Security and commodity brokers,
dealers and exchanges.
Finance, n. e. c

Standard In­ Social Security Bureau of In­
dustrial Clas­ Board Classifi­ ternal Revenue
cation
sification
Classification>
01 to 09 *
01 to 06.
07<__

96to98.<
95.

01 to 09
01
_. 07.

9S.<

08

08.
09

09
10 to 14
10
11
- 12

10 to 14
10
11
12

97.
10 to 14.
10.

11.
12.

13

13

13.

14.

14

14.

16andl7
19 to SO.
20
21
22
23

15 to 17
20
21
22
23.

24
25.

24
25

and 39-41.
17 and 10.
20.
21.
23.
26.
27.

26
27

2627.

28.
29.

28
29
30
31

28-

30.
31.
25.
21.
32.
33 and 34.

, 05.

19 to 39

„

17,19-21,23-37,

29
30
31

32
I9adJaSS-II~" I 9 a n d 3 3 ~ ™
34

35.

35,

35
30

37
36
34

37.
36.
, 40.

38

39.

39

41.

37
38—
39

S to 59 and 75 SO, 51, 54 to 85,
O
67 and 72.
40 to 61 and 88SO and 51.
60 and 51
53 to 59, and 54 to 66,67 and
40 to 47.
48 to 61 and 88- 6075.' 67 (eio. 7972. 85, 3?, 90,
to
to
62 to 70 (eic.
91 (exc. 916),
664).
707).
and 93.
60
6279
61
, 84.
06
SO to 83, and 85.
03, 64, 65, and 62 and 67
67.

Industrial content in terms of the
Industrial division or Industry'

Finance, Insurance, and real estate—
Continued
Insurance carriers
Insurance agents and combination
offices.
Real estate
Transportation
Railroads
Local railways and bus lines
Highway passenger trausporta(Ton, n. e. c
Highway freight transportation
and warehousing.
Water transportation
Air transportation (common car­
riers).
Pipe-line transportation
Services allied to transportation...

Standard In­
dustrial Clas­
sification

70 (exc. 707).
72 to 80.
72
73 and 741
742, 743, and
749.
75 and 79

Social Security Bureau of In­
Board Classifi­ ternal Ksvenue
cation
Classification>

63
90.<
64 and 06
65 (exc, 654)... 91 (exc. 915)
and 93.
44 and 45.
40 to 45.
441 and 442.
40
443.1
41
431, 433, and 444 and 445.'
439.
42

76 (exc. 766)... 44...
771
432..

78
7*4, 766, 772,
773 and SO.
Communications and public utilities- 81 to83.._
Telephone, telegraph, and related 81 (exc 813).-.
services.
Radio broadcasting and television- 815
821,822..
Utilities: electric and gas.
Local utilities and public services, 823, S3 ».
n . e. c.
Services
- 84 to 96 (exe.
S3), 707.
Hotels and other lodging places... 84 (exe. 8442)..
Personal services
. . . J . . . 85
Private households
Commercial and trade schools and 874,953 and 954
employment agencies.
87 (cue. 874),
Business services, n. e. c
942 and 707.
Miscellaneous repair services and
hand trades.
Motion pictures..
Amusement end recreation, ex­
cept motion pictures.
Medical and other health services.. 92
93
Legal services
Engineering and other professional Ml and 949....
services, n. e. e.
95 (exc. 953
Educational services, n. c. c
and 951).
Religious organizations
95g
Nonprofit membership organiza­ 96 "(«ic"966)
tions, n, e. c,
and 8442.
Government and government enter­ 97
prises.1
Federal—general government '*....
Federal—government enterprises«'
State and local—general govern­
ment."
State and local—government enter­
prises."
Rest of the world *

446.
449.' 1
447."

434.
45...

448.
451."

46 to 49,736..
46

46,47.
461,462, 469.

736—
48...
49...

471, 472.
473, 479.*

654, 70 to 90
(exe. 75,736).
70 (exc. 7042)..
72.
90.
—
74

69 to 71, 73 to
76, 915.
69.'=
70.

73 (exe. 736),
807 and 654.
70

71 and 915.il

OS)

Part of 76.x

73.
74.
75.

81
831 and 339..

Port of 76.
Fart of 76.
Part of 76,

82...

Fart or 76.

832..

(13)
(IS)

833 and
7042.
94 and 96

(ij)

i Numbers refer to the code numbers in the Standard Industrial Classification Manual (Government Printing Office, 1942), the Social Security Board Industrial Classification
Code (Social Security Board, 1942, mimeographed) and the Bureau of Internal Revenue Instructions far Coding Industrial Activity with respect to corporation income and excess
profits tax returns (Income Tax Unit, 1942 edition, mimeographed). Later editions of the two first-named codes have been Issued for the Manufacturing Industrial Division, but
the differences between these classifications and that of the National Income Division are so pervasive that it is not feasible to present a comparison in this place* Adoption of these
codes by other data-gathering agencies will probably prevent continuance in the future of the full industrial detail presented in the present report.
-Ail establishments operated by government agencies or corporations are classified In the Government and government enterprises industrial division, regardless of their classi­
fication in the three codes with which comparison is made.
3 The Bureau of Internal Revenue "not allocable" groups (BIR 10,43,450,470,08,78,87, 99 and 00) arc not indicated in the table.
' T h e National Income Division classification includes irrigation system operation In "Local utilities and public services, n. e. c "
* Industry 52 is divided between wholesale trade and retail trade.
* In National Income Division classification, includes insurance agents, brokers and services, and establishments regularly engaged in any combination of real estate. Insurance,
loans, or legal activities when none of these activities alone constitutes the principal business of the establishment.
"In National Income Division classification, includes also local buslines.
&In National Income Division classification, excludes local bus lines and toll roads, highway bridges, terminals, etc.
»In National Income Division classiacation, excludes services incidental to water transportation.
i» In Notional Income Division classification, excludes sight-seeing and "taxi" airplane service, and airports and dying fields.
" In National Income Division classification, includes also toll roads, highway bridges, terminals, etc.; services incidental to water transportation; sight-seeing and "taxi" airplane
service; and airports and Dying fields,
" I n National Income Division classification, excludes organization hotels and lodging bouses (on membership basis).
" N o t to Bureau of Internal Revenue Instructions for Coding (Corporate) Industrial Activity.
" In National Income Division classification, includes private employment agencies.
it in National Income Division classification, excludes private employment agencies end includes accounting, auditing and bookkeeping services.
»Includes all Federal government agencies and operations, except those included in the Industry, "Federal—government enterprises."
>' The following list enumerates all Federal enterprises by their current names: Agricultural Marketing Act Revolving Fund, Alaska Railroad Company, Army Post Exchanges,
Banks for Cooperatives, Bonneville Power Administration, Boulder Canyon Project, Commodity Credit Corporation, Defense Homes Corporation, Disaster Loan Corporation,
Electric Borne and Farm Authority, Emergency Crop and Feed Loans, Export-Import Bank, Federal Crop Insurance Corporation, Federal Deposit Insurance Corporation, Federal
Farm Mortgage Corporation, Federal Home Loan Bank System, Federal Housing Administration, Federal Intermediate Credit Banks, Federal Land Banks, Federal National Mort­
gage Association, Federal Prison Industries, Inc., Federal Public Housing Authority, Federal Savings and Loan Insurance Corporation, Homo Owners Loan Corporation, Inland
Waterways Corporation, Navy Ship Stores and Ship's Service Stores, Panama Canal Zone, Panama Railroad Company, Petroleum Reserves Corporation, Post Office, Production
Credit Corporations, Reconstruction Finance Corporation (Including Office of Defense Plants, Defense Supplies, Metals Reserve, and Rubber Kcserve), Regional Agricultural
Credit Corporations, R F C Mortgage Company, Rubhcr Development Corporation, Rural Electrification Administration, Smaller War Plants Corporation, Tennessee Valley
Authority,©. S. Commercial Company, V. S. Maritime Commission fopcrating activities). War Damage Corporation, War Shipping Administration (commercial operating and
war risk insurance activities).
■•Includes all State and local government agencies and operations except those included in the industry, "State and local—government enterprises."
u Includes State workmen's compensation funds end undertakings classified as enterprises by the Bureau of the Census, such as alcoholic beverage monopolies; water, electric,
gas, and transit systems; housing authorities; and other large commercial activities involving significant amounts and operated and accounted for as enterprises.
"'Includes foreign countries, United States territories and possessions and international organizations.




July 1947

NATIONAL INCOME SUPPLEMENT TO SUEVEY OF CWRRENT BUSINESS

19

T a b l e 1.—National I n c o m e by D i s t r i b u t i v e S h a r e s , 1929-46
[Miliums of doners]
1929

1930

1931

1932

1933

1934

1935

1936

1937

1933

1919

1949

1941

1942

1943

1944

1(145

194f>

87.365 75,003 58,873 41,690 39,584 48,613 56,789 66,941 r3,627 67,375 72,532 81,347 103,834136,486 168,262 182,200 182,808 178,20*

National income
Compensation o[ employees
Wages and salaries
Private
Military
_
Government civilian'
Supplements to wages and salaries
Employer contributions for social
insurance..
Other labor income.
Income of unincorporated enterprises and
Inventory valuation adjustment...
Business and professional
Income ol unincorporated enter*
prises
Inventory valuation adjustment
Farm'
Rental income ol persons
Corporate profits and inventory valuation
adjustment
Corporate profits before tax
Corporate profits to* liability
Corporate profits alter tax
Dividends..,.
„
TJnd tstrlbutcd profi ts
Inventory valuation adjustment
N e t interest-_.
—
**„
._,

50,786 46,515 39,470 30,826 29,330 34,067 37,107 42,675 47,696 44,747 47,820 51,786 64,280 84,689 109,102 121,184 122,872
50,165 45,8*4 38,886 30,284 28,825 33,520 36,508 41,754 45,948 42,812 45,745 49,687 61,708 81,681 105,537 116,944 117,551
45, MG 40,720 33,007 25,297 23,660 27,420 29,984 33,866 38,432 34,564 37,519 41,130 51,637 65,628 78,671 83,317 82,085
398
312
370
358
313
591 1,362 6,285 14,478 2ft 782 22,438
338
306
271
270
295
308
4,647 4,85* 4,971 4,692 4,895 5,829 6,218 ■,650 7,158 7,878 7,828 7,866 8,309 9,768 12,388 12,845 13,028
621
621
921 1,748 1,935 2,075 2,109 2,572 3,008 3,565 4,240 5,321
599
54*"
505
543
584
171
423

418 1,234 1,423 1,640 1,624
575
535
512
514
603

1,983
589

2,302
706

116,763
111,113
90,237
8.010
12; 860
5,050
4,072
1,578

106
515

111
473

126
416

133
372

13,927 10,963
8,262 7,032

3,214
5,316

4,921
3,206

5,207
2,925

6,603 9,858 12,164 12,219 10,768 11,282 12,660 16,504 22,724 25,951 27,690 30,165 34,951
4,276 4,987 6,074 6,630 0,347 6,776 7,720 9,566 12,112 14,128 15,310 16,700 19,738

6,277
755
3,931
4,786

4,705
611
2,898
3,620;

2,911
295
1,715
2,503

3,450
-525
2,282
2,018

4,330 6,037 6,194 6,659 6,126 6,942 7,772 10,210 12,464 14,256 15,369 16,754 21,046
—54 - 1 . 3 0 8
-59
-352
-644
221 —166 - 5 2
-29
-138
-50 -120
-54
2,327 4,871 6,090 5,019 4,421 4,506 4,940 6,938 10,612 11,823 12,380 13,465 15,213
2,095 2,288 2,682 3,140 3,278 3,465 3,620 4,322 5,371 0,150 6,693 6,952 6,866

101
520

8,120
142
5,665
5,811

147
400

10,290 6,561 1,631 -1,995 - 1 , 9 3 1 1,098 2,997 4,946
9,318 3,303 - 7 8 3 -3,042
162 1,723 3,224 5,684
1,398
965 1,411
524
382
848
746
500
8,420 2,455 - 1 , 2 8 3 -3,424 - 3 6 2
977 2,259 4,273
5,823, 5,500 4,003 2,574 2,066 2,606 2,872 4,557
2,697 -3,045 —5,381 - 5 , 9 9 8 -2,428 -1,619 - 6 1 3 - 2 8 4
472 3,260 2,414 1,04" - 2 , 1 4 3 - 6 2 5 —227 - 7 3 8
6,541 6,176 5,938 5,430 5,010 4,750 4,539 4,474

0,166
6,197
1,512
4,685
4,693
-8
—31
4,376

4,292
3,329
1,040
2,i
3,195
-906
9G3
4,290

5,753
6,467
1,462
5,005
3,790
1,209
-714
4,212

2,677

2,936
1,304

3,805
1,516

9,177 14,61* 19,824 23,692 23,486 19,689 16,451
9,325 17,232 21,098 24,510 23,841 20,222 21,140
2,878 7,846 11,665 14,153 13,913 11,283 8,601
6,447 9,386 9,433 10,363 9,928 8,939 12,539
4,049 4,465 4,267 4,47"
4,765 5.614
4,f""
2,398 4,921 5,136 5,880 5,239 4,174 6,925
- 1 4 8 -2,617 -1,274
—355 - 5 3 3 - 4 , 6 8 9
-824
4,104 4,113 3,878 3,307 3,207 3,130 3,174

i I n c l u d e s t h e p a y of e m p l o y e e s of g o v e r n m e n t e n t e r p r i s e s a n d or p e r m a n e n t U n i t e d S t a t e s r e s i d e n t s e m p l o y e d i n t h e U n i t e d S t a t e s b y foreign g o v e r n m e n t s am] i n t e r n a t i o n a l
organizations.
5 I n v e n t o r y v a l u a t i o n a d j u s t m e n t d a t a for f a r m s a r e n o t available s e p a r a t e l y .

Table 2 . — C r o s s N a t i o n a l P r o d u c t or E x p e n d i t u r e , 1929-46
[Millions of dollars]
1929
Gross national product

1930

1931

1932

1933

1934

1935

1936

1937

1938

1939

1940

1941

1942

1943

1944

1945

1946

103,323 90,357 75.930 ,13,340 56,760 64,368 72,193 34,705 90,213 34,683 90,426 100,477 125,294 159,628 192,573 210,551 213,120 203,679

78,761 70,
Fcrsonfil consumption expenditures
61,153 49,208
Durable goods
. . 9,362, 7,275, 5,569 3,694
37,742 34,052 28,965 22/743
Nondurable goods
..
31,657 29,462 26,629 22,771
Services
16,324 10,209 5,362
Gross private domestic investment
886
7,824 5,566 3,561 1,663
New construction'
6,438 4,926 3,162 1,781
Producers'durable equipment
1,562 - 2 8 3 - 1 , 3 6 1 - 2 , 5 6 3
Change in business inventories
771
169
197
690
Net foreign investment—
—
Government purchases of goods and services. 8,472 9,169 9,218 8,077
1,311 1,410
Federal
1,537 1,480
Wer=
_
1,549 1,484
\ 1,34* 1,432
Nonwnr*
4
Less: Government sates *
12
22
33
State and iocal
....
7,161 7,769 7,681 6,597

46,346
3,503
22,264
20,589
1,306
1,142
1,783
-1,619
160
7,958
2,018
2,022

51,882
4,265
26,732
20,895
2,807
1,420
2,531
-1,144
429
9,750
2,991

4
5,940

2,997
0
6,769

213
158,
377
680
146
890
351
905
-54
,836
1,931
1,935

62,5 J5 67,121
6,374 7,005
32,887 35,232
23,254 24,384
10,540 11,440
2,783 3,687
4,531 5,444
3,226 2,309
62
11,743 11,590
4,815 4,552

4,818 4,657
5
4
3
,956 6,928 7,033

513 67,460
754 6,729
032135,258
727 25,479
311 9,004
309 S,'~
975 4,577
973
441
109
886
750 13,063
280 6,157
f l , 258
i,286 1.3,908
9
8
:
,470 7,911

72,052
7,354
37,694
26,604
12,933
4,600
6,108
2,275
1,609
13,933
6,170
2,223
3,956
9
7,763

82,256
9,750
43,960
23,545
17,211
5,661
7,676
3,874
1,124
24,704
16,923
13,794
3,173
44
7,781

90,835
6,345
52,962
31,028
9,330
3,212
4,702
1,416
-207
■69,670
52,027
49,567
2,004
204
7,043

101,626
6,515
61,205
33,900
4,591
2,010
3,761
-1,180
-2,245
88,601
81,223
80.384
1,430
641
7,378

110,417 121,698
6,755 7,977
67,100 75,298
36,472 38,423
5,058 9,058
2,267 3,140
5,348 7,134
- 1 , 9 5 7 -1,222
-754
-2,099
96,675 83,113
89,029 74,963
88,638 76,172
1,552
1,011
1,161 2,220
7,646 8.155

143.670
14.917
37,061
41,692
24,532
8,526
32,393
3.664
4,773
30,654
20.671
21.293
2,383
3,005
9,983

1
I n c l u d e s c o n s t r u c t i o n e x p e n d i t u r e s for c r u d e p e t r o l e u m a n d n a t u r a l g a s drilling, n o t s h o w n i n t a b l e 3 1 .
!
T h e classification of p u r c h a s e s o l f o o d s a n d services i n t o w a r a n d n o n w a r conforms, i n general, t o t h e D a l l y T r e a s u r y S t a t e m e n t classification o l general a n d special a c c o u n t
e x p e n d i t u r e s . W a r p u r c h a s e s include also t h a t p a r t of t h e c a p i t a U o r m a t i o n of g o v e r n m e n t enterprises w h i c h is a t t r i b u t a b l e t o their w a r activities. G o v e r n m e n t c o n t r i b u t i o n s t o t h e
N a t i o n Service Life I n s u r a n c e F u n d a r e classified a ; w a r ; all other g o v e r n m e n t c o n t r i b u t i o n s for social i n s u r a n c e , a s n o n i v a r .
< Consists Of sales t o a b r o a d a n d d o m e s t i c sales of s u r p l u s c o n s u m p t i o n g o o d s a n d m a t e r i a l s .

T a b l e 3.—Personal I n c o m e a n d D i s p o s i t i o n o f I n c o m e , 1929-46
[ M i l l i o n s of dollars]
1929
Personal income

1930

1931

1932

1933

1934

1935

1936

1937

1938

1039

1940

1941

1942

1944

1945

1946

35,127 : 6,195 64,835 49,274 46,629 53,230 59,801 76,575 73,976 68,327 72,607 73,347 95,308 122,159 149,432 104,915 171,590 177,217

50,023 45,747 38,735 30,132 28,673 33,363 36,346 41.574 45,332 42,258 45,149 48,929 60,907 80,515
Ware and salary receipts
Total employer disbursements
50,165 46,394 38,886 30,284 23,825 33,520 86,508 41,754 45,943 42,812 45,745 49,587 61,708 81,631
Less: Employee contributions for social in­
142
surance
—
—
152
152
157
102
ISO
151
566
554
596
801 1,156
658
520
416
372
400
503
473
428
514
512
530
589
Other labor income...
*
*
...
706
576
19,738
11,334 7,429 7.225 3,698 12,140 14,346 15,389 14,040 14,747 16,280 20,326 28,095
Proprietors' and rental income
5,823
4,698 2,574 2,066 2,596 2,872 4,657 4,093 3,195 3,796 4,049 4.466 4,297
Dividends
-.
7,524
7,022 6,671 6,180 5,980 5,1180 6,575 5,580 5,432 5,417 5,305 5,402 5,395
Personal interest income
.
.
...
1.499
2,673 2,152 2,113 3.193 2,339 3,520 2,413 2,834 2,963 3,119 3,119 3,151
Transfer p a y m e n t s . .
—
2,643
1,404 1,595 1,888 2,258 2,921 2,862 2.440 2,604 3,293 5,902
1,858
1,455
Less: Personal tax and nontax payments
1,263
474
695
827 1,130 1,723 1,636 1.235 1.364 2,016 4.668
607
331
Federal
1,330
1,261 1,124
990 1,090 1,061 1,128 1,198 1,227 1,206 1,240 1,277 1,294
State and local
82,484
62,077 47,819 45,165 61.635 67,973 68,317 71,055 65,465 70,167 75,743 92,015 116,197
Equals: Disposable Personal Income
"3,761
61,163 49,203 46,346 51,382 56,215 62,615 67,121 64,513 67,406 72,052 82,255 90,835
Less: Personal consumption expenditures
3,723
890 1,824 - 1 , 3 3 9 - 1 , 1 8 1 - 2 4 7 1,758 5,802 3,934
Equals: Personal saving
952 2,701 3,691 9,760 25,362




1943

163,439 114,901 115,202 109,225
105,328 117,137 117,637 111, 143
1,839
888
32,101
4,477
5,507
2,970
17,815
16,617
1.298
131,617
101,626
29,091

2,236
1,304
34,383
4,689
0,067
3,631
18,904
17,636
1,303
146.011
110,417
35,594

2,335
1.516
37,117
4,765
6,306
6,185
20.373
19,379
1,499
150,712
121,693
29,014

1,918
1,573
41.816
5,614
7,665
11,319
18,789
17,211
1,578
158,428
143,670
14,758

20

NATIONAL INCOME. SUPPLEMENT TO SURVEY OF CURRENT BUSINESS

July 1947

Table 4.—Relation of C r o s s N a t i o n a l P r o d u c t , N a t i o n a l I n c o m e , a n d Personal I n c o m e , 1929—46
[Millions of dollarsi
1929
Gross National Product...
l e s s : Capitol consumption aBovraaees
Depreciation ctargcs
Accidental damage to fixed capita!...
Capital outlays charged to currant
expense. __
Equals: Net National product
..a..
Plus: Subsidies minus current surplus of gov­
ernment cBterprfses
Less: Indirect business tax and nontax liability.
Business transfer payments
Statistical discrepancy
Equals: National Income....
......
.....
Less: Undistributed corporate profits
Corporate profits tax liability
Corporate inventory valuation adjust­
ment
Contributions for social insurance...
Excess of wage accruals over disburse­
ments
Plus: Net interest paid by government
Government transfer payments
Business transfer payments
Equals: Personal I n c o m e .
_^
.

1930

1931

1932

1033

1934

1936

1930

1938

1937

1939

1940

1041

1942

1943

1945

1944

1946

03,823 90,867 76,930 58,340 56,700 64,868 72,193 84,705 90,213 84,633 90,426' 100,477 126,294 169,628 192,573 210,651 213,120 203,679
8,816 8,747 8,312 7,663 7,2(5 7,218 7,360 7,68* 7,972 7,992 8,101 8,440 9,294 9,935 10,685 11,773 12,085 11,040
7,653 7,653 7,483 0,950 6,608 6,626 6,67" 6,607 6,838 0,894 7,082 7,228; 7,878 8,666 9,409 10,460 10,557 8,876
384
404
399
374
484
240
222
236
237
276
351
329
273
3S1 304 3Sr
413
389
943 1,144 1,761
785
777
966 1,143
711 797
666 090 830
465
362
478
384
850
705
95,012 82,110 67,618 50,677 48,616 57,650 64,824 77,021 82,241 76,691 82,326 92,037 116,000 149,693 181,988 198,778 201,035 192,039
843
775
159
183
102
39
60
-147 -123
420
485
176
283 403
18
-49
-45
7,003 7,156 6,850 6,768 7,055 7,815 8,100 8,663 9,157 9,164 9,305 10,021 11,296 U.S13 12,685 14,029 15,330 16,851
564
52G
567 420 451
649
404
604
641 594
669
504
502
431
687
534
0491 • 737
3,009 -2,101
862 -1,050 - B l
720
470 1,050
462
364 -346
658
-SO -705 1, 1SS 1,437 1,235
66,941 73,027 67,375 72,632 81,347 103,834 136 486 168,262, 182,200 182,808 178,204
87,365 75.003 58,873 41,090 39,584 48,613 56/
4,174
-8
2,597 -3,945 -5,381 -5.998 -2,428 -1,619 - 0 1 3 -284 1,512 -906 1,209 2,398 4,921 5,136 5,886 5,239 11,233 6,926
8,001
1,040 1,402 2,878 7,846 11,066 14,153 13,913
746 965 1,411
524
3S2
1,398
S4S
500
-714 -148 -2,617 -1,274 -824 -365 —633 -4,689
472 3,260 2,414 1,047 -2,143 -625 - 2 2 7 —738 - 3 1
1,S00 1,977 2,136 2,282 2,734 3,468 4,516 5,172 6,140 6,990
333
304
262
278
286
243
263

14
-30
209 -193
0
0
0
0
0
0
0
0
0
0
0
0
0
964 1,084 1,141 1,170 1,230 1,141 1,101 1,204 1,192 1,205 1,291 1,289 1,617 2,140 2,800 3,676 4,491
1,010 2,024 1,415 1,454 1,552 1,705 2,926 1,851 2,405 2,512 2,688 2,6t7 2,667 2,406 3,082 5,621 10,791
528
564
549
504
431
602
667 429 451
594
641
669
737
534
494
649
m 70,675 73,976 63,327 72,607 78,347 95,308 122,159, 149,432 164,915 171,590 177,217
85,127 76,196 64,535, 49,274 46,020 63,230
59, S6t
912
587

Table 5 . — S o u r c e s a n d U s e s of Gross Savings, 1929-46
(Millions of dollars]
I
1929
Gross Private Saving
Personal saving
Undistributed corporate profits
Corporate inventory valuation adjustmentBusiness depreciation charges
.---„
Institutional depreciation
Accidental damage to fixed business capital..
Capital outlay charged to currant eipenso...
Excess of wapffi accruals over disbursements—
Statistical discrepancy
Cross Investment
Gross private domestic in vestment..
Net foreign investment
Government Deficit ( + ) or Surplus {—) on In­
come and Product Transactions
Federal
State and local

1930

1931

1932

1933

1934

1935

1936

1037

j
1938

1939

1040

1941

1042

1943

1944

1946

1946

7,941 13,326 10,817 8,910 11,759 15,039 21,823 40,209 46,567 54,657 47,853 25,903
16,628 11,156 8,357 2,760 2,728 I.'
932 2,701 3,691 9,760 25,362 29,991 35,594 29,014 14,758
-1,181 -247 1,758 5,802 3,934
3,723 2,899 1,824
—8 -900 1,209 2,398 4,921 5,130 5,886 5,239 4,174 6,925
2,597 -3,046 -5,381 - V " -2,428 -1,019 -613 - 2 8 4
963 - 7 1 4 -148 -2,617 —1,274 —824 - 3 5 6 -533 -4,689
472 3,260 2,414 -5,993 -2,143 -626 -227 —738
-81
7,374 7,476 7,307 1,047 6,433 6,351 6,401 6,439 6,658 0,710 6,895 7,038 7,(~~ 8,471 9,212 10,250 10,360 8,675
200
200 201
197
195
190
ISO
184 187
177
175
170 6,776
179
178
175 176
192
384
404
374
222 246
304
174
484
399
387
276
351
389
413
237 236 381
273
329
943 1,144 1,761
7T7
785
83<J
711 797 960 1,143
362
478
465
656 696
850
705
384
14 -SO
0
0
209 -193
0
0
0
0
0
0
0
0
0,
0
0
0 1,235
462 658
720 2,699 3,099 -2,101
862, -1,050 - 9 1
S64 -346
-SO -705 1,188
470 1,050
16,595 10,899 5,559 1,437 1,456 3,236 6,092 10,447 31,602 7,420 9,892 14,492 18,335 0,123 2,346 3,599 8,304 29,355
15,824 10,209 5,362 1,055 1,306 2,807 6,146 10,540 11,440 0,311 9,004 12,983 17,211 9; 330 4,591 6,658 9,058 24,582
- 2 0 7 -2,246 -2,099 - 7 6 4 4,773
1,609 1,124
62 1,109
150
771
429 - 5 4 - 9 3
090
197
-1,067
-1,185
118

267
-276

2,798
2,093
795

1,705
1,405
240

1,272
1,310

2,355 1,849 2,87!)
2,850 2,538 3,475
-495 -089 -590

31,086 44,221 51,098 39,549 —3,452
547
-685 1,490 1,367
176 1,960 2,213 1,409 4,889 32,951 46,636 53,582 41.819 -2,255
—1,197
-S01 -470 -346 -S62 -1,396 -1,865 -2,414 -2,484

TaJble 6.—Liquid Saving E s t i m a t e s o f t h e S e c u r i t i e s a n d Exchange C o m m i s s i o n a n d T h e i r R e c o n c i l i a t i o n W i t h Personal Saving
E s t i m a t e s of t h e D e p a r t m e n t o f C o m m e r c e , 1933-46 1
[Billions of dollars}
1937

1933

1939

1940

1941

1942

1943

1944

1946

1.60 • 4.30
2.34
3.61
—.10
-.23
2.22
1.79
1.67
1.55
.24
.65
-1.70
-.34
-.59
1.00
-.13
-.55
-1.04
-.79
.29
.28
- . 8 3 -1.31

4.09
.39
.09
3.14
1.76
1.38
1.62
1.00
-.01
-.03
.04
-.69

3.12
.31
.94
2.64
1.54
1.10
-.38
-,08
—.14
-.10
-.20
.71

4.00
289
.21
3.15
1.85
1.30
-.23
.50
-.19
-.53
-.87
-1.16

10.67
4.90
.38
3.99
£14
1.85
2.89
3.59
-.17
-.63
-.93
—.60

20.12
10.92
.28
6.04
2.49
2.65
10.03
9.00
-.17
.30
-.06
2 01

38.25
16.02
.59
6.77
2.85
3.92
13.50
13.80
.13
-.37
.28
1.03

40.36
17.00
.82
8.16
3.22
4.93
14.55
15.39
-.17
-.67
,13
-.35

36.76
18.99
1.06
8.64
3.46
6.63
9.15
10.22
-.31
-.76
-.24
-.74

-2.87
-2.83

-.60

1.14

-.63

-3.53

3.86
2.76
.06
3.01
1.72
1.29
-.69
-.10
-.19
-.24
-.M
-.84
0

.20

-.20

.49

-4.70

-6.81

-7.64

—2.49

.01
.07
1,55

.26
.08
1.57

.90
.14
1.59

1,21
.18
1.62

1.34
.21
1.65

2.37
.21
1.70

2.68
.19
1.75

3.10
.22
1.81

1.60
.10
1.80

.90
.03
1.89

.77
.06
1.01

.72
.11
1.93

3.19
.26
2.01

.11

.16

.24

.55

1.38

1.10

1.29

1.30

1.85

2.55

3.92

4.93

5, OS

3.61

-.48
.33
.70
-.22

-.01
.47
.78
-.08

.21
.00
.78
.04

.53
.80
.79
.17

.24
1.09
.84
.14

-.19
.71
.84
-.10

.09
.97
.85
.21

.40
1.00
.86
.26

.26
1.21
.92

-.24
.74
.98
-.13

-.21
.48
.99
.00

-.11
.62
1.02
.04

—.03
.84
1.03
.44

1.10
'1.85
.94
1.27

-1.57

-2.58

-.62

-.40

-.02

1.97

-.20

.14

58

-1.69

-.76

.16

1.13

1.36

1.27

-.45

-.57

-.07

-.24

1.62
1.02

1.54
1.72

2. .IS
1.85

1933
Liquid saving (S. E . C, estimates) 1
Currency and batik deposits

.

.....

..

Government....
State and local governments
Liquidation of mortgage debt on nonfarm dwellings..
Liquidation of dobt, not elsewhere classified
Adjustments of liquid saving to Department of Commerce
On account of persons other than unincorporated enter­
prises:
Not purchases of nonfarm residences <
>
............
New construction by nonprofit Institutions
Less: Increase in government insurance and pension
On account of unincorporated enterprises other than
farms:
New construction and producers' durable equipment.
Less: Increase in net payables to banks
Less: Increase in act payables to other corporations
On account of forms:
Increase fa inventories
—
New construction and producers' durable equip­
ment"
Less: Depreciation
Less: Increase in farm holdings b y corporations and
financial intermediaries
Less: Increase In mortgage debt to corporations and
Less: Increase tn other debt to corporations and
financial intermediaries
See footnotes a t end of table.




1934

-.97
-1.17
-.60
.63
.57
.11
-.71
.14
-.93
.08
.73
.10

2.67
1.78
—.31
1.49
1.33
.16
.23
l.M
-1.11
.20
-.12
—.40

-1.23

-1.32

-.08
.08
1.55

1935

1936

1946
14.66
12,08
1.14
0.43
2.82
3.61
.71
1.11
-.20

—.It

-.27

-1.32

.48

- 1.11

.64

.14

.10

.24

.85

.38
,60

.60
.83

.92
.87

1.12
.94

1.361.04

1.13
1.06

1.23
LOO

1.36
1.10

.46
1.79
1.24

1.34
1.36

1.23
1.45

-.18

-.17

-.19

—.11

-.08

-.06

-.06

-.31

-,48

—.38

-.23

-.02

.22

.08

-.09

.01

-.37

.21

.19

.14

.OS

.08

-.03

-,01

.09

—.10

-.20

.49

.00

-.07

-.OS

-.09

--12

-.02

-.17

-.15

.22

-.10

.20

.55

.05

.35

july 1947

NATIONAL INCOME SUPPLEMENT TO SURVEY OF CUESENT BUSINESS

Table 6.—liquid

S a v i n g E s t i m a t e s of t h e S e c u r i t i e s a n d E x c h a n g e C o m m i s s i o n a n d T h e i r R e c o n c i l i a t i o n W i t h
F lsnttiim a tte s nff tTi*. n ^e p ta- r tt t r te n t n£ f l f lm m e r c fe ., 1933—46 " — n n tnitn n u e d
mA o o t h e D nf F m ^
E
o f C o ium c i 1933-46 ^ C C o i e c l

21

Personal

Saving

[Billions or dollars]
1933

1935

1936

1937

1938

-2.20
-1.18
-1.02

Equals: Liquid saving plus adjustments to personal saving
concept....

1934

1.36
-.25
l.tto

.91
1.76
-.85

5.44
6. SO
-.36

3.46
3.93
-.47

— 4t
.95
-1.36

1939

1040

3.86
2.70
1.16

1941

1943

1944

1945

1940

10.47
9.70

4.20
3.69
.51

1942

20.01
25.30
4.25

33.66
29.99
3.56

33.49
36.59
-2.19

29.22
29.01
.21

12.17
14.70
-2.5ft

1
In addiMoa to t h e estin^tes oHiquid saving, the Securities and Exchange Commission also prepares estimates of gross savings. The following comments apply to liquid saving
only. The 3 . £ . C. concept of liquid saving differs in three major respects from the personal saving concept as published in this report. First, liquid saving Includes the increase in
the reserves of government-admrnistercdlnsuraiLcoand pension funds. This item Is not part of personal saving and Is shown (on a somewhat different basis) separately under surplus
of social insurance funds. Secoudjiqutd saving includes the net liquidation of mortgage debt on residential dwellings, but It does not Include net acquisitions (after allowances for
depreciation), of such dwellings. Hence it does not measure net SAvlng in tho form of residential dwellings, the item which is included in the concept of personal saving. (A similar
difference exists with respect to construction by non-proQt institutions). Third, liquid saving includes the net ebange in t h e liquid assets of unincorporated enterprises, whereas
personal saving includes the net income less the personal consumption expenditures of tho owners of unincorporated enterprises. On this score, therefore, liqnid saving differs from
personal saving by the delusion of net Investment by unincorporated enterprises less the increase in their not payables to corporations and financial intermediaries.
Tabic 6 summariies the best statistical data that arc available to adjust liquid saving to personal saving. The difference between liquid saving adjusted t o the personal saving
concept and personal saving is due to statisticalerrorsand omissions which may be In Mould saving, in personal saving, or In tho adjustments. The data available for the adjustment
items are generally not as satisfactory as tbose used in t h e preparation of tho 9. E. C. liquid saving estimates. This is particularly true of t h o estimated incrcaso in net payables to
corporations and financial intermediaries by unincorporated enterprises other tban farms whieh is subject to a substantial margin of error. T h e S . E. C. data are not available for the
period prior t o 1933.
! For explanatory notes, see current releases of Securities and Exchange Commission.
3
Includes net purchases of nonfarm residences by proprietorships and partnerships.
* Includes farm dwellings.
< Includes purchases of used plant and equipment from the IT. S. Government amounting to 200 million dollars.

Source: Securities and Exchange Commission.
T a b l e 7.—Consolidated B u s i n e s s I n c o m e a n d P r o d u c t , 1929-46
[Millions of dollars)
1929
94,144
Business gross product.,**,.
...
92,582
Consolidated net sales..
73,281
To consumers
4,040
T o government
14,262
To business on capital account
993
To abroad
1.562
Change in inventories
94, 144
Charges against business gross product.
7,350
Income originating in business...
43.710
Compensation of employees
43,241
Waires and salaries..
43,241
Disbursements
,.
Excess of wage accruals over dis­
0
bursements
469
Supplements to wages and salaries...
Employer contributions for social
12
insurance.....
467
Other labor income
Income of unincorporated enterprises
and inventory valuation adjustment... 13,027
8,262
Business and professional
Income of unincorporated enter­
prises
— a 120
142
Invcntoiy valuation adjustment.
5,665
Perm
5,811
Rental income of persons
Corporate profits and Inventory valua­
10,098
tion adjustment
Corporate profits before tax
- 0,589
Corporate profits tax liability,—.. 1,398
8,188
Corporate profits after tax
5,734
Dividends
2,454
Undistributed profits
472
Inventory valuation adjustment
Net Interest
- 4.344
7,667
Adjustments to business net product.
Indirect business tax and nontax lia­
7,003
bility
687
Business transfer payments
-30
Statistical discrepancy
Less: Subsidies minus current surplus of
-147
government enterprises..
8,637
Capital consumption allov
allowances.

1930

1931

1932

1933

81,877 07,586 50,369 48,341
82,160 68,94' 53,432 49,060
46,041 43,617
06,216
4,633 57,316 3,651 3,191
10,492 4,459 3,440 2,925
327
391
919 0,723
449 -2,603 -1,619
—283
81,877 - 1 , 3 6 1 50,860 43,341
66,201 67,686 34,393 32,340
30,423 £0,705 24,60S 23,001
38,001 32,614 2.1,204 22,076
38,001 32,195 24,294 22,670
32,105

1934

1935

1930

1937

1938

1939

66,466 53.250 74,245 79,83' 3,623
57,600 j2,345 71,019 77,528 '4,601

88,908
86,633
08,275
6,032
10,708
1,618
2,275

48,938 >3,.41 59,105 03,350 60,907

4,109
3,961
002
-1,144
56,466
40,376
26,738
26,352
20,332
0
356

1940

3,862 4,390 4,671 5,036
5,241 7,314 9,131 7,284
101
476 1,314
210
906 3,226 2,309 -973
8,250'74,245 79,837 73,623
18,022 56,658 63,431 56.604
.9,334 33,429 38,597 35,029
!S,951 32,741 37,120 33,386,
£,951 32,741 37,120 33,385

88,908

"1,968
41,643
39,773
39,773

0
0
0
0
1,477 1,044 1,761 1,870

2941

1942

1943

1944

1945

194C

111,924 140,345 162,483 172,998 172,362 177.099
103,059 133,929 163,663 174,955 173,584 173,435
78,271 86,713 67, 102 105,054 115,769 137,650
14,960 43.244 61,280 62,768 47,089 10,582
13,337 7,914 6,771 7,615 10,230 20,918
416 4,285
1,482 1,058 -490 -422
3,874 1,410 -1,180 -1,967 -1,222 3,664
111,924 140,345 102,483 172,998 172,362 177,099
90,656 117,398 138,369 144,007 142,251 151,824
52,442 60,716 80,133 84,784 83,264 91.512
SO, IDS 04,043 76,073 81,278 79,308 87,934
60,163 64,043 76,764 81,471 79,794 88,014
-103
3,606

14
3,466

0
462

0
419

0
361

0
325|

13
440

13
406

13
348

13
312

10,003
7,032

8,214
5,316

4,92t
3,200

3,207
2,925

261 1,049 1,223 1,330 1,404 1,747 2,014 2,335 2,315 2,129 2,088
431
421
428
826 1,191 1,32? 1,440
664
627
460
427
6,603 0,858 12,164 12,249 10, "OS 11,28? 12,600 10,504 2^724 25,951 27,690 30,165 34,951
4,276 4,987 6,074 6,630 0,347 6,776 7,720 9,560 12,112 14,128 15,310 16,7C0 10,738

6,277
755
3,031
4,780

4,705
6)
2.898
3,620

2,911
296
1,715

3,450
-525
2,282
2,018

4,330 5,037 6,194 6,660 6,120
221
- 5 4 - 5 0 -120 - 2 0
2,327 4,871 6,090 5,619 4,421
2,095 2,288 2,682 3,140 3,278

6,426 1.635
3,166 -779
S4S
500
2,313 - 1 , 2 7 0
5,474 4.135
-3,156 -5.414
3,260 2,414
4,603 4,622
7,107 8,745
7,155
534
-705
-123
8.569

2,608

16
340

0
333

-30
3,628

24
359

1,038 2,838 4,842 6,044
1,063 3,066 6,580 6,07*
966 1,411 1,512
382
746
524
017 2,100 4,109 4,663
-3,390 -300
2,812 4,563 4,682
2,618 2,1
2,688
-0.008 - 2 , 4 4 8 -1,671 -712 -396 -110
1,047 - 2 , 1 4 3 -625 -227 -738 - 3 3
4,300 4,093 3,902 3,704 3,541 3,401
3,937 3,931 9,037
a oss 10,030 8,614

6,942 7,772 10,210 12.464 14,266 15,369 10,754 21,045
-166 - 5 2 -644 -352 - 1 3 8
- 5 4 -1,308
-69
4,596 4,040 0,938 10,612 11,823 12,330 13,465 15 213
3,465 3,620 4,322 5,371 6,150 0,f
6,952 6,805
5,569 8,943
6,283 0,091
1,462 2,878
4,821 6i213
3,069 3,900
1,102, 2,313
-714 -148
3,284 '3,102
9,793 10,690

-1,91.1 -1,979
-3,008
104

4,045
3,082
1,040
2,042
2,978
—930
963
3,384
9,310

6,703
73r
1,437

7,055
669
1,236

7,815 8,190 8,663 9,167 9,154
641
429
607
594
694
364 -346
302 -1,050 - 9 1

-45
7,489

18
7,070

485
00
39
403
283
420
170
7,043 7.193 7,607 7,792 7,808 7,914 8,250

6,859
049
I,'
-49
3,136

260
3,100

0
2,274

451
462

14,334
17,001
7,846
9.166
4,356
4,799
-2,617
3,004
32,166

19,699
20,873
11,665
9.208
4,190
5,013
-1,274
2,988
13,207

23,454 23,103 19,426 16,136
24,278 23,648 19,958 20,824
14,163 13,913 11,253 8,601
10,125 9,636 8,675 12,223
4,340 4,530 4,677 5,523
5,735 5,049 3,998 6,700
- 8 2 4 -355 -633 -4,689
2,681 2,547 2,445 2,301
13,726 16,613 14 227 14,435

10,021 11,290 11,813 12,685 14,029 16,339 16, 851
628
504
494
502
431
664
649
720 2,599 3,099 -2.101
470 1,050
058
102
9,102

843
775
659
183
160
9.740 16,388 11,573 11,384 10, 340

T a b l e 8 , — G o v e r n m e n t R e c e i p t s , 1929-46 "
[Millions of dollars]
1929

1930

1931

1932

1933

1934

1935

1036

1937

1938

1939

1940

1041

1042

1943

1944

1945

1946

11,237 10,763 9,479 8,883 9,328 10,400 11,376 12.930 15,390 15,033 16,403 17,785 26,219 32,908 49,169 52,018 53,640 60,231
Personal ton and nontax receipts before refunds

Equals: Persona! tax and nontax receipts
Indirect business tas and nontax accruals before re-

Other
See footnotes a t end of table,




3,833 3,053 2,049 1,705 2,673 3,643 3,978 5,026 7,049 6,401 6,742
643 360
495
000
1,323 1,133
842 1,143 1,742 1,651 1,260
567 320
452
1,238 1,003
375
580
740 1,319 1,244
874
66
129
30
61
60
402
01
248
380
390
371
15
35
13
29
16
16
24
20
14
21
17
20
15
14
21
49
36
35
16
60
13
19
10
25
696
607 331
474
827 1,130 1,723 1,635 1,236
1,263 1,134
64S 834 1,254 1,347
426 325
465
1,253
760
906 1,306
1,219 1,007
564
637
13
11
449
446
102
80

912
490
10
425
56

8,685 15.056 23,199 39,344 41,977 43,110 38,339
1.393 2,044 4,690 16,940 17,880 20,710 13,881
1,036 1,622 4,062 16,923 17,133 19,848 17,987
341
505
734
401
471
461
663
I
121
77
74
81
21
16
42
70
159
103
118
20
23
23
344 1,331 1,670
28
1,304 2,016 4,068 16,517 17,536 19,379 17,211
2,679 7,660 11,321 13,702 13,454 10,842

037 1,068 2,270 2,235 2,273 2,429 2,238 2,347 2,062 3,593
636 1,246 1,833 1,730 1,693 1,775 1,709 1,826 2,122 2,817
7
375
459
138
587
566
569
002
928
723
387
452
40S
478
503
567
748
636
593 C «
241
703
026
699 1,006
577
688
631
760 1,141

4,073
3,364
1,216
899
1.290

4,979
4,076
1,454
990
1,632

0,236
5,257
2,083
025
2,240

7,180
0,214
2,370
1,034
2.810

7,947
7,286
2,691
t,21S
3,357

22

NATIONAL INCOME SUPPLEMENT TO SUUVEY OF CURRENT BUSINESS
T a b l e 8 . — G o v e r n m e n t R e c e i p t s , 1929-46 ' — C o n t i n u e d
IMillions of dollars]
1939

Federal—Continued
Indirect business tax and nontax accruals before re­
funds—Continued
Customs duties
Capital stock tax
Nontaxes*--..
_,.
Less: Tajc refunds
Equals: Indirect business tax and nontax accruals...
Contributions for social insurance'
State and local
Personal tax and nontax receipts*
Income taxes
.
.*..„,..* >
Death and gilt taxes
—
Motor vehicle licenses »
..:
Property taxes n
Other taxes "
Noutaxos "
...
Corporate profits tax accruals...
.
„.
Indirect business tax and nontax accruals »
Sales taxes »
General
.*
,.*
Gasoline
U finer
Tobacco.
„
.
„_...„-.._..
.
Motor vehicle licenses
Property taxes "
Other taxes i>
_
Nontaxcs '*.
Contributions for social insurance •
._
Federal grants-in-aid «

599

1930

4T4

1931

373

50
49
22
IS
1,193 1,045
894
124
124 123
7,571 7,335 7,743
1,380 1 , 3 7 3 1,251
139
74
110
165 1S2 168
187
1S3 171
148
154 149
47
47
49
094
695 642
145
75
98
5,810 6,110 5,965
414
545
£00
7
(if)
(">
414
500 S24
I
('!> ("'
33
TO
146
154
tS3
4,539
4,543 4,727
513 501
492
£10 232
£03
129 139
119
125 313
I
5ft
2G1

1032

1933

1634

1935

1936

403
308 3:
29G
95 138
92
80
3»
39
37
36
43
54
22
89
39
13
924 1,619 2,181 2,181 2,251
13« 391
115 121
125
7,312 7,167 8,550 9,101 8,023
1,124
990 1,000 l;061 1,123
64
67 121 107
67
97 109 110
137
no
158
170
152 153 163
129 130
329 )20
144
60
64
52
47
673 4S5
485 479 475
131 157
J 00
59
67
i, 844 6,436 5,634 6.009 6,412
552' 041 604 1,0M 1,906
10
223 300 398
01
563 620 690
520
522
141 169
89
34
4
35
49
24
20
10
153 166
133 140
137
4,424 3,962 3,907 4,023 4,058
477 619
452 436
478
260
248 247
263
253
170
18,1 197 207
153
502 1,633 1,706
724
134

259

1937

1938

1939

1940

2941

1942

1943

1944

378
327
357 344
439 313 410
372
127 133 107
139
282 320 381 219,
112
67
45
42
40
44
55
55
35
24
35
25
22
19
26
2,406 2,216 2,322 2,627 3,507 4,049 4,944 6,171
1,573 1,734 1,379 2,013 2,504 3,161 4,181 4,816
9,105 0,320 9,649 9,957 10,370 10,597 10,767 10,933
1,198 1,227 1,205 1,240 1,277 1,204 1,29S l . f "
320
204 20S 201 214 235 265 298

1945

1940

469

123
111
115
129
137 122
115 110
183
210
183 181 190
219 202 1S9
144
143 144
137 137 140
134
142
84
35
92
83
75
69
78
88
505
479 489
478
477
47S 482 471
459
451
156 199
165 134
277 344
6,751 6,933 7,043 7,394 7,729 7,764 7,741 7,858
1,417 1,403 1,542 1,705 1,942 1,894 1,840 1,364
745
449 465 533 621 632 700
440
673
958 862 711
865
7S2 815
748
175 184 205 241 270 267 239
174
157
156
130
122
73 102
57
55
226
211 214
213
178 1S2 200
170
4,162 4,277 4,285 4,407 4,440 4,470 4,467 4,453
986
885 917
822
732 749 786
722
304 303 329
£85 206
2SS
280
303
356
307 335
243
227
280
257 267
947
942
807
983
778
764

178
60
7,887
6.590
12,397
1,578
407
144
218
143
99
587
450
8,964

2,659
1.022
1,025
402
£10
277
4,473
1,200

355
400
1,005

i Includes transactions of social insurance funds, which can be separated by use of the data furnished in table 10- For an explanation of the treatment of government enterprises
cf. p p . 4-5. State and local enterprises include State workmen's compensation funds, in addition to undertakings classified as enterprises by the Bureau of the Census, such as alco­
holic beverage monopolies; water, electric, gas, and transit systems; Sousing authorities; and other large commercial activities involving significant amounts and operated and ac­
counted for as enterprises. The following list enumerates Federal enterprises by their current names: Agricultural Marketing Act Revolving Fund, Alaska Railroad Company, Army
I'ost Exchanges, B a n t s for Cooperatives, Bonneville Power Administration, Boulder Canyon Prelect, Commodity Credit Corporation, Defense Homes Corporation, Disaster Loan
Corporation, Electric Home and Farm Authority,Emergency Crop and Feed Loans, Export-Import Bank, Federal Crop Insurance Corporation, Federal Deposit Insurance Corpora­
tion. Federal Farm Mortgage Corporation, Federal Home Loan Bank System, Federal Housing Administration, Federal Intermediate Credit Banks, Federal Land Bank?, Federal
National Mortgage Association, Federal Prison Industries, Inc., Federal Public Housing Authority, Federal Savings and Loan Insurance Corporation, Home Owners Loan Corpora­
tion, Inland "waterways Corporation, Navy Ship Stores and Ship's Service Stores, Panama Canal Zone, Panama Railroad ComjKiny, Petroleum Reserves Corporation, Post Office,
Production Credit Corporations, Reconstruction Finance Corporation (including Office of Defense Plants. Defense Supplies, Metals Reserve, and Rubber Reserve), Regional Agri­
cultural Credit Corporations, R F C Mortgage Conywny, Rubber Development Corporation, Rural Electrification Administration, Smaller War Plants Corporation, Tennessee Valley
Authority, XT. S. Commercial Company, u . S. Maritime Commission (operating activities), War Damage Corporation, "War Shipping Administration (commercial operating and
war risk insurance activities).
Government receipts and expenditures presented in these tables, and the implied surpluses and deficits, differ from Government receipts and exjjenditures presented in state­
ments of Federal Government finances, such as the Dally Treasury Statement, the U. S. Budget, and the Combined Statement of Receipts and Expenditures, and in statements of
State and local government finances, either as published by the various governmental units or as summarized by the Bureau of tbe Census. These didevenees may be grouped under
four headings: (a) coverage; (b) classification; (c) tuning; (d> transactions accounted for.
(a) In the national Income and product tables, a consolidated Government account is presented. Tito transactions of social insurance funds arc merged with other Government
transactions; a consistent treatment of Government enterprises (described on pp. 4-5) is provided, the net efTect ot which is to count the capital expenditures less the current surplus
of those enterprises as part of the total Government deficit; and certain other entitles are covered which In Government financial statement are accounted for separately from ordinary
Government receipts and expenditures, e. g., the receipts and expenditures of minor trust accounts, the Exchange Stabilization fund, and Federal purchases and sales of silver and
minor coin metals. The purchase and sale of gold, however, arc not reflected in the government accounts liere shown. Gold is regarded as an international asset and all gold transac­
tions are accounted for under transactions with the rest of tho world (table 11).
(b) Government receipts and expenditures in the present table are classified in a manner significant for economic analysis and consistent with the accounts of the other sectors
of the economy- I t is not, of course, suggested that this is the only possible significant analytical classification.
(c) Government transactions. In these tables, are recorded at the time they appear in the accounts tor the other sectors of the economy, whereas government financial state­
ments generally record revenues upon receipts by tbe Government, and expenditures at the time of payment. In the national income and product tables, receipts from individuals
are recorded when individuals make payment (the lag between time of payment and time of receipt by the Government may be substantial, e. g., in tlio case of the Federal with­
holding tax or employee contributions for social insurance). Receipts from business are on an accrual basis; this tends to date corporate profits taxes, among others, a year earlier
than when they are recorded in Government financial statements. Receipts from abroad are recorded at the tunc at which they are entered In the balance of international payments
(which again may diflor substantially from the time at which they are covered into the Treasruy, e. g., in the case of cash and credit lend-lease, sales of surplus property, etc.). Domes­
tic sales of surplus consumption goods and materials, whether for cash or on credit, are rocordod at the time otsale. Tax refunds arc netted against tax payments [on a current basis
Tor individuals and on an accrual basis for business). Receipts from renegotiation of war contracts are deducted from government expenditures in the year of the original overpay­
ment (corresponding adjustments are made in profits and in taxes). Government purchases from business arc adjusted to an accrual basis by adding to Government expenditures as
calculated from the Daily Treasury Statement an estimate of the change In net business receivables from Government. Two other timing adjustments required to harmonize the
Federal Government accounts completely with the accounts of other sectors cf the economy could not be made. First, an adjustment should have been made for Government checks
recorded as paid by the Government in a given period but not received by the payee in that period, (The Dally Treasury Statement, the basic source from which the estimates of
Federal expenditures are derived, was on a cheeks' paid basts for most of the period under consideration.) Second, an adjustment should have been made for changes in the various
departments' holdings of foreign and special currencies, since the Dally Treasury Statement reflects the acquisition of these special and foreign currencies by these departments rather
than their disbursement.
(d) Not alt transactions recorded in Government financial statements appear in the national Income and product tables. Receipts from the sales of, and expenditures for the
acquisition of, land and fixed second-hand assets arc not counted. Similarly Government loans are not counted as expenditures and their repayment does not appear as Government
receipts. Conversely, certain transactions arc recorded which do not ordinarily appear in Government financial statements, or appear in a very different form, such as Government
contributions to the retirement funds of its own employees and to military life insurance funds. These contributions appear in the national income and product tables both under
"Compensation of employees" In Government expenditures and under "Contributions for Social Insin-ancc" in receipts.
* Federal grants-in-aid to Srato and local governments arc reflected in Federal expenditures and in State and local receipts and expenditures. Total Government receipts and
expenditures have been adltisted to eliminate this duplication.
', Consists of individual income tip; and victory tax.
< Consists of dividends tax and automobile use tax.
''Consists mainly of charges for Government products and services not accounted for" under Government en troprises; of fines and penalties; and of donations. Includes also the
excess of receipts over expenditures derived from the services of cricmy prisoners.of war to private contractors. Receipts from the sale of surplus property are not included,
«Cf. lablc. tS.
1
Consists mainly of charges for Government products and services not accounted for under Oovci-nment enterprises, including rents and royalties; and of flues and penalties.
Receipts from the sale of surplus property arc not included.
< Cf. table 10,
I
All local taxes, other than property tax and District of Columbia corporate profits tax, arc Included in "other taxes."
" Includes also drivers' licenses.
II
Property taxes levied on houses of owner-occupants are classified as Indirect business taxes,
11
Consists of poll taxes and m iscellaneous licenses, and all local personal taxes with the exception of the property tax.
'3 Consists of charges for Government products and services not accounted for under Government enterprises (such as tuition fees and pubiie hospital fees); fines and penalties;
donations; and special assessments for outlay paid by unincorporated business, including home-owners.
» Minor sales taxes not specified below are included in "other taxes."
ii Consists of gross receipts taxes, franchise taxes, licenses, severance taxes, documentary and stock transfer taxes, minor sales taxes, and all local Indirect business taxes other than
tbe property tax.
it Consists mainly of charges for Government products and services not accounted tor under Government enterprises, including rents and royalties; of fines and penalties; special
assessments for operation; and donations.
" Includes shared receipts as well as grants-in-aid. The latter consist of highway grants, education grants (agricultural research and education, vocational education, and rehabil­
itation, war training and research programs, and veterans' postwar training programs), public assistance grants (mainly categorical assistance under the Social Security program),
grants for tho administration o(tho Unemployment Compensation program and of the C S. Employment Services, Public Health grants, grants made by the Bureau of Community
Facilities of tho Federal Works Agency to war-congested communities, the Federal contribution to tho District of Columbia, grants made by the Federal (Emergency Relief Admin­
istration and the Public Works Administration, and miscellaneous other grants.
1J
Small amounts included in "other taxes."




July 1947

NATIONAL INCOME SUPPLEMENT TO SURVEY OF CUREENT BUSINESS

23

T a b l e 9 . — G o v e r n m e n t E x p e n d i t u r e s , 192°>-46 *
[Millions of dollars]
1929

1930

1931

1932

1933

1934

1935 1936

1937

1938

1039

1940

1941

1942

1943

1944

1945

1946

10,220 11. OM 12,277 10,588 10.6D0 12.816 13.225 16,809 14,705 16.523 17,270 18,332:28,712 i 63.994 i 93.390 IO3.U6J93,189 46,779
I

Net purchases from business

.

Other 1
...—
..
Less: Domestic sales of surplus consumpPurehases from abjoad '

. .

Grants-in-aid to State and local governments (
Interest paid

a

---.„

Subsidies less current surplus of government enterpiises 11 .—
Compensation ef employees » . .
Other"

„

Less: Current surplus of government enterprises

2,648 2,777 4.142 3.170 3.983 6,393 6,516
1,311 1,410 1,587 1,480 2.018 2,991 2.931
935 942 901 1,187 1,718 1.791
900
615 519 732 1,234 1,035
341 404
333 334 404 467
155 209 271
613
136 443 830
186 195 244
70
103
38
694
117
441
738
292
86
7,689
7,161
3,456
3,706
2,236
1,469
218
642
773
231
232

80
71
92,
98
22
12
746 1,675
125 313
389 444
684
670
304 236

60
04
4
913
134
479
7IS
239

173
8,448
7,681
3,737
3,944
2,293
1,651
349
640
842
202
222

164
7,552
6,597
3,565
3,032
1.445
1,537
502
662
356
194
209

116
a 368
7,759
3,(30
4,129
2,544
1,585
2C4
684
829
245
239

3,501
4,315
3,592
1,158
502
656

7,22sl 8.451
4,552! 5.280
3,036 3,529
1,422 1,687
629 476
893 1,211

8,955'lO. 09420.545'56.15085. 97905. SSoW 929 3 6 584
5,157 6,170 16.023 52.027 81.223 89.029 74.963 20. 871
3,444 3,537 6.04610,79121,288 28,059 30.501 14.862
1,049 2,549 11,547 40.043 58.524 60.045 44,268 6,948
637 974 3,583 9,296 5,3.53 1.761 1,440
835
1,116 1,581 7,966 30,763 63,233 58,493 43,240 6,829

6
7
4
84
330
64
64
66
49
94
65
39
87
367
69
63
70
63
45
99
59,
3
37
6
3
4
6
6
6
4
095 599 623 2,064
328 1,196 1,240 1,426 1,875
807
724
602 1,683 1,706
778 988 357
764
774
517 590
616 619 $43 726
526 485
845 1,016 1,025 1,062 1,240 1,158 1,189 1,298 1,379
605
546 572
577 024 539
328 426 499

251
7,119
5,940
3,531
2,409
834
1,525
759
653
844
191
233

580
8,055
0,759
3,884
2,375
1,13]
1,744
963
040
333
193
297

730
8,415
0,955
4,178
2.777
974
1,303
1,172
616
806
101
327

413
8,032
6,028
3,696
3,232
1.592
1,640
862
616
806
190
374

465
8.244
7,038
3,889
3,149
1,410
1,739
1,023
688
779
191
405

578
3,350
7,470
4.121
3,349
1.4SS
1,801
1,209
573
762
139
402

927
9,303
7,911
4,185
3,726
1,809
1,017
1,272
582
752
190
442

915
9,095
7,763
4.2801
3,483
1,659
1,924
1,262
£65
761
196
495

666
3,974
7,781
4,368
3,413
1,416
1,997
1,242
515
709
194
664

16
1,193
1,381
18S
1,428
383
1,038
1,726
638

67
1,411
1,935
574
1,246
942
1,707
2,481
774

209
925
1,877
952
1,338
947
2,420
3,262
S42

422
204
2,002
1,798
4,298
870
8,335
4,335
1,000

769
8,732
7,643
4,442
3.201
1,111
2,086
1,229
479
681
202
619

861
8,353
7.373
4,622
2,756
702
2.054
1,220
433
660
227
678

1,325
3,504
7,546
4.883
2,663
566
2.097
1,244
380
626
246
666

1,463
9,130
8,155
5.324
2,831
608
2,223
1,323
340
695
256
688

716
-1,139
1,150
2,239
9.158
1,005
4,190
5,207
1,017
1,560
11,200
9,983
6,340
3.634
1,316
2,318
1,633

301
568
267

717

> Cf. footnote 1 to table 8.
> Cr. footnote 2 to table S.
' Cf. tables H a n d 15. The value of food and clothing furnished in kind to the armed forces is included in "Compensation of employee*" rather than in " N e t purchases from
business, other." For typos of employees Included with respect to residence cf. discussion on p. 3.
<CC table 31. Includes new construction in the continental United States. Excludes construction in territories and overseas, work relief, and repair and maintenance construc­
tion. Compensation of employees em ployed in force account new construction in the continental United States is reflected both under "New construction" and under "Compensa*
Hon of employees" and leads to an understatement of "purchases from business, except construction." It is believed that this understatement is small. Sum of Federal and State
and local 'TIOW construction" for 1935-43 is smaller than "New public construction" in tab)e3l, because of theexcluston of Works Projects Administration new construction. In table
9 ail Works Projects Administration construction is reflected under "Compensation of employees" and "Net purchases from business, other."
* This item is a residual. I t is obtained by deducting from total government expenditures, as reported in government financial statements, expenditures not constituting pur­
chases of goods and services, and purchases of goodsandservicesHsted elsewhere under this heading. Includes net inventory change for government enterprises, which may be nega­
tive. Cf. also footnotes .3 and 4.
» Excludes property income and loan transactions. Includes government cash gifts and contributions. Includes only direct purchases from abroad. Items of foreign origin pur­
chased irom domestic business arc included in "Net purchases from business, other."
' Excludes property income and loan transactions. Major Items Included are sales of surplus property and cash and credit lend-lease.
< Cf, table 36,
• Cf. footnote 17 to table 8.
19
Consists of general government and government enterprise interest. Intragovernmental interest transactions are eliminated In the net interest paid figures.
11
Subsidies reflected consist of Government payments to farmers, payments for the exportation and diversion of surplus agricultural commodities, shipping and housing subsidies,
and 11 wartime subsidy program administered mainly by the Commodity Credit Corporation and the Reconstruction Finance Corporation.
the
Cf. tables 14 and 15. Room and board furnished in kind to employees of public hospitals and correctional Institutions is Included in "Compensation of employees" rather than
In " N e t purchases from business, oihcr."
" For years in which total State or loca! expenditures are reported in government financial statements, this item is a residual obtained by deducting from the reported total
those expenditures not constituting purchases of goods and services and purchases of goods and services listed elsewhere under this beading. For years for which total expenditures are
notrcportcd, It wasnecessary to estimate tbisitem directly. Cf. also footnotes i and 12.

T a b l e 10.—Social I n s u r a n c e F u n d s , 192^-46

1

[Millions of dollars]
1929
Federal:
Contributions for social insurance
Employee contributions...
Employer contributions
Government and government enterprises
Private
Less: Transferred to gonorat government
Equals; Retained by social insurance funds
Plus: Investment income
Equals: Net receipts
Less: Benefit payments
Equals; Surplus (•£•) or deficit C—)
State and local:
Contributions for social insurance
,
Employees,..
....
—..........
Employer (governmen l and government enterprises).
Less: Transferred to general government
Equals: Retained by social Insurance funds
Plus: Investment income
Equals Net receipts
Less: Benefit payments
Equals; Surplus (-B or deficit (—)

124
05

1930

124

1931

123

20

1932

125
95
30
30

1933

HE

124
21
145
44
101

124
26
159
61
99

123
2B
149
60

125
10
144
72
72

115
25
140
82
38

119
47
72
1
118
16
134
72
62

129
£1
78
1
128
19
147
78

139
55
84
1
188
21
159
86
73

153
57
96
1
158
24
176
95
81

170
63
107
2
163
28
196
110

1934

1935

1936

1937

1938

1,734 1,879
45S
491
1,276 1,388
79
86
1,197 1,302
138
160
1,596 1,719
94
122
1,690 1,841
60S
698
1,084 1,145

121
02
29,
26
3
3
118
25
148
94
49

130
92
44,
37
7
7
129
26
IS5
93
62

391
104
287,
47
240
62
339
37
376;
05
2SI

1,573
480
1,093
66
1,027
133
1,440
194
1,594
142
1,452

183
65
118
2
181
31
212:
119
93

197
70
127
2
195
35
230
127
103

207
76
131
2
205
39
244
137
107

227
36
141
2
225
43
2*18
144
124

243
96
147
3
240
48
283
151
137

1939

257
105
152
3
254
307
157
150

1949

1941

1942

1943

2,015
546
1,469
95
1,374
147
1,868
152
2,020
840
1,130
207
112
15S
3
264
59
323
163
160

2,504
686
1,813
104
1,714
1S6
2,313
183
2,501
713
1,783

3,161
1.044
2,117
138
1,979
172
2,989
224
3.213
754
2,459

4,1ft 4,816 5,761 5,590
1,706 2,092 2,131 1,753
2.475i 2,724 3,580 3,837
2,301
212
3,969
270
4,248
54S
3,703

440
2,278
182
4,634
365
4,999
664
4,335

1,495
2,085
202
5,559
491
6.050
1,336
4,714

1,801
2,036
2G0
5,330
£93
5,923
2,357
3,596

280
115
165
3
277
66
343
175
168

307
122
185
4
303
R9
372
194
178

335
133
202
4
331
74
405
213
192

356
144
212
4
352
78
430
223
207

379
154
225
6
374
82
456
233
223

400
165
235
5
395
87
482
245
237

1944

1945

1946

< For a listing of social insurance funds and for detail on employer and employee contributions, and benefit payments, cf. tables 34,35, and 36. Employer contributions are on an
accrual basis,

740228—iT-




24

NATIONAL INCOME SUPPLEMENT TO SURVEY OF CURRENT BUSINESS

July 1947

T a b l e 1 1 . — T r a n s a c t i o n s of t h e R e s t o f t h e W o r l d W i t h t h e U n i t e d S t a t e s , 1929-46 >
[Millions of dollars]
1929
Net current payments to the Uni ted States
Net payments ot factor income..
Wages and salaries'
Interest
Dividends
Branch profits
Net purchases from the United States
Net purchases from United States
Business ' * - . . . .

................

Purchases from United States busi-

771
S30

1
577
89
143

-39

993

1930

1031

1932

1933

690
197 169 150
746
547 303 323
1
1
I
1
60S 560 426 324
26 - 3 7 - 4 4 - 2 2
111
33
2D
10
- 5 6 -350 - 2 2 4 - 1 7 3
918

m

5,903 4,403
Sates to United States business— 4,909 3,430 2,421
Net purchases from United States
Government
. . . . . . . . . . . . . . . - 7 0 - 7 1 -SO
Purchases from United States Gov­
ernment *.—
33
22
12
Sales to United States Govern­
ment'
103
92
Net purchases from United States per­
sons
-962 - 9 0 * -719
Purchases from United States per­
sons '
SI
43
23
1,013
947
Sales to United States persons '
747
Net capita] movement t o the United States «... - 7 7 1 -690 -197
long-term
-240 - 2 2 1
215
Short-term
- 4 - 4 7 9 -637
Change in gold stock i»
-143 -310
133
Errors end omissions
-384
320
92
Adjustment tor United States territories
and possessions "

1934
429
303
1
242
8
52
126

1935

1936

-54
367
1
207
60
9»
-421

-93
309
1
195
-8
112
-393

1938

1937

1939

62 1,109
2S3
386
1
1
160
138
II
217
111
30
-221
723

1940

313
2

127

137
47
575

1941

1^
357
3
120
149
85
1,152

1,124
363
6
126
109
122
761

1942

1943

1944

1945

- 2 0 7 -2,245 -2,099 -754
397
366
367
423
10
14
12
10
123
130
US
118
107
137
103
88
176
118
101
190
- 5 7 2 -2,612 -2,522 -1,151

1946
4,773
446
3
122
118
193
4,327
4,286

327

602

101

210

476

1,314

1,123

1,013

1,482

1,05S

-490

-422

1,942 1,960
1,561 1,633

2,532
1,930

2,740
2,639

2,966
2,756

3.971
3,495

3,747
2,433

3,336
2,763

4,785
3,167

5,378
3,896

4,209
3,151

3,433
3,923

3,877
4,299

-49

-39

-55

-65

-94

-64

-64

-34

-330 -1,193 -1,411

-925

-204

1,139

3

5

6

5

3

37

188

574

952

1,793

2,289

68

99

70

60

87

367

1,381

1,985

1,S77

2,002

1,150

-538

-603

-527

-484

-391

-437

-711 -1,175 -1,363 -1,097

19
22
28
37
59
43
20
36
456
560
631
441
504
434
4S7
520
-429
93 —62 -1,109 -888 -1,509 -1,124
54
200
777
621
- 7 3 -642
97
436
27
222 1,072
431
366
344 1,470 1,530 -389
-446 -419
131 -1,266 -1,822 -1,272 -1,364 -1,799 -3,174 -4,243 -719
-S3
61
415
157
425
249
476
789 1,277
73

40
477
207
-159
67
23
-8

45
45
756 1,220
2,945 2,099

150

284

391

4

4

64

63

45

59

-655 - 4 5 1

-437

-467

17
468
673
-150
-169
77
257

17

-147

21

1,225
757
34

356
1,350
-37

376

409

416

4,946 10,210
4,530 5,925

94
125
1,457 1,222
754 -4,773
-1,372 3,342
1,340 -1,176
548 - 6 2 3
-12S
113
366

250

i The presentation of the international transactions of the United States in this table is adapted to the concepttjal framework of national income statistics and differs somewhat
from their current presentation in the official estimates of the United States balance of payments. Subject to one qualification (explained in the following paragraph), the item " N o t
current payments to the United States" in this table agrees with the item '"Excess ot receipts over payments" on "good's and services" and "unilateral transfers published in t h e
regular balance of payments statement. In alternative terminology this item is known as the balance of payments on current account, and measures the excess, positive or negative,
of current receipts from abroad over current payments to abroad, and hence also the net foreign Investment otthe United States. The following major differences between table 11
and the regular balance of payments statement as currently published should he noted:
a. The territory for which the United States balance of international payments is calculated includes, in addition to the continental United States, United States territories and
possessions. United States national income and product estimates are calculated for the continental United States only. I t is believed that for tbe prewar years the error involved
in this inconsistency is not large. For the years 1941-46, however, a partial adjustment was mado by taking into account United States Federal Government disbursements in United
States territories and possessions, which, from tbe standpoint of national income statistics as here presented, constitute purchases from abroad. Accordingly, for the years 1041-46
" N e t current payments to the United States" in table 11 differ from the "Excess ot receipts over payments" on "goods and services" and "unilateral transfers" as published in the
regular balance of payments statement by the amount of this adjustment.
b . Gross receipts and payments in table 11 differ from grossreeeipts and payments in tbe regular balance of payments statement because of tbe exclusion from table 11 of unilat­
eral transfers in kind which do not give rise to international claims. ( £ . g., lend lease, other than relmburseabte lend lease, reciprocal aid, U N R R A shipments, transactions in nonredeemable special currency, and personal and institutional remittances infcind.) The regular balance of payments statement en ters these transactions twice (once as a credit and once
as a debit item). Given the framework of national Income statistics, it was more convenient to omit them altogether from transactions with the rest of the world.
c. The transactions classified as Government transactions in table 11 differ from those so classified in the regular balance of payment statement, because they exclude the trans­
actions of Government enterprises and the personal expenditures of Government civilian and military personnef abroad. In table 11 the former are classified under "business," and
the latter under "persons."
d. The regular balance of payments statement distinguishes between "goods and services" and "unilateral transfers," such as gifts and contributions. "Goods and services" are
defined to include payments and receipts of property andlabor Income, In table 11 property and labor income transactions are segregated. On the other hand, unilateral monetary
transfers are combined with the remaining goods and services transactions under tbe heading "purchases" and "sales."
» Cf. footnote 4, table 14.
' Includes net exports of gold plus increase in monetary gold stoCk, which is the equivalent of domestic production less industrial consumption of gold.
* The effect of the treatment of gold described in footnotes 3 and 10 is to make tbe United States production of gold for monetary and export purposes a component of net capital
movement ("netforcbm investment" component of gross national product).
* Includes also unilateral cash transfers. Cf. footnote Id and also footnote 7 to table 9.
* Includes also unilateral cash transfers. Cf. footnote Id and also footnote 6 to table 9. Includes also adjustment for United States Government expenditures in United States
territories and possessions described in footnote la.
' Consists of unilateral cash transfers. Cf. footbote Id.
1
Consists ofpersonal expenditures abroad, including those of Government civilian and military personnel, and of unilateral cash transfers. Cf. footnote Id.
' Includes "Errors and omissions" which arc assumed to reflect largely unreported capital movements rather than unreported current payments and receipts.
'■An increase (decrease) in the United States gold stock appears as a negative (positive) entry.
u Cf. footnote la. Tbis item offsets the adjustment which has been made to tbe regular balance of payments statement with respect to United States Government expenditures
in United States territories and possessions under "Sales to United States Government," for which no corresponding adjustment has been mado in the other components of " N e t
capital movement to tbe United States."




July 1947

NATIONAL INCOME SUPPLEMENT TO SURVEY OF CURRENT BUSINESS

25

T a b l e 12.—'National I n c o m e b y Legal F o r m of Organization, 1929-46
[Millions of dollars]
1920
National Income'

1930

1931

1932

1933

1934

1935 1938

1937

193B

"
I
1(140

1941

1
1042

1943

1
1944

1
IMS

1
1948

87,365 75,003 58, $73 4I.6E0 351,534 48,613 56,789 66.941 73,627 67,375 72,532 81,347103,834 136,480 168,262 182,260 132,808 178,204

90,656 117,398 136,369 144,907 142,251 151,824
Income originating in, business, total <
77,350 66,201 50,706 34,393 32,340 40,376 48.022 56,658 63,431 SB, 50161,611
45,197 38,242 28,143 18,262 17,229 23,238 20,926 32.027 37,32132,047 35,992 42,243 56,454 73,900 89,812 93,531 87,076 87.967
Corporate business
33,522 30,074 24,700 18,464 17,493 20,493 22,462 25,028 29,814 26,520 29,033 32,076 40,964 53,149 65,409 60,466 66,332, 71,051
Compensation of employees
33,120 29,683 24,352 18,159 17,216' 20,186' 22,135 26,053 28,603 26,196(27,600 30,567 39,103 60,918 62,091 66,393 63.819 08,024
Wages and salaries
Compensation of corporate officers. 3,337 3,139 2,698 2,133 1,095 2,173 2,345 2,713 2,809 2,591 2,697 2,950 3,472 3,091 3,745 3,759 (*)
(0
29,783 20,544 21,654 16,026 36,221 18,013 19,7C0 22,340 25,794 22,605 24,912 27,607 35,631 47,227 56,946 62,634 P)
Other wages and salaries
354
277 307 327, 575 1,211 1,324 1,424 1,619, 1,861 2,231 2,718 3,073 3,013 W
402
391
Supplements to wages and salaries
305
Corporate profits and inventory valuation
3,027
10, OSS 6,420 1,635 -1,961 -1,979 1,038 2,838 4,842 6,044 4,045 5,569 8,943 14,384 19,599 23,454 23,193 19,425 16,135
adjustment
9,586 3,166 -779 - 3 , 0 0 8
164 1, """ 3,065 5,580, 6,076 3,082 0,283 9,091 17,001 20,873 24,278 23,543 10,953, 20,824
Corporate profits before tas
624
848
Corporate profits tax liability
500
l,3f8
382
746 905 1,411 1,512 1,040 1,462 2,878 7,840 11,665 14,153 13,913 11,283 8,001
10,125 9,635 3,675 12,223
4,109 4,563 2,042 4,821 6,213 9.156
2,318
Corporate profits after tax
917
-714
s,m 3,260 -1,279 -3,3T0 - 2-,3 6 0 -625 2,100 1,657 - 3 1 903 I.3S0 -148 -2,617 - 10,208 -824 -355 - 5 3 3 -4,639
2,414 1,047
,274
-227, -738
143
Inventory valuation adjustment-.
1,224 1,106 1,158
1,463 1,482
949
1,742 1,802 1,759 1,715 1,707 1,024
781
872
N e t interest
318
472,
O
Soleproprtetoishins and partnerships
1,617 19,544 35,442 10,457 10,175 12,127 15,343 18, S U 19,851 18,050 19,055 SO, 923 26,530 34,601 33,699 40,783 44,102 52,353
7,863 6,475 4,835 4,354 4,984 5,491 6,308 7,138 6,385 7,300 7,803 9,531 11,526 12,446 12,939 13,900 17,384
Compensation of employees
23,214
Wages and salaries
8,701 7,803 0,426 4,795 4,321 4,050 5,454 6,224 6,973 0,628 7,030 7,621 9,239 11,160 12,079 12,662 13,541 16,981
84
282
216 257 270
55
403
342
367
359
49
Supplements to wages and salaries
357
306
34
37
33
40
8,648
Income of unincorporated enterprises and
63
10,922 8.1E0 4,908 5,193 6,589 9,836 12,130 12,207 10,737 11,252 12,623 16,444 22,628 25,802 27,532 30,002 34,753
inventory valuation adjustment
13,881
Business and professional
. . . . . . . 8,216 6,991 6,292 3 , "
2,911 4,262 4,965 0,040 6,588 6,316 0,746 7,083 9,506 12,010 13,979 15,162 10,537 19,540
Income of unincorporated enter- 8,074 6,230 4,681 2,898 3,436 4,310 5,015 6,100 6,617 0,095 6,912 7,736 10.150 12,368 14,117 16,211 16,591 20,343
221 -106 - S 2 —644 -352 - 1 3 8
—54 -1,308
—29
611
-59
2B5 -625 - 5 4 - 5 0
142 755
Inventory Valuation" aoQus'cJient"'_ 5,665 3,931 2,8f8 1,715 2,282 2,327 4,871 —120 3,619 4,421 4,506 4,940 6,933 10,012 11,323 12,380 13,465 15,213
6,0fl>
d4<V
Ten
Farm
260
216
312
351
505
456 474
682
503 407,
777
7en
516 -tew
628 £64
714
447
010
464
Net interest i
5,403 6,643 5,823 6,607 7,726 8,696 9,169 9,495 9,696
8,081 7,044 6,352 4,969 4,306 4,318 4,476 4,887 6,
Other private business»
332
726 757 785
665
955 1,013 1,269
916
623 568 6031 661 725
729
716
661
875
Compensation of employees
987 1,241
063
930
389
806
757
706 701 730
622
569
713
728
607 602 646
851
wages and salaries
28
20
25
27
19
25
26
28
2
27
1
1
6
24
Supplements to wages and salaries
Income of unincorporated enterprises—
19S
168
30
31
158
149
SO
60
37
42
34
22
41
46
24
14
14
13
s
business and professional
5,811 4,786 3,620 2,608 2,018 2,095 2,238 2,682 3,140; 3,278 3,465 3,620 4,322 5,371 6.150 6,693 6,952 6,365
Rental income of p e r s o n s - _ . . . - . . „ . . . _ .
2,095 2,102 2,043 1,387 1,750 1,641 1,602 1,520 1,482, 1,428 1,391 1,331 1,393 1,333 1,381 1,363 1,367 1,304
N e t interest
.
921 979 1,066 1,106 1,302 1,424 1,519 1,808
T58 771
898
768
778 842 370
693
031
706
Government enterprises
921 979 1,065 1,160 1,362, 1,424 1.619 1,803
870
771
70S
898;
778 842
631 693
705
758
Compensation of employees.-.
..
881 933 1,020 1,119 1,314 1,373 1,461 1,738
754
838
617 079 700 818
757
745
360
691
wages and salaries
45
70
40
61
48
47
41
32
24
14
13
58
14
38
14 ' 18
14
14
Supplements to wages and salaries
7,238 6,925, 7,650 7,629 7,817, 9,414 15.233 26,010 32,042 35,825, 21,211
4,356 4,665 4,679 4,466 4,718 6,602 5.
Income originating in general government
4,356 4,605 4,679 4,466 4,718 6,602 6,909 7,238 0,926 7,650 7,620, 7,817 9,414 15,233 25,910 32,942 35,825 21,211
Compensation of employees
4,213 4,410 4,524 4.-295 4,547 6,420 5,763 7,069 0,677 7,387 7,343 7,616 9,146 14,924 25,633 32,242 33,905 19,130
Wages and salaries
269
700 1,830 2,081
372
165
309
248
171 132 206 219
171
149
143
263 286 3M
Supplements to wages and salaries
Employer contributions for social In­
60S 1,663 1,967
320
277
225
176
120
93
139 199 210
98
131 147 159
113
surance. . - ........—.....
..
114
92
43
91
72
167
74
67
64
32
44
87
64,
51
61
68
66
Other labor income
Income originating in households and Institutions ' - 4,339 3,491 2,942 2,438, 2,203 2,332 3,431 2,095 2,983 2,835 2,979 3,205 3,401 3,490 3,610 3,988 4,335 4,723
2,719 2,526 2,176 1,794 1.610 1,726 1,1
Compensation of employees.,
1,957 2,173 2,007 2,178 2,323 2,413 2,730 3,045 3,446 3,773 4,032
1,943 2,150 2,039 2,150 £295 2,389 2,699 3,012 3,412 3,738 3,991
1,601 1,717
2,710 2,516 2,166, 1,784
Wages and salaries
41
36
23
10
34
33
31
29
28
23
14
9 1,793
9
10
9
Supplements to wages and salaries
28
10
10
Employer contributions lor social in­
17
13
9
6
13
13
11
11
0
surance
11
11
10
2
0
0
0
0
24
20
21
17
17
10
22
20
IS
IS
12
14
10
9
9
10
10
9
Other labor income....
„.....-..._...
671
691
642
768 801 882
760
662
760
983
965
606 628 738 815
1,626
Net interest ' .
.
693
644
367
423
386 313 357
446
307
365
363
746
647
283
303 367 300
323
393
810
Income originating in tberestol the world
14
12
2
1
10
6
3
I
S
10
1
1
1
1
1
1
1
I
Wages and salaries'.
23S
203
247 184
225
231
234
137
264
-4
310
122
159 104
-2
60
-34
232
Corporate profits after tan •
115
118
138 127 120
130
126
003
123
550
324
122
242 207 195 166
426
Net interests
677
1
3
1

T h e national income is classified by distributive shares in table I, and income originating En business is classified by distributive shares In table 7.
D a t a not available.
This series is net only of imputed interest received, and of cash Interest received by firms engaged in lending as a principal activity; cash Interest received by other proprietors.
ts considered to be received in the proprietor's personal capacity.
1
Includes all mutual financial institutions; producers' and consumers' cooperatives; nonprofit organizations, such as trade associations, furnishing services to business; Individually^
>wnod property including owner-occupied homes; and miscellaneous forms of business organization.
* Estimated patronage refunds and Steele dividends paid by farmers' cooperatives.
< Includes private households; and religious organizations, social and athletic clubs, labor organisations, nonprofit schools and hospitals, charitable and welfare organizations, and
ill otber nonprofit organizations furnishing services to Individuals.
1
This series measures gross interest paid: It Is termed "net interest" only because it is a component of that distributive share.
< Fay of permanent United States residents employed in the United States by foreign governments and international organizations.
> Measures net Inflow from abroad of dividends and branch profits; the net inflow from abroad of undistributed profits and corporate profits tax liability is excluded from this line
ind from the national Income aggregate.




26

NATIONAL INCOME SUPPLEMENT TO SURVEY OF CURRENT BUSINESS

July 1947

Table 13.—National Income by Industrial Origin, 1929-46 '
[Millions of dollars]

All Industries, total
.
Agriculture, forestry, and fisheries
Farms..
Agricultural and similar service establishments--..
Forestry
fisheries
Mining
Metal mining
-.
Anthracite mining
Bituminous and other soft coat mining
Crode petroleum and natural gas
Nonmetallie mining
Contract eons-ruction
Manufacturing
*.*.** * . . ,*..
*.
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and otherfinishedfabric products
Lumber and timber basic products
Furniture andfinishedJumbor products
Paper and allied products
Printing and publishing .
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products
Stone, clay, and gloss products
Iron and steel and their products
Nonterrous metals and their products
Machinery (exce pt electrical)
Electrical machinery*,--**,-,.
..
.
Transportation equipment except automobiles
Automobiles and automobile equipment
M Sscellaneous
Wholesale and retail trade
"Wholesale trade
Retail trade and auto, services
Finance, insurance, and real estate
Banking.**
**** ► „ — . ► . — . . . .
.--.
Security and commodity brokers, dealers and ex­
changes
Finance, n. e- c
Insurance carriers
Insurance agents and combination offices
Real estate
Transportation
Railroads
Local tailwaysand buslines
Highway passenger transportation
Highway freight transportation
Water transportation
Air transport (common carriers)
Pipeline transportation-—.*
..
....
*.
Services allied to transportation
Communications and public utilities
Telephone and telegraph
:
Radio broadcasting
Utilities: eiectricacd gas
Local public services, n. e. e
Services
Hotels and lodging places
Persona) services
Private households
Commercial and trade schools and employment
agencies
Business services, n, e. c
Misc. repair services and hand trades
Motion pictures—..-*
.-**._—.
Amusement and recreation, except motion pic­
tures
Medical end health services
LeRal services
.* * ....-..-.
Engineering and other professional services, n. e. c .
Educational services, n. c. c
Religious organizations—.—
.
Nonprofit organizations. n. e. c
Government and government enterprises
Federal—general government
Federal—government enterprises
State and local—general government
State an d local—government enterprises
Rest of the world»

**1

1,-89
4,878
1,881
4,467
2,249
2,304
1,247
1,453
32,841
8.972
23.869
14,753
2,070
341
343
1,311
S56
9,333
10,202
5,672
668
712
1,880
833
216
136
.97
4,747
2,010
214
2,426
08
17,020
1,223
2.7B0
2,332
02
1,632
8S2
1,130
656
2,797

1,200
698
642
370
637
23,019
14,862
1,410
6,349
398
230

> National income originating in each industry is the sum of factor costs Incurred by the industry in production. Hence, it islhe net value added to production by the Industry,
measured at factor costs. In the business sector of the economy, except Government enterprises, it is equal to the eicess ol theTnarket value of the industry's product and the sub­
sidies it receives over the sum of the following costs: purchases of goods and services from other enterprises, indirect business tax and nontax liability, business transfer payments,
and capital consumption charges. In the Government and personal sectors ofthe economy, which do not produccfor sale, andalso in Government enterprises, this valaa added in pro­
duction (as measured In the present series) can be described only as factor costs incurred, "National income originating" is a more net concept of value-added than that used by the
Bureau of the Census in compiling the Census of Manufactures. "Value added by manufacture" was obtained in the 1039 Census of Manufactures by deducting from the value of
products only "the cost of materials, supplies, containers, fuel, purchased electric energy, and contract work,"
National income by industrial origin Is obtained statistically by aggregating the data presented In tables 14,15,10,17,22, and 23, together with the rental income of persons (shown
In table 12 and all classified in the real estate industry). Footnotes to these tables arc, therefore, relevant also to table 13.
'This series dlfleres from income originating in the rest of the world shown in tables 11 and 12 because profits received by domestic corporations from foreign branches are excluded
from this line and included in the Industry of the recipient corporation. Data required lor their elimination are not available by industry.




July 1947

NATIONAL INCOME SUPPLEMENT TO STJKVEY OF CUHEENT BUSINESS

27

T a b l e 14.—Wages a n d S a l a r i e s , by I n d u s t r y , 192JM6
[Millions of dollars]
1929 1930
All industries, total.
Agriculture, forestry, and fisheries
Farms
Agricultural and similar service establishments
Forestry
Fisheries.
Mining
Metal mining
Anthracite mining
Bituminous and other soft coal
Crude petroleum and natural gas
Nonmetalllc mining
Contract construction
Manufacturing
Food and Kindred products
Tobacco manufactures---..----.--*-..-..-.--.—■
Textile-mP) products
Apparel and other finished fabric products
Lumber and timber basic products.-*-,*...,...
Furniture and finished lumber products
Paper and allied products
*
Printing and publishing
Chemicals and allied products
Products of petroleum and coal
Rubber products..
-*
„
Leather and leather products
Stone, clay, and glass prodncts
Iron and steel and theft- products
Nonferrous metals and their products
Machinery (except electrical)-Electrical machinery...
Transportation equipment except automobiles
Automobiles and automobile equipment
Miscellaneous
Wholesale and retail trade
Wholesale trade.Eetail trade and auto, services
Finance, insurance, and real estate
Banking
Security and commodity brokers, dealers and e*
changes
Finance, n. e. c
Insurance carriers
insurance agents and combination offices
Bea) estate
Transportation.
*
Railroads
Local railways and bus lines.
Highway passenger transportation.
— ■
■
Highwayrire' " 'transportation
freight
Water transportation
Air transport (common carriers)
„
Pipe-line transportation
Services allied to transportation
Communicaiions and public utilities
Telephone and telegraph
Rndio broadcasting
Utilities: electric and fas
Local public services, n . c. c
Services
Hotels and longing places
Personal services.
„
Private households
Commercial and trade schools and employment
agencies
.
Business services, n . e. c
Misc. repair SArvlees and band trades. _*_._—„.,—.
Motion pictures..
Amusement and recreation, except motion pictures.
Medical and health services
Legalsorvi ces
Engineering and other professional services, n. a. c .
Educational services, n . e, c
... ... .......
Beligious organizations
Nonprofit organizations, n. e. e
Government and government enterprises
Federal—Beneral government
Civilian, except work relief i
M Hilary >
W ork relief—,
Federal—government enterprises
State and local— eaieial goyemment
Public education
Nonschool, except work relief.
Work relief
_ State and local—government enterprises
Rest of the world «.._„
Addendum: All private industries

1931 1932 1933 1931 1935 1936 1937

1,410 1,274
884
1,284 1,156
67
71
69
17
21
13
34
42
21
1,515 1,327 993
166 102
£00
252 205
201
506 380
669
293 223
321
110
83
124
2,4S4 2,085 1,477
16,092 13,850 10,810
1,505 1,519 1,320
131
109
.42
1,458 1,209 1,065
913
7S1
1,051
512 306
708
486 384
611
412 351
430
1,236 1,241 1,065
621 520
664
238 190
236
£22 167
381
418
491
363
526 384
618
2,117 1,791 1,208
541 418
323
774
1,396 1,173
713 435
859
£54
262
107
973 633 612
399 321
447
9,293 8,659 7,562
3,127 2,944 2,537
6,169 5,716 5,025
2,796 2,621 2,357
710 619
753

23:

463
4,719
3,226
482
173
327

213
6
43

245
1,620
740
10
739
31

5,371
425

752

1,687

70S 642
626 569
50
58
11
10
13
13
683 636
62
53
132
151
259 279
168 ■ 177
46
52
611
823
7,678 7,827
1,096 1,131
74
85
768 S96
658 669
199
177
251 251
273 279
718
837
413 421
157 149
141
131
291 304
238 227
717 804
206 206
489 494
286 302
93
117
369 363
219

5,897
1 ""
3,917
2,006
565

319 265 234
212 186
£34
698 658 553
20$ 185
229
425 365 283
4,237 3,531 2,656
£,849 2,334 1
452 401 323
162 133 101
816
257
193
168 135
9
14
13
29
42
38
214
157 104
1,543 .1,408 1,191
739 659 550
24
21
15
75S 699 592
25
29
31
6,124 4,480 3,655
407 341 256
727 643 523
1,373 1,060 772
26

218
5,230

1,743

3,637
1,822
486

244
170
498

164
261
2,465
1,660
283
85
252
143
14
20
83

1,059
477
2]
539
23
3,278
£17
456
678

956 1,134 1,097 1,
334
1,108 1,323
9S2 1,090 1,197
749 872 1,022 995
75
79
70
67
61
65
14
II
10
12
13
11
II
23
28
36
24
23
21
10
1,133' 1,365 1,101 1,137 1,287 1.M01
969
138
194
J 27
232
156 190
88
118 135
140 138 136 117 124
542 678
550 437
456
504
424
388
336 363
333 333 315
287
257
240
101 132
76
92
86
77
60
66
1,259 1,546 1,700 2,389
839 1,300 1
759
9,643 10,829 12,410 14,571 11,837 13,685 15,584 21,714
1,325 1,386 1,492 1,652 1,652 1,612 1,694 1,913
98 104
94
115
98
89
84
84
1,006 1,108 1,369 1,255 1,011 1,367 1,206 1,663
938 1,209
S49 864 306
£26
780,
600
625
412 467
373 442 374
300
253
470
377 437
325 391 447
274
600
444 490
622
357 394 456 409
332
991 1,002 1,676
S66 943 1,040 931
809
667 806 I.
525 672
672 621
495
250
295 355
242 244
192 202
174
226 247 336
235 135
182 209
176
336 382
507
375 407 359
351 367
466 514
673
285 329 400 433 404
1,060 1,290 1,659 2,005 1,304 1,789 2,187 3,150
748
523
432
377 467 359
266 318
960 1,111 1,430 2,331
679
822 1,029 1,339
637
569
768 1,165
743 639
409
461
310
531 1,458
145 205 276 224
133
600
823 1,050 1,409
970
787
569 691
401 472
336 344
340
301
264
659
6,107 6,617 7,222 8,162 7,990 8,366 0,010 10,322
2,018 2,190 2,370 2,673 2,664 £,761 2,932 3,492
4,089 4,427 4,352 5,489 bf 326 5,576 6,028 0,830
1,903 1,971 2,143 2,307 2,229 2,28" 2,359 £,493
555 567
681 011
622
607
502
547
767

635
43
12
17
911
68
169

205 250 263
233
190
215 233
17fl
543 £78 " 629
617
186 203 21
178
302, 333 375 428
2,660 2,884 3,237 3,640
1,689 1,831 2,058 2,219
306 323 333
296
304
115
94
89
S21 356 40:
280
195 232
161
153
26
22
17
14
47
34
40
36
139 165
IIS
105
1,139 1,193 1,294 1,438
516 558 625
so;
42
34
27
26
623 675 745
583
26
27
25
24
3,586 3,798 4,172 4,583
287 313 351
270
5£6 576 633
497
846 943 1,100
788

191 174
105
208
222
£06
637
687
664
220
223
224
413
452 481
3,179 3,429 3,635
1,962 2.091 2,207,
313 313 289
115
132
120
393 441
498
174
234
218
43
29
34
45
45
43
337
148
169
1,443 1,469 1,513
632
643 660
46
69
62
740
747 795
29
26
27
4,429 4,614 4,895
353
361 376
690
611
617
947 1,040 1,129

27
25
21
J326
29
403
330 392
300
424
90
75
93
S3
249
aos 311
311 349 332
£30
339
175
190
323 298
221
179 202 231 207
311 333 373 415 447
371
457
333
383 390
116 131
126 133 135
126 118
131 I3£
124
139
63
37
34
36
75
55
31
55
61
40
73
275 279 288 304 318
294 303 307 298 277
327
319
257 262
250
276 251 247 247
304
319
265
234
229 226
239
275; 267 239 22]
269
232
229
4,058 5,173 5,278 4,086 6,164 6,099 6,623 7,887 7,515 8,247 3,224
3,423 3,325
879 $86 842 1,138 1,"
845
1,727 3,513 2,944
948 1,052
612
564 678 547
533
810 1,006 948
315
312
271 306 338 368 370
308
295 270
39S
0
0 356
0
0
611 2,174 1,638 2,110 1,873
764
663
532 473 528
569 672 670
679
598 641 646 3,959
3,368 3,637 3,638 3,453 3,409 3,TM 4,036 3,651 3,733 1,681 4,018
1,563 1,615 1,639 1,552 1,409 1,370 1,433 1,507 1,593 2,270 1,717
1,805 1,918 1,953 1,899 1,659 1,701 1,807 1,970 2,092
8 2,291
4
74 , 48 107
92 341
46
0
10
791
185 184 159 144
176
131
162 177 192
1 202
1
1
2
1 34,564.
1
1
1
45,206 # , 7 2 0 33,607 25,297 23,660 27,420 29,084 33,866. 13,432
37,619 I ^ l f
33
367
107

32
379
104

1942

1943

1944

1945

1946

30,284 28,326 33,520 36, (OS 41,754 45,943 42.8] 2 45,745 49,53761,708 81,081 105,537110,944 117,551 111,113

30,165 45.S94

406
242
69i

193S 1939 1940 1941

318

96
305
255

IS

267

82
239

15
249
72
225
160
305

152
246
731
237
521
4,261
2,615
239
162
613
267
65
50
210
1,631
735
67
849
30
6,309
399
774
1,163
44
437
121
3;
256
530
148

119
341
263

288
10,165
4,958
1,883
1,862
1,213
746
4.3S7

1,710 2,102
1,666 1,923
101
95
22
16
61
42
1,768 1,983
398
270
178
156
918
823
407
354
172
366
4,664 3,916
30,917 46,381
2,234 2,638
146
119
1,923 2,055
1,435 1,711
846
762
■ 672
734
S16
703
1,093 1,135
1,662 2,026
622
441
655
400
622
533
772
336
14,475 6,488
•1,028 1,311
•3,684 4,162
'1,731 2,367
14,733 9,753
963
H,656
•881 1,140
10,917 11,848
3,712 3,876
7,205 7,972
2,597 2,721
700
660
126
246
70S
287
540,
5,257
3,285
341
243
736
292
a
57
226
1,778
813
72
861
32
6,011
424
392
1,342
87

503
141
410
265
694
150
206
357
267
363
16,043
10.682
3,817
6,235
680
827
4,242

1,806 1,853
2,375 2,387
2
6
262
274
10
6
10V H
51,537 65,628

150
£24
793
274
580
6,546
3,957
421
336
847
471

113
63
333
1,886
920
82
852
32
6,788
495
1,043
1,479
126,
654
205
459
276
693
152
103
394

2,295 2,442
2,094 2,239
113
123
32
26
62
58
2,197 2,170
263
227
196
202
1,052 1,020
615
566
165
161
2,686 2,931
42,913 38,213
2,946 3,109
158
171
2,646 £,113
1,376 1,985
849
874
763
799
879
031
1,307 1,469
2,060 2,074
600
640
645
638
650
701
839
858
6,740 5,789
1,340 1,250
4,180 3,891
2,673 2,383
10,121 6,470
1,053
913
1,153 1,174
13,033 14,711
4,255 4,741
8,778 9,970
2,871 3,155
762
163

223
£40
876

7,626
4,377
464
384
927
743

7,898

219
320
290
027

314

664

4,405
498
424
1,014
836
130
154
79
81
422
437
1,994 2,226
989 1,131
100
116
371
941

34
7,602

577
1.145
1,737
95
655
235
500
315
773
161
191
420
302

s:

8,335
631

1,278
1,916
55
757
236
650
356
853

179
210
439

2,757
2,536
123
34
64
2,377
232
235
1,092
605

213
4,225

36,358

3,673
187

2,666
2,363
1,035
11,042
1,141
1,892
1,962
706
749
362
1,123
14,699
•1,336
13,383
i£,208
'5,608

'1,135

'3,283

19,679
6,134

13,545
3,369
901
272
209
1,087
415
806
8,370
4,766
553
498
1,171
632
214
S7
305
2,324
1,485
133
1,160
46
0,778
77
1,650
1,906
60
939
£64
706
468
1,065
243

240
497
280
340
315
487
439
621
646
26,852 33,015 35,456 20,868

21,133 27,585 28.912
6,005 6.803 6,474
14,478 20,782 22,438
0
50
0
983 1,037 1,104
4,405 4,657 5,083
1,931 2,049 £,256
2,474 £,608 2,827
0
0
O
336
331
357
12
14
10
73,071 83,317 82,035

13,031
5.021
3,010
0
1,345
6,099
2,777
3,322
0
393
8

90,237

' The industrial detail of the manufacturing Industries m 1942andl946tenot entirely satisfactory. Not all establishments were reclassified promptly when their principal product
conned as a result of conversion to war production la I9J2 and reconversion in 1943-46. In particular It appears that payrolls and employment in automobiles and automobile equip­
ment are overstated in 1942 and understated in 1946, and that pay rolls and employment In transportation equipment except automobiles err in the opposite direction. Other foot
noted industries are also affected to an unknown extent.
' I n d u d e s pay of Untied States citizens but not of foreigners employed abroad by the United States Government.
1
Represents cash pay and allowances, including tbe Government's contribution to allowances tor dependents of enlisted personnel, and th« value of food and personal clothing
furnished in kind. The joay of personnel stationed abroad Is included, but that of personnel recruited from the territories is excluded.
1
F a y of permanent United States residents employed in the United States by foreign governments and international organizations.




NATIONAL INCOME SUPPLEMENT TO SURVEY OF CURRENT BUSINESS

28

July 1947

Table IS.—Supplements t o Wages and Salaries, by Industry, 1929-46 *
[MflltoDS of dollars)
1929

Farms
.
Agricultural and similar service establishments
Metal mining...

.......

.....

...

B i t u m i n o u s and other soft coal
Contract construction

...

F o o d and kindred products
Tobacco m a n u f a c t u r e s . . . .
Textilc-mtH products
..

.

.
....

L u m b e r a n d timber basic products^.
Paper and allied products

.

P r o d u c t s of petroleum a n d coal

..

..

.....

Leather s a d leather products
Stone, clay, and glass products

..

....
...

.

...
..

Transportation e q u i p m e n t e i e e p t a u t o m o b i l e s . . - .
W h o l e s a l e and retail trade
.............
Wholesale trade
...
...
R e t a i l trade and auto, services
..
F i n a n c e , insarancc, and real e s t a t e . . . . . . . . . . . . . . . . . .

...
...

Security a n d c o m m o d i t y brokers, dealers a n d exchanges,
F i n a n c e , n . a. c
.........—.....
..
..
Real e s t a t e . . . .
Railroads

.....
.....

........
...............

..

H i g h w a y passenger transportation
H i g h w a y freight t r a n s p o r t a t i o a . . . . . . . . . . . . . . . . . .
Air transport ( c o m m o n carriers).
Pipe-line t r a n s p o r t a t i o n . . . . . . .

....._..._.
..

Communications and p u b l i c u t i l i t i e s . . . . . . .
U t i l i t i e s : electric a n d gas

.

...

.
....
........

....
..

.

Private h o u s e h o l d s . . . . . .
..............
Commercial and trade schools a n d e m p l o y m e n t

...

...

M o t i o n pictures.—-.
.........
A m u s e m e n t and recreation, except m o t i o n pictures
Legal services.
...
...........
Engineering and other professional services, n . c. c

G o v e r n m e n t and government e n t e r p r i s e s . . . . . . . . . . .
Federal—government enterprises

.-

..

1931

1032

1933

1934

1936

621

All industries, t o t a l . . .

1030
621

S84

642

505

647

BOB

S
4
1
21
4
4
9
6
2
56
138
19
1
7
4
5
6
5
6

5
4
1
22
3
4
9
5
1
67
131
19
0
7
3
5
5
5
' 6
T
8
2
2
7
27
3
11
0

5
4
1
IS
2
3
7
5
1
52
113
18
0
7
3
3
5
4
5
0
7
2
3
C
21
3
S
5
1
3
3
46
14
32
54
19
2
9
7
2
16
77
50
1
6
6
2

23
2
3
2

0
3
27
15
0
11
1
£3
2
3
2

6
4
I
15
1
2
7
4
1
40
00
17
0
6
3
2
4
4
5
6
7
2
2
5
18
1
7
3
1
1
2
42
13
29
46
IS
1
9
7
2
12
67
51
1
5
6
2
0
0
2
24
15
0
8
1
22
2
3
1

4
3
1
14
1
2
5
6
1
23
87
16
0
7
3
2
4
4
4
6
5
1
1
4
16
1
6
3
1
1
2
37
11
26
37
12
i
6
5
2
11
65
61
0
6
0
1
0
0
2
29
22
0
6
1
10
2
3

4
3
1
16
1
3
6
5
1
. 20
06
17
0
6
3
2
4
5
4
6
5
2
3
5
19
1
6
3
1
2
2
37
11
26
37
12
1
6
5
2
11
83
70
0
4
0
I
0
0
2
29
22
0
6
1
20
2
3
1

4
3
1
16
1
3
6
5
1
31
117
21
0
S
3
3
4
5
5
. 0
3
2
2
5
22
3
9
i
I
3
3
45
14
31
44
14
1
3
7
2
12
61
47
1
4
6
1
0
0
2
35
24
0
10
1
22
2
3
1

1
2
2
2
1
1
0
0
3
4
0
163
66
12
93
2

1
2
2
2
1
1
0
0
3
4
0
169
58
12
09
2

1
2
1
2
]
1
0
0
4
4
0
135
C
O
12
112
2

e
8
2
3
9
28
3
11
7
2
3
3
49
16
33
63
23
2
12
7
3
16
82
05
0
0
6
2
0
0
3
27
16
0
10
1
21
2
3
2
1
2
1
2
1
1
0
0
2
4
0
156
65
12
88
1

■1

3
3
60
IS
35
CO
21
2
11
7
3
16
S3
65
1
6
6
2
0
0
3
27
15
0
11
1

a

0
0
3
4
0
18S
49
12
122
2

1
0
I
3
1
1
0
0
3
4
0
106
49
12
193
2

1
2
1
2
1
1

a
0
4
4
0
224
64
10
112
2

1936

1037

921 1,748
4
3
I
29
3
4
11
9
2
50
241
35
1
18
10
6
8
8
14
11
12
4
0
10
41
6
19
11
4
11
6
98
34
64
66
IT
2
14
14
3
16
100
76
3
5
10
3
0
0
3
48
20
0
18
1
42
5
8
1

6
4
2
62
11
5
23
18
5
80
582
73
3
47
31
17
17
10
35
27
17
8
15
22
06
16
50
29
10
30
14
257
92
105
104
23
7
17
20
7
24
202
147
11
7
10
6
2
2
S
81
43
2
35
1
04
12
19
3

1
6
1
5
3
1
0
0
5
fl
1
243
74
21
145
3

2
12
3
10
8
3
2
2
6
6
6
230
92
29
J 59
3

1938

1939

1940

1941

1942

1943

1944

1045

1646

1,935 2,075 2,100 2,572 3,008 3,565 4,240 5,321

5,650
10
6
4
S3
11
S
38
24
7
207
1,545
167
8
05
107
39

6
i
2
68
9
6
25
23
5
SO
618
86
4
49
37
19
18
22
43
30
21
0
17
23
91
17
47
27
11
30
17
320
118
202
120
26
6
19
33
S
28
198
135
14
8
23
6
2
1
9
99
62
2
44
1

ne
16
23
3
2
10
6
13
9
4
3
2
S
7
6
301
101
35
152
3

7
4
3
66
11
6
24
20
5
103
604
83
4
56
41
20
21
23
44
33
22
10
18
27
103
20
54
32
14
40
10
331
122
209
123
26
6
19
35
8
20
211
145
14
S
24
6
2
1
11
90
62
2
44
1
115
15
21
3

T
4
3
72
12
6
28
21
5
in
758
88
4
54
41
22
22
23
40
33
22
11
18
27
131
23
66
36
23
47
22
340
125
215
128
33
6
17
33
8
30
223
158
12
S
26
6
2
1
10
106
60
2
43
1
114
15
23
3

9
9
7
6
7
6
5
3
3
3
4
4
4
4
3
87
88
S5
80
85
12
13
15
10
13
7
7
9
9
3
3T
39
39
35
34
24
23
20
18
19
5
5
T
6
5
152
148
200
253
173
9S3 1,235 1,662 1,888 1,719
99
154
143
115
92
5
7
6
4
5
76
00
80
79
80
60
93
85
74
51
32
29
34
30
35
28
20
31
31
31
20
41
38
31
23
38
42
37
41
48
63
84
90
97
48
26
03
77
40
22
13
24
15
24
10
23
22
24
23
28
34
39
39
37
35
284
219
172
317
297
36
46
61
4T
31
152
163
148
120
09
139
99
06
53
128
265
414
386
183
59
37
32
55
67
30
45
41
33
2T
45
420
370
373
471
365
156
143
128
135
130
286
251
237
310
230
132
205
177
138
120
05
54
41
3T
35
4
5
6
6
4
17
38
31
20
IS
29
44
32
32
50
7
0
3
9
8
31
37
35
33
33
437
320
260
393
447
235
139
294
337
324
12
12
13
12
11
12
17
18
16
16
33
36
39
35
30
22
17
17
16
7
3
5
7
5
1
1
2
2
1
11
10
14
10
10
152
118
117
171
130
77
72
04
86
104
3
3
4
8
6
41
39
37
57
50
1
1
2
2
1
174
164
134
124
148
23
16
16
18
20
37
23
27
32
34
4
3
3
2
3

2
IT
4
13
0
4
3
2
7
S
7
326
110
37
167
3

2
10
4
12
8
4
2
2
S
8
7
342
131
38
170
3

2
16
4
13
9
4
3
4
S
8
7
314
88
42
181
3

4
16
6
13
10
6
3
7
6
10
7
356
109
43
200
4

0
IS
8
10
9
6
1
6
7
10
0
420
155
44
217
4

4
6
26
22
3
S
21
20
11
11
6
6
2
2
6
0
7
7
10
10
9
9
751 1,838
474 1,589
64
47
241
226
4
i

47
59
89
06
26
28
48
219
40
144
111
97
35
46
695
190
405
230
73
7
44
69
11
42
410
295
15
10
40
12
0
2
18
205
123
9
06
2
203
26
45
4
4
30
8
25
13
7
3
T
8
10
13
2,151.
1,831
65
£!0
5

i Data showing supplements to wages and salaries by type are presented in table 34. Forestry, Fisheries, and the Rest of the World are omitted from table 15 because supplements
are estimated at less than $500,000 in all years.




jniy 1947

NATIONAL INCOME SUPPLEMENT TO SURVEY O F CURRENT BUSINESS

29

Table 16,—Income of Unincorporated Enterprises, by Industry) 1929-46 '
[Millions or dollars]
1929

1930

1931

ms2

1933

1934

1935

1936

1937

1938

1939

1940

1941

1942

1943

1944

1045

194S

13,785 10.208 7,603 4,628 5,732 6,657 9,908 12,284 12,278 10,647 11,448 12,712 17,148 23,070 26,036 27,749 30,219 36,259
5,728
6,665
44
2
17
54
3
Anthracite mining
..
2
8
38
3
Contrast construction
.
1,008
512
74
Tobacco manufactures.
....:?..
3
19
Apparel and other finished fabric products
109
34
Furniture end finished lumber products
IS
4
89
Chemicals and allied products
„
27
1
Rubber products
0
13
Stone, clay, and glass products
20
23
Nonfcrrous metals and their products
24
27
Electrical machinery
....
3
2
Transportation equipment except automobiles.
Automobiles and automobile equipment.
2
Miscellaneous
20
2,614
■Wholesale and retail trade
362
Wholesale trade
2,252
765
Finance, Insurance, anii real estate
376
Security and commodity brokers, dealers and exchanges.
10
Insurance agents and combination oDlees
273
166
139
1
Highway passenger transportation
37
96
I
S
- Agricultural and similar service establishments

Telephone and telegraph..

s

3
0
Local public services, n, e. c
5
2,957
Services.
.
100
Hotels and lodging places
434
8
Com mcrcial and trade schools and employment agencies.
160
164
Misc. repair services and band trades
39
3S
Amusement and recreation, except motion pictures
1,146
671
165
Engineering and other professional services, n . o. c
133

3.990 2,964 1,759
3,931 2,893 1,715
37
45
43
1
1
]
15
6
10
30
10
—3
0
1
1
0
0 -I
2
-3
-2
26
15
-1
—1 —I
1
774
644 212
272 114
11
60
25
40
3
2
3
1
3
4
27
- 5 -27
—1
4
17
6
1
0
0
1
a
30
63
9
31
13
17
0
0
9
-2
-1
—1
2
—2
—1
-3
2
10
4
13
0
S
? -1
'3,
-4
2
2
0
1
1
0
0
1
0
1
—1
6
10
482
1,776 1,145
251 157
64
983 418
1,525
4GB 322 252
106
5 -21
11
11
9
265 241 214
S3
8ft
50
114
132
97
1
1
1
19
26
35
91
74
S3
1
1
1
2
3
4
5
5
8
2
2
3
0
0
0
3
3
5
2.75S 2,408 1.703
70
31 - 1 3
398 330 249
6
7
3
164 123
94
157 142 113
9
19
36
20
31
8
694
924
1,075
557 674 470
84
126
144
87
129 115

2.322 2,365 4,913 6,135
2,282 2,327 4,871 6,090
27
32
35
32
1
1
1
1
12
11
10
7
53
35
31
11
4
3
2
1
0
1
1
0
3
7
2
-1
39
26
28
11
1
I
0
a
272 336 543
17]
226 279 374
187
82
02,
66
53
1
1
1
1
14
10
8
11
69
44
48
45
22
14
9
7
15
9
6
4
4
3
a
2
53
44
32
23
18
14
16
13
1
0
0
0
1
0
0
0
3
9
6
S
13
7
5
2
7
16
11
4
14
10
8
5
20
12
8
2
3
2
1
0
1
0
0
.0
3
2
1
1
16
15
10
6
1,006 1,500 1,867 2,387
135 207 271 366
371 1,302 1,596 2,021
307i $61 399
S45
105
67
43
103
11
9
8
8
191 207 218 216
67
67
49
43
104
93
130
118
1
1
1
1
21
19
20
16
St
93 103
73
2
2
1
1
3
2
2
2
3
0
0
0
1
0
0
0
1
0
0
0
1
0
0
0
1.697 1,844 2.004 £261
34
13
-29
-7
27S 317
206
6
4
3 241
3! 132 150
86
117 109
116
93
100
13
2
23
10
25
9
34
21 706: 868
633
447 713 506 525
433
78
% 117
89
70
70
73
69

5.681
5,619
47
2
13
71
6
1
11
50
3
620
339
66
1
11
45
29
15
4
47
18
1
0
6
12
20
16
25
3
1
3
17
2,659
412
2,247
426
S3
14
250
79
140
1
24
109
3
3
4
1
1
2
2,438
51
389
6
167
125
24
45
892
649
122
78

4,477
4,421
42
1
13
48
4
0
3
39
2
647
253
71
1
6
39
10
12
2
33
14
1
0
4
6
9
6
13
2
I
2
12
2,388
362
2,626
377
49
14
240
74
139
1
24
108
3
3
6
2
1
2
2,313
38
334
4
160
133
21
35
863
631
120
76

4,662
4,501!
42
1
13
69
6
1
8
41
3
578
37S
101
1
12
60
27
17
4
46
14
I
1
8
11
17
17
19
3
1
2
16
2,390
431
2,459
399
60
15
244
80
151
1
25
113
4
3
6
2
1
3
2,425
46
348
6
163
134
22
41
904
653
135
74

6,005
4,940
49
1
16
71
8
1
14
45
3
714
459
106
2
14
6S
39
20
5
55
16
1
1
8
14
24
24
32,
5
3
3
19
3,311
491
2,820
377
17
16
256
83
171
I
26
136
4
4
7
2
I
4
2,597
56
397
6
175
133
22
44
951
673
161
76

7,026 10,713 11,929 12,504 13,586 16,342
6,938 10,612 11,823 12,380 13,466 15,213
63
71
72
81
88
85
1
1
2
2
1
24
29
34
38
33
96
107 137
153 155
10
11
5
6
7
5
2
2
2
2
2
24
34
35
31
16
36
65
62
116
106
93
5
4
4
4
4
1,142 1.727 1,260
065 986 1,392
751 1,091 I,3S6 1,636 1,698 1,906
357 239 33S 405 445 548
3
2
5
5
4
48
62
56
63
23
132 223 269
313 342 443
S3
65
92
90
90
33
32
35
34
34
38
10
9
16
14
13
68
65
123 180
98
81
25
21
29
29
29
2
I
4
4
3
4
3
9
9
7
26
41
35
16
33
22
23
14
17
20
74
84
93
46
88
47
40
72
66
70
68
107 141
141
59
128 127
12
9
IS
21
18
17
16
7
17
25
24
5
5
5
9
8
8
8
45
33
68
66
65
75
4,412 5,037 6,333 7,126 8,035 10,684
661 773 957 1,094 1,267 1 738
3,751 4,264 5,366 6,032 6,763 3,946
434
407
543 5S1 660
773
21
143 140
109
120
12
16
IS
12
12
16
283 295
332 354 410
279
141 207
128
109 116
105
283 333
356 380 416
242
2
2
2
2
1
44
64
63
60
65
30
273 205 330
230 255
201
7
8
0
8
7
6
10
11
11
9
6
5
24
12
0
20
16
15
4
3
7
5
6
1
2
2
1
I
2
7
5
11
9
9
13
3,063 3,667 4,153 4,512 4,815 5,566
102 168
192 214 235
69
543 681
490
742 833 930
15
8
10
17
22
11
200 235 207
303 373 460
342 405
252
464 667
439
39
76
67
16
54
26
53
55
85 105
75
65
1,053 1,224 1,335 1,476 1,526 1,724
735 786 834 862 95S
615
211 298 288 288 362 346
81
84
99 109
89
83

i "Income of unincorporated enterprise;" measures the net income of sole proprietorships and partnerships, except that tbe series tor wholesale trade includes estimated patronage
refunds and stock dividends paid by farmers' cooperatives (shown separately m table 12). "Income of unincorporated enterprises"excludes tbe Inventory valuation adjustment which
is shown by industries in table 22b. Industries for which income of unincorporated enterprises is estimated at zero in alt years are omitted from table 16.
* This series is obtained by deducting production expenses (including home-ownership expenses) from the gross value of production. Gross value of production is tbe sum of
(1) cash receipts from farm marketings; (2) Government payments to farmers; (3) the value (at farm prices) of home consumption of farm products; (4) the gross rental value of farm
homes; and (5) tbe value of tbe change In farm inventories of crops and livestock. Estimates were supplied by the Department of Agriculture. This series differs in definition from
the Department of Agriculture's "realized net income of farm operators" by Inclusion of the value of the change in all farm inventories; it differs from the former Commerce Depart­
ment series by Inclusion of not rental value of owner-occupied farm dwelltnss,net farm rent aocrntng to landlords living on farms, and the value of the change in inventories of crops
not held for sale.




NATIONAL INCOME SUPPLEMENT TO SURVEY OF CURRENT BUSINESS

30

July 1947

Table 17.—Corporate Profits Before Federal and State Income and Excess Profits Taxes, by Industry, 1929-46 ' a
{.Millions of dollars]
1929
All Industries, t o t a l . . . . . . . .
Agriculture, forestry, a n d
Fisheries—

. . . . 0,818 3,303 - 7 8 3 - 3 , 0 4 2

..........
fisheries

.

.

.. .

.......

M e t a l mining

.
„

..

P o o d a n d kindred products
Apparel e n d other finished fabrics products

.- -

Furniture and finished Lumber products

Leather a n d leather products

*

Iron a n d steel and their products

.........

M a c h i n e r y (except electrical)

.......

......

.

Transportation e q u i p m e n t except automobiles
Wholesale and retail t r a d e .

....

.

Retail trade and a u t o services.

—

Security and c o m m o d i t y brokers, dealers a n d exchanges.
Insurance agents a n d combination o f f i c e s . . . .
Railroads...
_
.
Local railways a n d b u s l i n e s

..

...

...
..

H i g h w a y freight transportation

......

.

Air transport (common carriers)
Communications and public utilities
Telephone and telegraph
.
R a d i o broadcasting
Utilities: electric a n d gas

...

1933

1932

1931

1930

..

H o t e l s and lodging places
Commercia 1 an d trade schools a n d e m p l o y m e n t agencies

A m u s e m e n t and recreation, except m o t i o n pictures

-35
-33
-1
-I
125
47
14
-12
35
41
93
1,704
374
155
-203
-33
-20
-37
51
150
234
255
-51
-20
56
225
62
185
89
22
162
18
-17
-35
18
190
400
-140
-168
03
2t
-16
433
297
65
—B
20
17
-19
68
4
715
206
—0
430
19
83
-18
10
6
38
3
62
-8
3
65<

20
16
I
3
466
262
12
14
122
66
121
5,038
492
142
155
4!
83
41
111
246
430
074
17
49
148
817
220
512
208
62
472
112
776
810
457
1,200
669
147
34
200
00
84
1,050
S24
66
0
35
SI
-6
87
6
925
313
26
565
27
151
1
22
10
49
4
62
3

-69
-68
-62
-63
-3
-2
-4
-3
-89
-122
-50
-34
-12
S
-28
-34
16
-75
7,
-9
-88
1
- 2 7 4 —1,291
206
89
166
169
-178
-101
-74
-60,
-106
-101
-77
-00
-56
-0
-10
09
98
138
-123
3
-34
-20
-35
-28
-25
-84
-222
-381
—57
-16
-66
-203
15
-40
-30
-31
41 - 1 6 2
-79
-33
-726,
-416
-176
—243
-240
-463
-661
-303
-0
12S
-60
-HO
-238
-221
46
23
19
17
-394
-165
-96
-330
-329
-147
10
15
-18
-8
-4
11
-16
-1
-0
-2
30
4i
-2
2
587
451
157
239
-2
-4
295
350
1
2
-183
-36
-43
-29
-18
0
-0
-2
-3
12
-I
0
-83
2
-29
-10
-56
-66l

1934

1935

1036

1937

1938

1939

1940

1941

1942

1943

1944

1946

1946

102 1,723 3,224 5.684 6,197 3.329 6.467 9,325 17,232 21.093 24,516 23,841 20,222 21,140
-28
-29
-23
-26
—2
-1
-3
-2
179
-12
£6
17
0
-7
12
-29
103
9
9
-2
-27
-51
840 1,388
307
841
112
65
33
157
14
17
-20
-25
-7
-18
69
32
75
39
289
294
-6
-40
5
7
25
30
37
-3
29
-108
114
54
111
-34
-1!
-14
-8
-22
99
64
47
-2
409
85
217
94
192
-9
-672 -575
-1
-58
-8
-38
-243 -294
110
65
10
13
-411 - 3 9 8
-24t -102
-275 -255
-5
8
5
-4
12
i
10
4
-0
-2
69
24
2
0
658
333
143
132
7
-0
387
251
16
6
-17,
-109
-30
-33
0
—6
0
-5
IS
-1
1
—1
3
-40
-a
-23
-21
-32

16
IS
-1
-1
195
S4
-10
5
99
171

n

2,234
406
112
78
21
6
8
76
115
305
75
22
40
OS
148
144
201
64
-7
255
91
544
257
287
-299
148
-68
-210
129
15
-313
-36
-174
-36
11
13
29
-2
70
2
509
177
12
306
14
7
-20
4
0,
IS
1
14
-4

23
28
01
0
322
140
-4
9
M5
32
27
3,606
519
128
180
46
42
30
106
147
397
220
40
40
149
346
190
357
135
22
387
105
912
427
4S5
22
244
-46
—164
134
16
-102
93
-34
-12
18
16
38
0
05
2
661
195
17
436
13
45
-22
7
2
25
2
30
1
-32

14
16
-1
-1
469
245
-13
12
188
87
42
3,711
345
126
102
16
67
32
126
132
391
337
29
22
145
479
109
465
170
62
372
104
815
300
455
251
338
-55
-113
106
17
—101
57
-62
-36
17
14
46
—2
79
1
785
207
19
543
16
66
-18
11
3
29
2,
34
5
-13

146
133
121
114
63
84
24
0
-7
112
145
132
120
83
62
26
-0
10
- 0
6
0
0
0
0
-I
-I
_a
1
1
1
2
1
1
0
0
0
519
564
475
627
616
622
219
318
442
104
148
131
101
302
273
182
117
236
27
22
16
15
17
15
-18
-12
7
122
117,
130
136
102
75
9
-17
37
194
175
127
250
140
198
106
120
124
61
48
44
54
63
61
17
33
38
296
146
124
235
188
311
32
23
70
1,601 3,712 6,601 11,140 12,695 14,309 13,741 10.044 10,858
861 1,244 1,513 1,524 1,407 1,748
360
543
559
199
189 ■ 170 1S3
173
186
130
152
774 1,435
805
S31
863
618
172
-16
216
305
229
263
266
216
135
39
4
47
284
175
202
138,
188
213
43
7
95
102
126
170
138
142
150
12
51
71
612
357
419
398
379
398
111
48
197
549
590
005
465
239
190
126
80
154
519
300
050 1,041 1,080 1,191 1,210 1,133 1,496
763
587
726
590
914
097
228
100
321
337
335
303
291
131
155
62
10
62
154
144
140
167
106
140
40
41
8
347
359
206
238
289
345
204
153
66
647 1,672 2,108 2,122 1,810 1,204 1,240
14
318
300
237
424
481
372
394
226
154
43
670
967
08S 1,443 1,650 1,481 1,331
327
200
4S
603
882
843
720
342
32
708
186
12
702 1,336 1,911 1,921 1,051
273
70
21
77
164
302
330
340
692
540
65
330
167
239
309
321
267
235
117
92
63
833 1,116 2,179 2,624 3,132 3,361 3,527 4,622
401
358
142
492 1,023 1,111 1,250 1,323 1,388 1,858
624 1,151 1,513 1,873 2,038 2,139 2,704
250
480
487
871 1,138 1,386 1,435 1,637
671
340
295
947 1,143
C99
622
641
433
339
291
90S
-39
-45
—7
-23
-13
-23
-31
-41
-48
54
54
54
49
99
-35
-10
-102 -108
190
190
100
ISl
132
67
9S
167
183
27
27
27
24
29
34
25
18
17
17
230
230
230
203
103
-35
-46
120
740
910 2,002 2,864 2,435 1,715
332
100
-178
282
517 1,691 2,272 1,843 3,230
80
-12
-254
-22
57
66
74
70
42
-18
-44
-57
123
171
204
144
48
30
211
15
8
59
67
51
29
52
24
63
45
29
157
100
131
02
94
90
90
50
17
-6
38
41
33
33
29
12
8
-1
52
47
61
00
68
93
S3
86
73
44
47
59
53
6]
42
30
12
7
870 1,012 1,171 1,376 1,519 1,471 1,406 1,411
728
259
300
618
500
478
416
285
257
205
71
66
71
52
31
35
28
15
20
859
877
96G
904
832
703
494
950
678
17
24
23
23
23
19
19
16
14
537
643
337
104
74
47
189
001
757
149
109
96
34
-0
2
-27
125
-10
57
77
63
49
38
23
13
0
3
17
26
32
29
8
5
2
0
18
69
32
103
89
76
61
53
34
28
19
16
15
14
11
7
2
1
1
239
255
79
52
40
316
261
166
42
70
32
43
34
IS
17
9
5
2
109
80
96
130
93
99
137
114
196

44
A dcscrtpttonoMhc Department of Commerce scries forcorporate profits. taxes, dividends, undistributed profits, and sales Is contained in: "Trend or Corporate Profits, 1929-45,"
SURVEY OF CmtiiENT EASINESS, April 1940. A reconciliation of corporate proSts with "compiled net profit" as published annually by the Bureau ol Internal Kevonue In Statistics of
Income is presented in table 33,
Special attention should be directed to tbe following characteristics of the estimates ol corporate profits before tax {table 17), taxes (tabic 18), profits after tax (table 19), and undis­
tributed profits (table 21) during recent years. These characteristics are described only In terras ofprofits before tax and taxes, but tboy affect also profits after tax and undistributed
profltsslnce these are obtained as residuals, (l) Originally-reported profits before tax have been reduced to the extent that the^ were overstated by amounts subsequently recaptured
by the government by reneeotiation of war contracts. Taxes have also been reduced to take account of the reduced tax liability arising from renegotiation. (2) By shortening the
emergency amortization period for war facilities to less than thefive-yearspan initlallyused, the Presidential Proclamation signed Soptember29,1945, permitted corporations to deduct
additional amortisation in the years 1941 to 1945 In the computation of profits for tax purposes. Our estimates of profits and taxes correspond to tax taw in that amortization has been
recomputed for 1941 to 1945, thus reducing profits and taxes in these years. In contrast, most corporation reports to stockholders charged the entire amount of additional amortization
charges against 1945 profits. (3) Corporate income and excess profits taxes were reduced from the amount reported on original tax returns lor 1943,1944, and 1945, by estimated amounts
of tax credits arising in 1944,1945, and 1940 from carry-backs of unused excess profits tax credits and net operating losses. (4) No adjustments have yet been made to take account
of tax rebates which may arise from changes in the excess profits tax credit under section 722 (dealing with claims that profits in the 1936-39 base period were abnormally tow) of tha
Internal Revenue Code. Also, no allowances have been made for the possible effects of reopening renegotiation cases as a result of the reduction In wartime profits caused by tbe
Tecom potation of cmerconcv amortization charges discussed above.
Corporate profits, tax, dividends and sales data are derived, with certain adjustments, from corporation Income tax returns (oxcept for the years 1945 and 1946, for which the esti­
mates aro pro) Iminnry). During the period 1934 to 1941 each single corporation, with certain exceptions, wasrequlred to flleasoparatereturn. These were classified industrially on tha
basis of tile principal activity of tho corporation. From 1929 to 1933 and from 1942 to date tbefilingof consolidated returns for affiliated corporations was generally permissible upon
payment of a small additional tax. The consolidated group of affiliated corporations was then classified according to tho principal activity of the group, rbus discontinuities in the
industrial detail of the data occur between 1933 and 1934 and between 194! and 1942.
> Industries in which there are no corporations organised for profit, or in which corporate profits before tax are estimated at less than $500,000 in all years, arc omitted from this
table.
1
This series differs from profits in tho Rest of the Worldshown in table 12, and thesum of branch profits and net dtvidondsshownm table 11, because profits received by domestic
corporations from foreign branches aro excluded from this line and included In tbe industry of the recipient corporation, Data for their elimination are not available by Industry,
1

Table 18.—Federal and State Corporate Income and Excess Profits Tax Liability, by. Industry, 1929-46 * 3
[Millions of dollars]
1929
AH Industries, t o t a l . .

......

. . . . . . . . . . . . . . 1,398

Agriculture, forestry, a n d E s b o i i e a . . . . . . . . „ „ . . . . . , . . . . . . „
Fisheries .

Bee footnote!! at end of table.



7
6
1
0

1030

1032

1931

1933

1934

848

500

332

624

746

4
4
0
f>

t
1
0
0

1
1

i
2
0
0

5
6
0
0

0

1935

1930

1937

193S

1939

1940

1S41

1942

1943

1944

194S

1916

965 1,411 1,612 1,046 1,462 2.873 7,846 11,605 14,153 13,913 11,283 & 601
8
8
0
0

10
0

9

!
0

5
1
0
0

7
7
0
0

111

25

a
ll

i
1

10

23

43
41
1
1

67
61
1

67
64
1
2

74
72
1
1

68
65
1
E

July 1947

NATIONAL INCOME SUPPLEMENT TO SURVEY OF CTJBRENT BUSINESS

31

T a b l e 18.-—Federal a n d S t a t e Corporate I n c o m e a n d Excess Profits T a x Liability, b y I n d u s t r y , 1929-46 ' *—Continued
[Millions of dollarsj
2929

Crude petroleum and natural gas

Tobacco manufactures
Tcittilc-mill products
.
Apparel and other finished fabric p r o d u c t s . . . . . . .
L u m b e r and timber basic products

Chemicals a n d allied products
Products of petroleum a n d coal

..
.-

--.-.-

Leather and leather products
Nonferrous m e t a l s and their p r o d u c t s . .
Machinery (except electrical)
Electrical machinery
.........

„

Automobiles a n d automobile e q u i p m e n t
Wholesale t r a d e . . .
Retail trade a n d auto, services
Finance, insurance, and rca] estate

.....
......

Security and c o m m o d i t y brokers, dealers a n d exchanges.
Insurance agents a n d combination offices

..

Local railways a n d b u s l i n e s
H i g h w a y freight transportation
Water transportation

Communications and public utilities
Telephone a n d tolograph

Hotels and lodging p l a c e s . . .
Commercial a n d trado schools and e m p l o y m e n t agencies.
Business services, n, e. c
.
Misc. repair services and h a n d trades
Motion pictures
A m u s e m e n t a n d recreation, except m o t i o n pictures

1030

60
24
2
5
12
7
19
635
04
IS
32
8
9
S
16
34
54
60
7
10
21
98
26
64
30
9
48
19
125
62
73
233
66
42
67
31»
5
64
137
107
4
2
4
7
0
9
4
113
38
2
70
3
29
2
2
3
9
1
10
2

1032

1931

24
4
2
3
19
5
18
377
59
21
11
3
3
2
11
24
42
33
3
5
13
39
12
30
16
6
37
12
75
29
46
149
34
9
24
29
4
49
74
53
4
1
3
5
0
6
2
104
35
0
66
3
23
1
2
2
7
1
9
1

8
1
1
2
1
3
9
206
46
22
7
2
0
2
5
17
31

3
4
6
5
6
13
3
1
30
8
67
17
40
81
11
3
9
32
3
34
30
18
4
1
3
4
0
5
2
91
31
I
57
2
11
1
1
1
3
0
4
I

S
1
0
1
4
2
4
132
33
26
5
2
0
I
3
11
23

s

3
2
3
5
5
1
1
-2
4
41
15
26
60,
4
2
8
21
3
28
27
12
4
1
2
2
1
3
2
94
23
1
63
2
9
1
1
1
3
9
2
1

3933
11
3
1
1
4
2
4
257
60
12
31
6
I
3
19
13
37
11
3
9
6
7
10
11
2
1
19
6
77
33
44
56
3
5
10
12
2
24
38
13
3
21
2
3
0

\

SO
23
0
65
2
9
0
1
1
3
0
3
I

1934
25
7
1
4
10
3
5
332
71
17
20
0
3
3
15
21
47
9
2
T
11
IS
20
26
4
2
19
12
tis
50
50
95
5
3
28
22
3
34
.50
20
3
3
3
7
0
11
3
101
26
1
71
3
IS
1
1
1
6
0
4
2

1935
27
10
9
4
10
3
9
492
120
18
£5
7
3
4
17
26
53
U
5
9
17
34
24

38
13
2
47
19
137
04
73
123,
9
7
44
23
3
37
62
22
1
4
3
8

"
,
11
3
100
29
3
66
3
17
1
1
2
6
0
5
2

1936
43
17
1
4
15

C
13
721
105
32
44
10
7
10
24
34
77
27
10
9
30
72
35
73
27
7
74
24
207
97
119
193
19
11
93
23
3
44
72
35
3
51
3
10
0
13
3
125
37
4
81
3
37
1
1
3
8
1
10
3

1937
65
36
0
4
19
6
10
77J
82
23
33
6
10
8
28
33
70
42
0
6
31
103
41
101
34
15
73
24
200
87
113
191
14
2
97
25
3
60
77
37
1
51
3
13
1
14
3
150
41
4
102
3
39
1
2
3
9
1
10
3

1938
30
17
0

;

13
4
13
454
90
25
16
6
4
7
14
24
63
18
5
5
17
28
73
46
19
9
31
14
139
52
87
154
16
2
65
30
4
37
60
22
1

5

5
8
1
13
5
150
45
3
99
3
29
2
3
2
8
0
11

3

1939
4G
33
0
4
13

e

14
764
113
26
41
11
7
12
24
30
103
24
12
0
31
69
30,
06
37
20
70
19
197
82
115
148
18
2
60
26
4
38
90
39
0
7
7
12
2
17
0
374
54
4
113
3
32
3
3
2
9
0
12

3

1940

1941

1942

1943

1944

1945

1946

157
130
356
174
211
168
78
27
22
38
56
no
77
43
0
3
5
4
4
1
2
40
29
51
52
30
21
S
60
53
39
36
2S
36
17
24
24
23
26
33
9
22
102
118
87
165
193
91
20
J, 761 5,427 7,486 8,704 8,368 6,091 4,520
722
840
942
863
649
334
151
78
70
86
93
93
70
40
591
497
522
537
536
65
273
153
137
166
155
125
15
55
192
68
85
101
110
79
22
68
70
100
81
89
2t
C5
216
262
269
244
214
60
189
219
366
371
271
125
76
46
669
616
715
703
612
514
207
203
163
207
295
222
152
56
142
350
216
205
S5
70
16
63
S3
87
94
79
11
30
143
120
140
183
213
63
175
502
671
20S
884 1,352 1,355 1,118
139
JOS
237
279
227
78.
208
250
617
872
997
240
774 1,976
69
381
535
566
4C3
IIS
407
56
037
857 1,243 3,242
106
472
111
99
196
194
210
199
482
143
80
206
210
158
112
30
1
944 1,464 l . c " 2L024 2,125 1,395
331
762
836
800
031
143
461
333 3,08]' 1,234 1,289 1,133
483
188
624
CO
O
595
484
413
211
341
214
264
215
126
64
26
57
16
13
9
0
4
i
3
81
86
86
83
118
OS
157
120
130
128
123
23
105
28
12
10
12
12
7
16
12
134
146
131
63
145
108
S4
361
153
99S
997 1,620 1,481
340
64
161
727
709 1,274 1,141
154
26
32
30
36
17
I
3
52
111
137
91
140
21
23
IS
34
37
26
19
9
51
58
51
58
73
34
32
1
IS
19
10
15
10
4
21
15
27
26
36
23
33
20
19
32
37
9
39
IS
655
805
800
264
780
669
438
327
144
08
309
251
231
112
20
42
31
17
46
9
15
373
425
434
458
413
182
304
11
9
11
10
8
5
7
303
352
335
43
134
320
82
60
57
52
48
23
4
8
31
29
37
35
17
9
5
7
10
24
17
30
6
3
45
52
36
42
26
12
30
8
7
10
9
7
3
0
120
150
156
156
79
14
26
32
39
32
23
12
10
5

i See tabic 17, footnote l.
* Industries in wbioh there are no corporations organliod for profit, or in which Federal and State income and oxeoss profits tax liability is estimated at less than $509,000 in all
years, are omitted from this table.

T a b l e 19.—Corporate Profits after Federal a n d S t a t e I n c o m e a n d Excess Profits T a x e s , by I n d u s t r y , 1929-46

l!

[Millions of dollars]
1020

1930

1931

1932

8,420 2,455 —1,283 - 3 , 4 2 4
A g r i c u l t u r e forestry, and fisheries „

Apparel a n d other finished fabric p r o d u c t s . _
Furniture a n d finished lumbor products

N o n ferrous m e t a l s a n d t h d r products

See footnotes at end of table.




w

13 —39
10 - 3 7
—1
0
—1
3
101
416
43
238
12
10
-15
9
25
110
30
49
75
102
4,403 1.327
428
315
124
134
123 - 2 1 4
34 - 3 6
„
79 - 3 2
33 - 3 9
,*-*-_*
96
40
212
126
242
370
222
614
10 - 5 3
39 - 2 5 '
42
127
136
719
40
194

1933
-362

!93<S

1935

1936

1937

1038

1039

1940

1941

1942

1943

1044

1945

1946

977 2.259 4,273 4,635 3,289 5,005 6,447 9,386 9,433 10,363 9,928 8,939 12,539

78
59
41
54
5 -12
47
38
2
13
-33
8
IS
-31
-69
-70
80
56
00
39
42
16
- U
-23
-2t
-63
10
-64
3
48
-1
-1
-1
—2
-3
-1
-1
-2
—1
-2
—1
-1
—1
-1
—4
-1
-1
0
0
-1
0
-3
-3
9
—1
-i
0
0
0
407
404
363
495
183
154
-97
339
364
-23
404
168
-130
279
272
353
77
192
100
—51
79
209
14
110
196
193
43
-35
74
123
159
125
21
-18
—12
12
-13
17
13
13
6
-1
-8
7
-5
-10
-12
12
82
88
70
54
66
29
8
-35
6
8 -19
-30
1
5
-30
34
107
136
12
190
109
136
162
99
107
93
130
6
93
89
-76
104
13
24
37
31
21
3!
35
29
0 . 14
26
-4
-11
27
4
28
44
178
37
113
44
-32
14
—92 - 5 5
26
IS
-3
70
-9
583 1,056 1,742 2,885 2,936 1,147 2,058 3,840 6,713 5,209 5,605 5,373 4,553 6,333
- 4 8 0 —1,423
567 1,020
263
583
547
595
430
336
414
331
66
620
236
160
403
270
83
112
84
103
95
14ft
9t
94
103
137
lit
112
105
95
106
53
277
844
345
327
69 - 3 2
294
283
131
151
13
53
146
136
-163
—183
242
92
101
97
91
32
14
11
-02
-76
28
10
SO
-2
8
36
70
182
87
103
-26
-106
57
90
123
36
73
-22
3
36
-101
3
56
94
62
—78 - 3 1
24
57
70
26
4
-62
50
85
39
5
-10
142
360
154
156
22
-11
-59
98
150
209
87
137
34
54
69
81
224
194
114
-27
330
234
114,
96
108
113
99,
20
54
89
52,
56
517
837
488
527
46S
443
315
257
333
252
157
75
501
410
237
320
484
550
438
475
-3
395
619
51S
264
265,
82
193
-61
-18
64
-129
85
195
90
-34
23
86
87
86
46
6
3
17
-23
50
36
M
CI
91
63
63
61
29
18
-33
-38
64
16
32
31
30
37
3
86
204
IOC
92
132
141
20
-31
-86
134
114
137
119
-12
61
49
533
It
-384 -115
738
788
-327
767
692
750
249
430
274
114
376 - 1 4
227
129
94
ISO
302
187
145
T24
44
-22
-63
158
148
155
35
120

IS

-!

NATIONAL INCOME. SUPPLEMENT TO SURVEY OF CURRENT BUSINESS

32

j u iy 1947

T a b l e 19.—Corporate Profits after Federal a n d S t a t e I n c o m e a n d Excess Profits T a x e s , b y I n d u s t r y , 1929-46 ' *—Continued
[Millions or dollars]

Manufacturing—Continued
M a c h i n e r y (except electrical)

._.._„...

Transportation e q u i p m e n t except automobiles

Wholesale t r a d e —
Finance, insurance, a n d real estate

.

„..

Security a n d c o m m o d i t y brokers, dealers, a n d ex-

Tjisumnce agents a n d combination offices...
Heal estate
Railroads

._
..

.

Hlfihway freight transportation

Services allied to transportation

.

Services
Commercial and trade schools and e m p l o y m e n t a e e n Bustncss services, n. e. c
A m u s e m e n t and recreation, except m o t i o n pictures
R e s t of the world *
......
1

1934

1035

1036

1931

1932

149
73
16
135
0
-93
-04
-23
50
375

-70
12
-32
21
-41
-473
-193
-280
-381
117

163
284
85
-45
-313
61
108
—19
-16
-41
-9
15
—31 - 2 3
-10
313
£08
SO
45
-190
81
72
35
-8
-S3
—707
8 291 407 705
330
393
158
61
-258
375
214
133
-63
-509
- 7 2 7 - 7 2 8 - 6 7 0 - 4 2 3 -171
225
139
-6
-01
-13

105 - 1 4 9
-33 -192
107
04
17
25
20 - 0 5
369
919
717
244
51
52
-2
-10
17
31
12
44
-19
-6
02
78
3
5
611
812
231
275
-r>
IS
370
495
10
34
122
oo
-1
-19
s
20

-112
—230
£4
10
-199
-132
-105
11
-9
9
-5
-9
30
0
490
208
—5
293
0
-47
-30
-1

-02
—240
2
14
-422
-357
-341
0
-19

4
31
2
43
-9
3

-3
9
0
-2
-20
-50

1929

448
178
53
424
93
051
207
334
917
633

7
40
3
52
I
05

1930

1933

354
136
47
299

so
015
273
343
00
324

154
63
12
34
39
262
90
172
141
275

1939

261
148
56
260
73
041
276
365
192
331

1940

1941

1042

1943

-T7
-3
37
-4
357
120
-3
232
—1
—102
—44
-19

-11
-322
38
13
—432
-212
-275
-8
2
9
9
—0
,58
—1
457
122
0
316
13
—32
-31
—1

-7
-6
—1
-85
-30
—SO

-0
-4
-1
-43
—34
-32

—1
12

-2
12

—1
-11
-2

0
-0
44

-1
17
1
20
-3
-32

a
20
1
24
2
-13

-2
20
1
29
-1
105

0
25
1
30
2
114

1944

1946

484
459
350
674
069
443
277
307
222
245
313
224
668
079
414
479
320
167
136
106
05
130
410
341
111
103
96
99
123
78
785 1,335 1,100 1,293 1,337 1,403
501
523
552
480
507
349
792
314
850
630
008
436
051
791
83S
458
330
270
673
093
73.1
468
484
412

-32
-33
-42
-49
-43
-50
-57
-76
-57
—254 - 2 5 7 - 2 1 0 —107 - 1 0 8 —144 - 1 9 2
- t o —34
IS
200
39
75
im Ml
140
HI
27
12
22
18
T4
13
14
12
13
13
77
-30
10
-73
-83
- 3 5 0 -206 -151
12
570 1,095 1,344
179
70
-138
21 - 2 0 —238
098
10
-190
—<10 - 0 9 - 2 7 0
303
-51
882
40
-£!
-23
-44
-37
-30
-IS
-58
25
71
21
12
7
27
13
8
3
53
26
32
20
38
n
10
13
24
31
33
50
33
21
28
75
9
38
33
17
—3
-2
to
3
G
-2
0
IS
33
60
00
G9
60
65
59
£2
32
21
24
31
2
-2
-1
—1
21
0
739
733
035
400
536
701
743
096
578
173
106
197
185
191
203
100
148
1.58
14
21
20
1G
12
10
13
10
15
491
528
3.55
503
520
405
395
441
300
11
12
12
12
11
13
11
10
13
153
107
01
42
-10
228
18
37
IS
-6
-27
11
-13
-22
-29
-10
-23
47
31
14
9
3
24
3
0
0
0

-43
-353
53
11
-435
-269
-288
5
-0
2
1
-2
3J
-2
303
109
-0
106
4
-118
-33
—7

-a

1938

1937

2
20
2
33
4
137

2
33
4
53
7
99 ,

9
25
4
77
6
98

S
33
6
99
130

1940

317
—21

-43
-34
87
2,727
1,096
1,031
1,013
879

-32
-32
02
15
S5
954
702
33
67
25
43
22
35
22
071
191
25
443
12
252
57
30

-26
-32
01
15
84
717
503
34
60
0
41
20
32
21
G01
101
24
434
12
240
65
32

-22
-37
70
17
96
379
121
31
70
29
73
—7
31
35
850
216
43
583

9
34
6
105
11
90

7
37
0
89
13

11
63
12
100
33
109

SO

454
92
4S

See tabic 17, footnote 1.
Industries In which thore ara no corporations organized for profit, or in which corporate profltsafter tax are estimated at loss than $500,000 !n all years, are omitted from this table.
Sec table 17, footnote 3.
T a b i c 20.—Net Corporate Dividend P a y m e n t s , by I n d u s t r y , 1929-46 ' 2
(Millions of dollars]

*
1

1929

1930

1931

1932

1933

1934

1935

1030

1937

1938

1039

1040

1941

1942

1943

1944

1945

6,823 5,500 4,098 2,574 £,066 2,596 2,872 4,557 4,093 3,105 3,796 4,049 4,405 4,207 4,477 4,080 4,765
7
14
16
8
6
9
13
4
Farms
.
1
2
3
4
0
0
I
1
72
120
230
338
Mining
.
33
92
11
194
9
13
0
10
7
10
27
70
30
37
09
Crude petroleum a n d natural gas
...........
12
20
22
32
19
40
67
00
Manufacturing
2,047 2,639 1,862 1,102
198
263
328
305
F o o d a n d kindred products
92
99
06
83
40
70
103
142
9
18
20
36
Apparel a n d other finished fabric products
8
20
09
46
S
13
22
32
20
36
51
56
69
95
127
132
196
109
£69
£17
253
100
320
254
13
20
26
29
20
28
37
33
27
53
73
S3
82
181
331
300
42
58
79
106
NonferrousirjetaJsond their products
70
137
214
250
22
65
81
90
10
25
40
39
Transportation e q u i p m e n t except automobiles
70
168
205
248
Automobiles and a u t o m o b i l e equipment
28
50
66
75
Miscellaneous
210
370
474
537
71
177
134
193
139
242
297
344
319
630
635
845
265
344
399
Banking
420
S
5
6
5
Security and c o m m o d i t y brokers, dealers,and exchanges.
-90
-91
0 -81
Finance, n. c. e
.
...
24
SO
50
04
S
10
15
16
117
190
240
340
177
378
531
671
Railroads...
20
219
353
303
60
62
72
107
4
4
7
8
8
8
12
11
H i g h w a y freight transportation
12
20
30
29
Water transportation
0
0
0
0
A i r t r a n s p o r t (commoncarriers)

See footnotes at end of table.




194 C
5,014

19
29
19
37
32
29
27
22
22
16
11
36
17
0
33
£9
£6
23
20
19
13
10
27
34
17
-1
17
18
5
3
3
4
2
2
2
2
2
2
1
2
)
1
0
0
0
0
0
0
1
0
0
0
0
0
0
0
173
194
ITS
237
265
236
176
167
217
102
148
174
65
105
04
109
04
66
138
79
41
13
60
70
00
145
107
31
8
0
11
7
6
7
4
3
1
I
3
3
3
1
9
30
32
24
23
21
10
15
7
12
16
11
28
4
£4
50
50
57
44
02
79
91
73
38
08
116
70
98
18
!8
19
20
19
20
9
19
22
15
£5
24
-14
27
22
19
25
23
27
22
21
42
36
21
35
IS
18
18
993 1,180 1,517 3,333 3,358 1,211 1,741 1,038 2,270 2,138 2,262 £,440 2,428 2,851
303
337
247
242
336
301
296
282
295
268
273
254
296
190
99
80
60
OS
63
67
90
SG
89
91
99
90
86
71
100
104
73
67
44
120
121
77
81
206
116
395
106
60
21
19
IS
37
15
40
29
26
27
£3
14
22
11
8
43
24
23
40
36
33
51
35
15
40
35
£4
0
29
24
26
39
26
24
28
18
23
22
11
S
5
£8
26
65,
48
07
71
83
30
76
61
46
39
27
103
06
58
63
74
95
72
35
7S
70
73
63
93
104
66
145
106
261
337
260
254
£61
172
267
249
264
156
174
.383
313
398
235
£44
103
79
147
193
39
7
120
67
321
283
286
80
19
£2
31
7
—1
45
32
31
23
26
16
12
27
6
25
22
22
27
37
27
21
19
28
23
21
19
30
27
02
80
54
95
84
96
50
30
67
45
63
45
101
22
291
226
314
204
272
£75
246
171
145
84
260
101
37
290
60
81
eo
62
52
29
1£2
124
67
40
102
95
137
211
200
320
382
105
SI
47
154
197
180
189
233
140
119
90
82
12
23
34
134
113
109
SB
131
132
59
111
£5
09
£54
216
172
£4
04
32
32
33
23
26
3
£31
28
43
204
145
2
313
259
77
74
64
179
101
31
31
60
64
60
32
53
47
40
33
37
£1
33
42
31
26
607
046
419
328
774
48S
433
447
601
432
425
347
173
654
194
180
173
169
200
149
166
111
200
270
100
01
283
221
225
278
301
270
347
376
168
112
236
486
333
308
310
283
309
315
154 - 1 7 - 3 1 0
545
504
474
443
435
353
251
316
331
176
178
284
247
227
212
224
217
199
1S9
131
176
143
363
21
0
-4
0
7
13
4
7
1
5
4
-3
-3
-3
69
- 8 0 -173 -174
-74
-81
-94 -351 -089
-59
46
38
35
31
16
17
31
18
50
47
43
49
25
23
35
43
37
18
10
10
10
10
9
14
13
11
11
10
9
8
7
10
154
130
120
159
146
138
130
197
173
128
76
150
143
158
257
237
287
320
124
287
270
231
£33
271
269
238
174
233
73
174
179
150
131
83
114
77
46
126
119
78
20
173
30
e
5
S
4
2
4
12
17
42
50
13
10
9
17
IS1
12
IS
17
S
5
20
IS
19
16
13
19
39
16
3
7
10
10
12
12
13
12
14
11
0
9
7
22
19
28
SI
43
41
20
40
50
24
8
23
22
32
7
1
3
0
6
0
S
4
3
0
1
2
3
3

m

July 1947

NATIONAL INCOME SUPPLEMENT TO SURVEY O F CURRENT BUSINESS

33

T a b l e 20.—Net Corporate Dividend P a y m e n t s , by I n d u s t r y , 1929-44) 1 s — C o n t i n u e d
{Millions or dollars)
1029

1030

1931

1933

1934

1933

Transportation—Continued
Pipe-line transportation
.
Communications and public utilities
Telcphoneand telegraph.
Radiobroadcasting
.

23
53
49
90
92
11
14
16
18
20
640
861 772 677
634
192
167 201 217
190
„ „
„
1
1
5
6
4
333
440 601 526 471
24
16
13
53
14
21
36
62
79
S3
Services
.
0
1
2
4
6
2
5
7
11
3
1
Commercial arid trade schools and employment agencies.
2
2
1
3
11
16
13
24
37
0
I
1
2
Misc. repair services and hand trades..
......
3
10
26
Motion pictures
,
5
33
17
Amusement and recreation, except motion pictures
1
2
4
8
11
26 - 3 7 - 4 4 - 2 2
80
1
Data Shown in this table measure toe excess of cash dividends paid by corporations in each
continuities in the industrial detail.
* Industries fa. which there are no corporations organised for profit, or in which net corporate
this table.
i Measures the excess of dividends received from abroad over dividends paid to foreigners.

1035

1036

1037

103S 1930

1940

1041

1042

1943

1044

1045

1040

64
64
78
60
66
10
17
10
17
50
21
17
15
19
16
IE
20
20
15
16
649 692 671 683 685
676 591 533 600
612
187 174
174
174
179
177
171 173
IS5
176
14
0
12
11
12
12
12
0
12
11
446 435 499 433 483 472 386
414
396 406
16
16
18
9
15
15
9
9
11
15
79
90
72
61
61
71
£6
81
62
63
S
3
2
2
6
10
6
6
5
0
7
6
5
5
11
9
7
7
7
8
fi
4
4
3
5
S
fi
5
3
4
1? 10 25 ■29 21 22 29 23 15 IS 18 17
1
1
1
1
1
1
I
1
I
0
I
1
15
21
2S
6
7
40
40
26
24
26
35
18
e
4
3
4
8
6
0
8
6
7
5
6
3
217 137
11
C
O -8
88
137 103
107
100
140
industry over cash dividends received. Sea table 17, footnote 1 for discussion of
50
12
618
1S7
3
411
17
34
1
2

112
12
644
191
3
423
17
34
1
3

18
15
638
172
15
442
0
192
10
9
20
1
74
16
118
dis­

dividend payments arc estimated at less than $500,000 In all years, are omitted tiom

T a b l e 21.—Undistributed Corporate Profits, by I n d u s t r y , 1929-46 »*
[Millions of dollars}
1020
All industries, total
A Erieultuie, forestry, and fisheries
Farms
Forestry
Fisheries
_.
Mining
„
Metal mining
Anthracite mining
_
Bituminous and other soft coal
Crude petroleum and natural gas.
Nonmctallfc m i n i n g . . . . . . . . .
...
_,
Contract construction
..,[
Manufacturing
Food and kindred products-*
.
Tobacco manufactures
".
Textile-mill products
Apparel and other finished fabric products
Lumber and timber basic products
Furniture and finished lumber products..
Paper and allied products
Printing and publishing
Chemicals and allied products
Products of petroleum and coal
.
Rubber products
„
toother and leather products
Stone, clay, and glass products
_
Iron and steel and their products
Nonfcrrous metals and tbeir products
Machinery (except electrical)
Electrical ma cbtnery
Transportation equipment except automobiles
Automobiles and automobile equipment.
_
Miscellaneous
-.
Wholesale and retail trade
Wholesale trade
*
BetafJ trade and auto, services
Finance, insurance, and real estate
Banking
Security and commodity brokers, dealers and
exchanges......:
_
Finance, n. e. c
Insurance carriers
,
Insurance agents and combination offices
,
Real estate
Transportation
—
Railroads...
Local railways and bus linos..Highway passenger transforation..'
Highway ireigbt transportation
_,
"Water transportation
—
Airtransport (common carriers)..
Pipe-line transportation
Services allied to transportation
_
Communications and public utilities.
Telephone and telegraph
Radio broadcasting
■Utilities: electric and gas
—
Local public services, a. e. C
Services
Hotels and lodging places
Persona] services.
.....
.Commercial and trade schools and employment
agencies
Business services, n. e. c
Misc. repair services and band trades.
.........
Motion pictures
Amusement and recreation, except motion pictures.
Rest of the world'

1930

2,507 - 3 , 0 4 3
-47
-1
1
-4!
-4
-4
-2
2
78 -120
-49
44
-1
-6
—39
-18
41
-54
17
14
S
42
1,756 -1,212
-13
123
39
41
- 1 9 -317
-62
-2
-78
10
I
-61
30
—11
-1
30
159 —27
-93
360
-79
-10
2
-63
44
-31
-145
J92
33
13

179
13
114
74
40
72
213
100
-33

103

9
-320

348
414

-39
-65

-8
-23
-70

-60
-S6C
-241
-329
-585
-24
—155
-111
3
2
-305
—222
—109,
-21
-17
6
-18
-10
-23

-95
-10
19
13
-6
—14
—15
-16
173 -250
108
30
14
-12
40 -231
-37
10
-10
34
-23
-5
1
9
4
3
3
7
0
0
35
10
—12
-17
—24
-23

1031

1932

1033

1934

1035

1936

-5,381 -5,098 -2,428 -1,619 -613 - 2 8 4
-31
-50 - 1 1 - 1 8
-77
-34
-27
—7 - 1 6
-60
-77
-44
-2
-2
-3
-3
-4
-4
—2
0
—1
-4
—3
-3
87
20
-20
- 2 5 0 -169
—62
44
33
-73
-IS
-8
—13
-2
-42
-34
—46
-20 -10 -11

4

-24
-33
-5
-23
-13
-8
-74
-47
-111
-2,3fl -2,925 -409 -ISO
91
-103 - 1 4 2
84
-33
43
38
5
-68
76
-247 - 2 2 9
-3
3
-85
-SO
-46
-35
-121 -114
-18
-24
-86
-75
15
-79
-47
-86
-43
-12
-04
77
S3
-30
-25
-337 -112 -171
4
-47
-42
—1
-58
-60
-3
11
-13
-34
-113
-84
-90
- 4 0 8 -466 —152
27
4
-104
-30
4
-92
-216 -283
-63
-S3
-41
-40
-41
-36
-26,
-57
6
-19
-147 -260
3
-34
-91
-111
-840
—165
-37
-977
0
-2
—127 -329
-35
-522 -648 -165
-904 -1,016 - 8 8 2 -653
-263 —204 -181
-227
-16
-67
-47
-117
29
-156, —150
-139
70
-22
-32
35
5
0
0
4
-530 -511 -560
-339
-510 -934 - 3 9 3 —445
-393
-303
-384
-367
—45
-51
-50
-54
-6
-23
-11
-13
2
-14
-5
1
—15
-29
-25
—7
-0
-0
-3
-2
-1
-26
—2
-13
-13
-18
-13
-36
-276
-320 -237 -161
—9
-65
-63
-81
3
-4
-10
-7
-05
-233 -239 -137
—4
-14
-24
-12
-DC,
- 9 0 -227 -130
-32
-32
-33
-45
—0
-22
-6
-3
-113
—Hi

-111

-4
-4
-1

-as

-24
-19

-9
-22
—2
-05
-32
-12

—16
-1
-48
-25
-10

-4
-5
0
-3
-14
-10

16

-6
-30
226
39

14
-24
—1
-20
-7
13
17
-12

25
10

16
1
-111
60
58
30
-34

60
2
-22
962
77
7
24
0
0
4
20

9
71
0
5
3
24
73
31

102
26
-3
58

1037

1938

-4
78
6
-16

1042

578
-33
4

-51
-12

17
1
23
6

58
148
—4
-12
13
110
36

134
25
9
86
14
8

—4
45
-26
14
39
28
55
\
15
9
—2
15
17
10
—4
-6
38
70
22
- 6 4 1,217 1,912 3,443 3,071
198
16
313
140 252
22
14
13
28
27
64
-76
241 227
78
10
-16
70
57
13
12
-12
72
60
38
97
14
-14
38
24
39
-S
91
126
79
22
44
-7
51
35
69 165
231
180 267
231
335
185
19 125
77
60
28
30
2
10
36
37
3
-16
47
70
80
57
4
.104
542 481
268
-98
124
• 68
S3
96
6
107
431 363
248
14
52
182
157
92
4
236
24
307
103
0
116
93
206
162
32
62
72
31
8
40
734
216 353
713
-85
121
200
-21
367 311
95
402
153 367
-64
23
77
25
-174 -117
246
105 260
36 122

J

-10
-24

1041

- 9 0 6 1,209 2,398 4,021 5,136
-13
-23
19
16
-6
—21 - 1 0
22
20
-1
-3
-3
-2
-3
-4
—1
0
0
0
-1
-1
190
97
168
16
147
126
89
05
35
81
47
84
0
-14 -19 -12
6
3

-81 - 7 8 -58 -57
435 -176 —136 -108,
116
124
94
75
2
4
4
2
-504 - 3 7 0 -348 -213
-458 -266 -307 -412
-260, - 1 8 3 -224 - 8 2 1
-32
-75
-40 -62
-9
-5
-10
-7
4
2
13
2
-35 -12
- 8 -11
-5
-3
-5
-3
-4
1
- 5 3 -14
-13 -16 -17 -15
-175 -113 - 5 7 - 9 3
-43 -16 -13 - 2 7
2
3
3
% -44 -64
-12S
-5
-3
- 6 -91
- 8 -42 -43
-44
- 2 8 -S3 - 2 1 - 3 2
4
0 -25

-10
-10

1940

-8
-24
-10
-4

131
12
17
-12
59
13
60
-1
~5
-1
-II
-112 - 4 S 0 - 2 7 1
-39
143
49

-S
-4
0
3

1030

-5
-9
0
—t
—7
-24

-5
—1
0
8
-7
-22

-33
-S3
2
8
4
5
- 2 1 1 —182 -140 -108
-158 —80
882
200
-47
-82,
98
3

-62
20
40

-49
-18
16

-123
-46

-93
-27
G
8
13
7

280
-26
9

-9
24
6
6
0
-15
13
29
5

-18
-3
-10
-27
—1
-5
3
0
15
—4
-23

10
1
63
16
7
43
-3
-5

19
24
7
-18
4
98
-1

6
56
-3
35

-18
1

-12
7

-2
-5
1
20

—1
10
3
20
-1
-10

-3

-12

751
20
36

15
5
14

1043

5,239
25
20
30
25
-4
-5
-1
0
178 19S
44
65
10
6
55
61
36
47
3
9
18
47
3,342 2,933
317 286
16
23
1SS 178
71
74
54
40
44
33
S3
63
116 130
193
227
232
384
56
53
35
36
38
44
495 39S
80
121
270
207
188
153
453 425,
75
108
63
73
349
810
323 343
4B2, 506
211
317
346
446
-28 -29
- 6 5 -67
19
5
- 5 3 -57
987 673
923
848
31
29
51
48
14
13
15
21
9

15

14

6
110
0
5

6

109
0
01
5

1044

151
26
0
112
4

15

IS
6
71

18

13
37
3

w

14

38
16

162
47
21

5
10
4

3
15

4
16

It
-0

5
64
6
-7

6
65
4
-7

1045

1046

4,174 6,925
27
41

31
48
-4
-6
-1
0
166 213
13
15
10
4
53
56
122
86
10
5
160
26
2,125 3,487
266
690
41
17
161 63S
63 202
142
41
85
23
76 257
185
118
440
204
220
201
150
53
61
34
137
41
424
243
129
34
170

120

109 - 1 4 5
183 -112
34 -195
40
34
848 1,953
308
331
517 1,145
331: 468
595
471
-2J
-70

14

5
-60
447
330
24
42
—4
22

-19
-73
20
-62
02
-93
18
47
10
51

M
13

-13
13
10

14
12
20
3
163
50

21

218
44
27
141
6
302
60
33

20
5
40
7
-8

2
43
II
116
23
-0

6
49

1
See table 17, footnote 1.
* Industries in which there am no corporations organised for proSt, »r tn which undistributed corporate profits are estimated at less than $500,000 In all yeats, are omitted from
this table.
' Hoproscnts soro minus the gross outflow of branch proQts to foreigners. This series differs from net branch profits shown in table II, because profits roceivod by domestic cor­
porations from foreign branches arc excluded from this line and included in the industry of the recipient corporation. Data for their elimination are net available by industry.




34

NATIONAL INCOME SUPPLEMENT TO SURVEY OF CURRENT BUSINESS
T a b l e 22.—Inventory

July 1947

V a l u a t i o n A d j u s t m e n t , b y I n d u s t r y , 1929-46 '
[Millions of dollars]

1920
All industries, totalA. Corporations, t o t a l '
Mining..
Metal mining
Anthracite mining
Bituminous and other soft coal raining
Crude petroleum and natural gas production
Wonmetallic mining and quarrying
Contract construction
_
Manufacturing
Food and kindred products
..
Tobacco manufactures
Textile-mill products
Apparel and other Onisticd fabric products
Lumber and timber basic products
Furniture and finished lumber products
Paper and allied products
Printing, publishing, and allied industries.Chemieals and allied products
Products of petroleum and coal
Rubber products
—
leather and leather products
Stone, clay, and class prodacts
.
Iron and steel and tlicir products, including ordnance.
Won ferrous metals and their products..
.
Machinery (except electrical).Electrical machinery
Transportation equipment except nu tomobjles
Automobiles aud automobile equipment
Miscellaneous manufacturing Industries
Wholesale and retail t r a d e . .
.
Wholesale trade
.
Retail trade and automobile services
—
Transportation
.
Railroads
—
local railways and buslines
Highway passenger transportation, n. o. c
FTifthway freight transportation and warehousing—
Water transportation.
*
Air transportation (common darners)
Pipe-lino transportation
Services allied to transportation
Communications and public utilities
Telephone, telegraph, and related services
Tftilities: electric and Ras
Local utilities and public services, n , e , c
B . Unincorporated enterprises, total
Mining
Metal mining
—
Bituminous and other soft coal m i n i n g . . .
Crude petroleum and natural gas production
Nonmotallle mining and quarrying
Contract construction
Manufacturing
—
Food and kindred products
Textile-mill preducts
Apparel and other finished fabric products
Lumber and timber basic products
Furniture and finished lumber products
Paper and allied products
-.Printing, publishing, and allied industries
Chcm Seals and allied, p r o d u c t s —
Rubber products
Leather and leather products...
Stone, clay, and glass products
Iron and steel and tlicir products, including ord­
nance
Nonferrous raetals and their products...
Machinery (except electrical)
Electrical machinery
Transportation equipment except automobiles
Miscellaneous manufacturing. Industries
wholesale and retail trade
Wholcsalo trade
Retail trade and automobile services

1330

1031

1032

1033

1034

1035

1930

614 4,016 3,025 1,342 - 2 , 0 6 8 -679 —277
472 3,260 2,414 1,047
23
04
122
S
35
2
12
65
2
4
4
0
2
6
1
13
4
10
16
1
3
9
24
1
11
23
30
3
655
301 2,216 1,585
150
372 233
-36
66
50
15
-25
110
372 219
139
27
74
64
28
32
50
S»
1
27
37
41
1
25
22
38
4
22
16
t
07
102
23
60
341 230 - 6 4
10
77
02
40
60
53
87
44
64 -315
S
3
41
80
101
t
46
07
163
-11
60
122
34
-16
10
36
-4
3
14
-I
3
8
18
3;
75
17
39
64
10
18
863 SIS
152 S04
140
78 432 315
348; 178
372
74
7
24
40
53
21
33
43
S
1
2
3
1
0
0
0
o
I
1
2
0
1
0
1
0
1
0
1
0
2
I
1
1
0
0
10
33
4
4
6
8
1
24
27
12
3
1
1
0
0
205
755 en
142
2
14
6
0
2
0
1
0
1
0
0
1
S
1
4
1
3
0
1
3
32
»i
18
35
12
60
30
—2
19
12
0
10
4
5
4
10
19
2*,
10
1
5
5
3
0
5
4
3
0
0
I
1
0
2
2
3
2
2
2
1
1
0
0
0
0
a
0
1
1
3
o
-2
1
1
0
o
4
1
7
-2
1
0
3
-I
0
0
0
0
0
0
0
0
1
2
3
0
248
527
634
126
43
27
149 104
96
4$6 423 205

1037

0
-I
-2
-2
-4
-471
—79
57
-153
-42
-16

79

-9
45

-18
-37
-5
-20
-SO
-25

0
0
0
0
0
0

-5
15
15
3
5
—1
0
-1
-1
0
0
0
-1

0
0
0
—1
0
0
0
0
0
0
0
- 4 1 -103
—1 - 3 9
-64
-40

_2
1
—2
0
0
—1
-39
33
-72

-2
0
1
0
0
0
0
0
1
0
100 - 1 3 1
47 - 3 8
152 - 9 0

0

- 5 0 -120 1
—I
0
0
0

-1
2

-54
—1
0
0
-1
0
0
-5
-11
1
7
1
0
0
0
-I
0
0
0

0
-3
—1
0
0
_2
-438
-70
—362

-1
0
—1
0
0
0
-48
-32
-10

—1
—1
0

003 - 7 1 4
11 - 1 2

019
152
-8
33
17

—1
0
—1

-7
-3
0
-3
0
0
0
0
—1
0
0
0

J0

-3
-13
-6;
„1

=?
—I

-29
0
0
0
0
0

1940

1041

104$

1943

1044

1945

1946

- 2 0 0 -3,201 -1,02(1 - 9 0 2 - 4 1 4

135
-II
12 - 3 1
I
-1
03 - 1 4
7 -30
-3
42
—I
16
0
8
7
21
13 -10
309 -219
158 -121
161 -OS
-5
tl
—5
9
I
0
0
0
0
0
0
0
0
0
0
1
0
0
-3
9
—1
2
—2
7
0
221 -166
1 —1
0
0
0
0
—1
1
0
0
-3
3
IS - 2 8
—7
0
—4
I
4 -11
—2
0
-2
0
0
1
0
-1
I
0
0
0
0
0
0
0

i

—1
-27
-06
-11
-10
-25
-0
—0
—1

1039

— O 1,184
C

-2,143 -625 -227 -738 - 3 1
0
—0 - 1 0
-4
-67
-7
—4
0
-2
-35
-1
-1
0
-4
0
—1
-2
0
0
-6
—2
-3
0
—1
-15
-1
-3
0
—1
-7
—1
-3
-7
0
-22
-1,340 -457 -101 - 4 7 8 - 1 1
227
-208 -209 —15 - 6 3
S3
10 - 4 5
s --84 -169
31
36
-368
-0
17
10 - 1 3
-72
-S
—2
-8
0
-60
-5
-4
-54
-8
6
- S -17 -52
1
-37
11
- 3 -13
—1
-6
1 -36
60
-03
-30
-7
-121 - 2 7 - 3 7 - 7 0
17
- 5 2 —54 —24 - 4 9
0
—7
7
28
-79
8
—1 - 1 3
—6 - 4 1
-25
- 6 3 - 6 1 - 1 5 - 3 1 -167
27
0
-7
-100
—9 - - 9 - 0 6
-22 -50
-5
-3
-35
- 6 —13
-2
-1 -1
-5
-2
0
-7
-10
2 -13 - 0
- 7 -10
-7
-31
2
34
- 0 2 7 -143 —48 -^226
107
—281 -128
- 7 -102
-64 - 7 3
- 1 5 —41
-340
-0 -28
-12
-52
-5
- 8 -24
-43
-10
—5
—1
-1
-1
-3
0
0
0
0
0
0
0
-1
0
—1
0
0
0
0
-1
0
0
0
-1
-1
0
-3
_2
a —1
0
0
o -10
-3
-9
-35
—6
-4
-1
-8
o
- l
—14
-2!
-26
-7
—6
—1
0
-1
0
-625
-4
—1
0
_2

1038

0

-148 -2,617 -1,274
-3
-17
1
—2
-9
1
0
-1
0
0
„2
0
—1
0
-3
0
0
_2
-3
—14
-784
—1,664
15 -SCO -273
-133
27
-80
-80
11 -286
-32
9
-82
—7
-30
-32
-14
-33
-45
10
-01
-27
—1
-7
-16
-06
- 1 3 -252
2
30 -139
-13
-a
-28
-8
-30
7
-11
-17
-2
—1
-38
10
—5
-11
—2
-54
-58
-22
-24
-25
-0
-29
-27
-5
-21
-61
—14
-18
-50
3
-407
-882
-37
-210
3 -483
-40
-14
-12

—1
0
0
0
0
—1
0
-0
-2
-7
0
-52 1
0
0
0

&

0
—7
-6
3
0
2
-5
-2
-1
—1
0
0
0

o

-2
0

o

0
0
0
-39
2
-41

-390
-30
-20

-1
0
-1
0
0
-I
-I
-20
-5
-15
0

-644
-2
0

o

-i
-t

-12,
-78
-24
-6
-22

-5
-4
-1
—1
—4
0
_2
-t
—2
-t
-2
0
0
-3
-552
-143
-400

-348

-10
-9

—1

a
o
o
o
o
o

-7
—2
-5
0

- 8 2 4 -356
—2
-3
-1
-2
0
0
0
0
-1
-1
0
0
-5
-4
- 0 0 8 -273
-40
-280

-212
7
-3
-13
-23
-17
-18
-18
-40
0
1
-4
0
-1

8
5
11
0
-11
-185
-lie
-60
-14
-12
-1
0
0
0
0
-1
0
-10
-2

-71
-59
-9
-7
—14
-10

-t
-10
-9
0
-32

-2
1
3
2
3
4
-9
-57
-22
-35
-11
-10
-1
0
0
0
0
0
0
-7
-2
-5
0

-353 -138
-1
0
0
0
0
0
-1
0
0
0
-4
—4
-33 -23
-10 -13
—2
0
—1
0
-3
-t
-2
—1
0
0
-I
—t
0
0
0

-59
0
0
0
0
0
-4
-10
1
-1
—2

-2
0
1
0
-1

0
0
0
1
]
0
-45
-7
-38

0
0

-5
0
—1
—1

o

-t

-315 -110
-04 -38
-72
-251

-9
—1
0
0
0
0

1
The Inventory valuation adjustment measures the excess of the value of the change in the volume oinonfarm business inventories over the change in the book value of nonforro
inventories. No inventory valuation adjustment is required in the Industry Farms because the net income of unincorporated enterprises in that industry (as shown in table 10) is
estimated by a method which yields results directly comparable to the sum of net income of unincorporated enterprises and the inventory valuation adjustment In other industries.
The inventory valuation adjustment has been estimated only in those industrial divisions—mining, contract construction, manufacturing, wholesale and retail trade, transporta­
tion, and (for corporations only) communications and public utilities—In which inventories are an important Income-determining factor. Within theseliidustrial divisions stubs have
been omitted for detailed industries (or which the inventory valuation adjustment is estimated at less than $500,000 in ail years.
• The industrial classification of the corporate inventory valuation adjustment Is subject to the same incomparabilitles over time as corporate profits (described In footnote 2 to
table 17), except that the 1934 valuation adjustment data are comparable to those from 1929 to 1933 instead of 1935 to 1911.




July 1947

NATIONAL INCOME SUPPLEMENT TO SURVEY OF CURRENT BUSINESS
T a b l e 23.—Net Interest, by I n d u s t r y , 1929-46

35

l

[Millions ol dollars]
1029
All industries, total.
Agriculture, forestry, and fisheries
Farms
Agricultural and similar service establishments
Forestry
Fisheries
Mining
Metal mining._..—..
Anthracite raining..
Bituminous and other soft coal
Crude petroleum and natural gas
Nonmetalllc mining
Contract construction
Manufacturing
—.....
Food and kindred products
Tobacco manufactures
Textlle-roill products
Apparel and other finished fabric products
Lumber and timber basic products
Furniture and finished lumber products.
Paper and allied products
............—
Printing and publishing
Chemicals and allied products
Products of petroleum and c o a l — . .
........_.._
Rubber products
Leather and leather products
Stone, clay, and glass products.....
.....
Iron and steel and their products
Non ferrous metals and their products
Machinery (except electrical)
.....
......
Electrical machinery
Transportation equipment except automobiles
Automobiles and automobile equipment
Miscellaneous
Wholesale and retail trade
—
"Wholesale trade
Retail trade and auto, services
Finance, insurance, and real e s t a t e . . . .
.
.„.,
Bonking
—
Security and commodity brokers, dealers, and exchanges
Finance, n, c. c
.....
Insurance carriers
Insurance agents and combination offices
.
.
Reai estate
Transportation
Railroads
,
Local railways and buslines
Highway passenger transportation...
..
Highway freight transportation
Water transportation
Airtransport, (common carriers)...
Pipe-line transportation
—
Services allied to transportation..
......
Communications and public utilities
Telephone and telegraph
Radio broadcasting
—
Utilities: electric and gas
Local public services, n . c. o —
Services
—
Hotels and lodging places—
Personal services
Private households
Commercial and trade schools and employment agencies.
Business services, n, o, c
Miscel. repair services and hand trades
..
Motion pictures
—
Amusement and recreation, except motion pictures-*
Medical and health services
Legal services
Engineering and other professional services, n . e. e
Educational services, n. c. c.
Religious organisations—
-—
...
Nonprofit organizations, n . c . c
Rest of the ivorld >
1

1030

1031

1032

1933

1034

1035

1036

1037

103S

1030

1040

1041

6,541 6,170 5,938 5,(130 5,010 4,750 4,530 4,474 4,370 4,290 4,212 4,104
833
822
5

a

4
32
7
6
11
—2
10
16

-81
44
—5

15
-4
13

1
0
«i

-10
5
10
1
1
-3
-8
-26
-25
-10
-70
-1

788
778
5
1
4
25
-"2
7
11
0

9
27

13
32

—5
14
-3
14
2
10
13
-12
22

745
736

0
0
10
S
24
£6
20
-5
0
-5
14
2
12
14
-12
25

10

1
4
-6
-1
-22
-22
-5
-32
-1

92
SO
21
20
71
£4
2,463 2,550
332
480
- 2 8 7 -147

—1

6
11
2
-23
-20
-3
-33
2
77
12
65
2,401
188
-92
-SO

-103 - 0 3
-115 - 8 6 - 8 2
-5
-S
-10
2,498 2,561 2,502
576 613
550
409
630
480
41
52
41
14
10
15
23
23
19
2
0
3
-1
-1
-2
-7
-6
0
2
1
3
605
458
304
06
57
08
—1
—1
-2
478
323 374
19
20
10
839
1,G6S 1,031
61
49
49
9
9
10
871 672
1,528
—3 - 3
-1
-7
-14 - 1 2
8
8
28
21
0
7
-5
-7
-4
-5
-6
-5
-2
-3
—1
47
44
48
33
32
33
4
3
4
577 008 560

677
60S
4
1
4
36
5
8
8
12
3
23

11
13

-8
2
-6

532
674
4
1
3
34
0
7
7

10
4
15
23
IS

-8
4
-5

520
512
3
2
3
41
3
9
S
IS
32
19
-6
8
—2
12

11
1
2
9
11
0
12
-6
-13
-12
4
24
25
5
6
5
-1
—2
-2
3
4
5
23
19
15
3
1
1
- 2 1 - 19 - 1 8
-0
-9
-13
-2
—2 - 1
-28 -23 -15
—2
1
2
32
21
29
4
5
-3
17
27
32
2,301 2,131 2,089
28
64
167
-54 - 4 7
-58
112
50
-40
—54 —41
-73
-3
-3
-4
2,310 2,138 2,040
638 653
619
546
650
634
42
04
47
12
16
15
22
28
20
5
4
7
0
-1
-2
2
-4
-4
2
2
2
478
604
694
65
09
00
0
—1
300
497 407
23
29
32
662 673
714
39
30
40
8
8
9
612
548 408
I
1
0
-1
-2
0
9
10
10
15
'20
24
4
6
0
—2
-1
-3
-4
-4
-5
1
0
0
60
50
40
34
34
34
0
0
4
426
242
324
11
2
10
12

450
451
3
2,
3
38
I
7
0
18
3
3
45
21

427
421
3
1
2
32
2
8
8
II
3
4
43
18
-2
8
1
8
1
8

414
407
3
I
3
34
2
8
7
15
2
4
97
22
0
10
4
9

430
423
3
I
3
36
0
7
8
18
2
0

51
25
2

456
440
3
1
3
34

IS

455
449

30
-2
6
7
17
55
IE
2
10

—1
9
0
4
3
0
7
7
9
3
2
1
1
12
11
7
10
10
4
4
5
6
6
- 8 -10
-6
-2
-4
7
8
0
5
5
4
2
3
2
3
1
1
2
1
0
2
0
I
1
2
1
60
41
20
55
30
22
-1
3
3
3
4
2
- 1 8 - 1 8 - 1 2 —16 - 1 6 - 1 0
-6
-6
-6
-4
-3
-7
-1
- 4 -12
0
0
0
-18 -17 -16 -18 -14 - 2 i
- I
-1
—1
-3
—2,
—2i
45
22
47
29
54
50
13
16
16
0
15
2
34
29
34
39
20
20
1,930 1,853 1,715 1,727 1,602 1,520
—7 - 1 0 - 3 0 - 5 0 - 7 9
-4
-33 -40 -46 -37 -39 -33
28 - 3 3
72
47 - 1 6
72
—0 - 1 2
3
13
7
-28
-!
-3
-3
-3
-3
-4
1,855 1,783 1,731 1,084 1,667
LI
507 568
612
617 010
640
501
516 510
637 522 517
04
42
54
60
68
00
0
9
11
11
11
11
IS
13
14
16
16
17
7
3
2
6
6
5
0
0
0
0
0
1
2
I
2
1
!
1
1
1
1
2
2
401
380
422
424
478
429
43
56
51
50
61
66
0
0
0
Oi
O
0
398 353 354 349
40S
321
21
22
20
IS
10
20
796 808 323 852 527
095
30
33
38
35
33
33
7
8
6
6
0
6
536
047 726
801
683 718
2
0
0
1
0
0
-3
-1
-2
-2
0
6
7
7
8
0
8
15
10
12
14
13
15
4
2
2
3
4
3
—1
0
0
0
-2
-1
-3
—3
-3
-3
-4
-4
0
0
-1
0
0
0
40
44
42
45
46
48
33
31
32
33
30
29
6
6
6
0
M 161 133 127 120
207
195

1042

1043

1944

1045

1040

3,878 3,307 3,207 3,130 3,174

462
414
372
455
408
367
3
2
2
1
2
2
22
17
8
-6
-6
-4
6
5
6
1
15
10
5
I
I
4
2
3J
-40
10
17
1
6
10
-2
6
0
3
0
3
0
5
1
4
6
1
—11 - 1 2 - 1 0
4
32
27
4
4
3
I
1
-I
0
-1
-3
42
13
7
-3
0
I
- 2 2 —27 - 2 4
-4
-7
0
—II
- 2 0 —34
-8
-18
-13
—2
-3
-2,
51
25 - 3 4
-0
17
12
34
13 - 2 5
1,403 1,670 1,403
- 9 0 —45 -Oi
—33 - 3 2 - 4 6
—41 - 3 1 - 4 2
11
12
14
-4
-5
-5
1,635
1,059 I,
545
603 471
484
448 419
34
39
33
3
7
0
11
13
12
2
0
2
0
0 -1
1
2
1
2
0,
]
375
355
389
50
45
59
-1
0
296
316 304
13
15
14
605
1,024
801
34
34
33
2
6
5
905
085 500
0
0
0
-3
-3
-2
3
5
5
0
8
8
1
1
1
2
0
2
-3
-3
-2
-2
-1
-2
31
38
35
30
29
29
4
4
51 130 115
126

359
345
2
1
2
7
-4
5
1
4

1
3
-44

15
5
-2
—I
0
0
1
0
-!8
25
3
-1
-3
6
-2
-24
-4
-33
-8
-3
-40
-9

330
325
2
8
—4

5
2
4
1
4
—27
17
5
—2
—1
0
0
2
1
-18
20
3

—1
—3

10
-2
-23
-3
-32
-7
-2
-48
-7

204
280
2

1
2

9
-6
6
2
5
1
4

-51

18
0
-3

—1
0
0
I
0
-22
32
3
-2
-4
8
-3
-28
—4
—40
-9
-3
—59
—10

-31 -41 -49
1,410 1,374 1,373
- 9 5 —137 - 1 3 7
-64 - 0 5 —71
-43 -47 -70
—25
5
-8
-6
-8
-6
1,608 1,037 1,084
441 401
391
332
301 348
33
41
35
3
3
3
10
10
10
2
2
2
—I
—1
-1
1
1
1
2
3
3
382
360
375
65
48
52
—1
-)
—1
310
307
311
15
13
12
S74 590
722
34
42
36
2
-2
—2
474
408 623
—I
0
-1
—4
-5
-4
4
3
2
6
7
7
0
0
0
3
1
2
-4
-3
-2
—3
-2
-2
28
24
28
29
20
29
4
3
3
122
118
123

Hot interest measures, in each industry, O) cosh interest payable, plus (2) imputed interest paid (by financial intermediaries only), minus (3) cash interest (including govern­
ment interest) received by business (but not including interest received by solo proprietorships and partnerships not engaged in lending as a principal activity), minus (4) imputed
interest received b y business. Derivation of the all-industry aggregate is shown in table 37, Because of the changes in corporate reporting described in table 17, footnote I, data for
corporate interest paid and received which enter into those computations are not strictly comparable In industrial classification between the periods 1920-33,1034-41, and 1942-46.
1
Measures the net inflow of interest from abroad.




36

NATIONAL INCOME SUPPLEMENT TO StOKVEY O F CURRENT BUSINESS

July 1947

T a b l e 3 4 . — N u m b e r of F u l l - t i m e E q u i v a l e n t E m p l o y e e s , b y I n d u s t r y , 1 9 2 9 - 4 6 :
[Data in thousands]
1929
All industries, total-

1930

1931

1932

1933

1331

1035

1936

193?

195$

1939

1940

1941

1942

1943

1944

1943

1946

35,295 33,245 30,107 26,661 27,100 30,230 31,651 34,824 36,187 34,582 36,038 37,981 42,556 47,523 53,639 55,164 53,406 47,147

3,110 2,970 2,809 2,607 2,539 2,451 2,539 2,664 2,769 2,734 2,693 2,668 2,632 2,049 2,507 2,334 2,220 2,253
Agriculture, forestry, and fisheries
£,934 2,350 2,690 2,493 2,433 2,346 2,429 2,561 2,631 2,620 2,595 2,600 2,532 2,542 2,406 2,227 2,118 2,148
Farms
.
4
62
43
49
68
54
Agricultural and similar service establishments
S 43 37 45 42 00 53 54 54 22 60 55 63 20 63
43
20
22
23
24
25;
37
45
3S
46
42
45
49
52
Forestry.
.
20,
42
22
24
24
24
24
24
24
24
23
22
21
22
23
25
23
24
24
Fisheries
21
829
950
932 313 672 693 822 840 897
935 918 879
975
832 927
859
Mining
71
119
124
39
132 107
132
131
118
9S
92
60
00
79
107
Metal mining
103
50
98
Ml
81
73
84
89
92
91
89
98
92
123 194
144
Anthracite mining
.
106
80
£8
470
471
434 415 380
452 418 358
415
452 480
381 439
416
373 431 443 457
Bituminous and other soft coal.
....
.....
192
159
216
177 198 205
183
187 196 204
192
165 130
124 163
148 118 105
Crude petroleum and natural gas
.
76
SS
88
73
73
67
TO
62
02
54
70
31
Noranctalllc mining
79
91
101
90;
S3
5S
1,434 1,366 1,198
Contract construction
703 396 800 1,104 1,082 1,055 1,219 1,235 1,764 2,126 1,563 1,109 1,122 1,637
907
10,428 9,309 7,""" 6,678 7,204 8,364 8,904 9,645 10,691 0,131 9,967 19,882 13,137 16,279 17,399 17,049 15,133 14,471
Manufacturing
1,041 1,020
939 1,085 1,106 1,187 1,223 1,166 1,176 1,223 1,303 1,384 1,404 1,441 1,429 1,494
Food and kindred products
914
841
145
111
133
104
Tobacco manufactures
101
102 100
96
103
IDS 107 104
109
102 112 103
120
108
1
1,095 1,025
Textile-mill products
907 1,031 1,139 1,196 1,218 1,263 1,092 1,215 1,223 1,383 1,388 1,321 1,217 1,165 1,309
772
768 829 843 807
632
722 672 693
Apparel and other finished fabric products
903 918 1,043 1,079 1,073 1,049 1,021 1,992
604
469,
303 225 270
581
609 633 5S4 559 525
393 431 509,
320 360 415 459
Lumber and timber baste products
437
393 342 334
421
289 329 364
261 279
371 321
Furniture and finished lumber products
406 403 *473
406 460 »444
234
325
443
393 390 394
314
239 300
2S0
226 244
277 250
Paper and allied products
. .
.......
380
336 378
301
615
549 550 570
617 548 481 449 492
Printing and publishing
60S 581 554
577
578
510 554 904
397 377 329
431
369 379 393
201 321
773 713
849
414 469 530
333
Chemicals and allied products
790
780
123
132 131
115
97
168
136 151
121 124
99
105
125
Products or petroleum and coa!
183 186 197 207 222
176
154
141
110
265
142
Rubber products.........
.......
.
189 224 239 235
139
140 159
127
134 142
124
120
370
375 ' 353 372 367
345 352 339
344
402 375 355 356 406
410
315 300 320
Leather and leather products..
397 345
356 310
469
413 386
433
343 369
215 202 281 317
277 204
Stone, clay, and glass products
.
.
430,
1,217 1,092
687 749 917!
857
Iron and steel and their products
990 1,147 1,317 1,026 1,155 I,33t 1,641 "1,959 2,460 2,424 2,063 > a1,749
325
175
209 222
503 492 456 493
323 410 *460
266 284
249 277 313
132 220
Nonferrous metals and their products
764
373 392 505 577 064
791
671 509,
Machinery (except oleetrical)
626 061 792 1,087 1,303 1,457 1,405 1,325 > 1,366
519
401
917 = 846
332 242 251 319 338
430
Electrical m a c h i n e r y . . . . . . .
....
960 1,037
607 >757
353 398 455
335
150
101 105 137
30
171
147
Transportation equipment except automobiles
675 * 1,749 3,271 3,175 2,018 »850
136 301
141
71
105
540
433 464 492
580
655 5 576 325 341 306 '406
393 467 543
403 352 299 300
Automobiles and automobile equipment
285
221 242 262
178
284
524 496 488 >526
422 "468
219
260
Miscellaneous
300 342
270
5,820
187 4,9X8
4,473
Wholesale and retail trade
1.445 5,523 5,052 1,133 4.448 1,247 5,164 5,561 8,017 5,890 6,129 0,479 6,922 6,715 6,509, 6,632 6,894 6,227
613 1,014 1,574 1,626 1,725 1,647 1,654 1,594 1,634 1,990
Wholesale trade
4,373 1,393 1,253 3,340, 1,131 3,711 1,279 1,374
604 4,376 4,555 4,853 6,197 5,008 5,015 5.038 5,210 0.237
Retail trade and auto, services
1. '"" 4,130 3,794 1,189 3,317 1,167 3,885 4,187
Finance, insurance, and real estate
335 1,310 1,250
284 1,132 1,227 1,268 1,265 1,290 1,345 1,334 1,354 1,314 1,303 1,334 1,307
311 1,145
378
309 319 328 336 350
238 296
235 286
277 276
Banking
128 375 345
231
80
S3
43
62
83
83
83
103
Security and commodity brokers, dealers and exchanges.
39
38
40
60'
5S1
OS
85
74
130
89
31
116
106 10B
123 120 114
90
87
104
113
93 105
102
114
Finance, n . e . e
231
78
108
339,
305
394
337 348 357
319
233 283 278 207 273 285 290,
Insurance carriers
120
328
352 337
117
116
145
117 116 117
120
119 118
122 119 289
294
Insurance agents and combination offices....
.
120
117
112 113 112 114
2,674
419 407 406 404 441
373 395 420 435
238 303 320 343 364
291 295 1,934
Heat estate
1,846 2,632 2,280 1,155 1,341 1,910
2,072 2,257 2,410 2,628 2,811 2,391 2,860
2,046 2,159 1,897 1.
Transportation
1,122 1,113 1,194 1,251 1,001 1,114 1,160 1,285 1,429 1,534 1,616 1,
280 1,659 1,405
Railroads......
.,
.
1,663
214 1,034
207
201
130
203 239
203
169 184
161
170
134
187
202 204
Local railways and buslines
188 190
109 199
252
124
110
100
92
93
94
94
92
103
117 218
124
157 166 196
148
93
Highway passenger transportation
107
321 376 395
216
249 235 130
424
391 398
270 290
232 254 263 289
Highway treiffht transportation
3
151
204
139 205 247
107
142 144
140
334
142
148
135 145
144
169
Water transportation
6
25
76
64
46
34
24
19
15
13
12
S
6
6
5
4
Airtransport (common carriers)
47
10
17
172
25
24
22
23
21
24
Ptpe-Ilne transportation
25
27
26
25
23
23
26
25
22
20
S5
1.031
1.53
127 159 181 183
137 133
133
129 116
93 109
30
79
114 828
150
Services allied to transportation
534 1.031
945 909 337 921 1.103
799 803 859 893 862
930
Communications and public utilities
898 932
412 784
4
474
402
379 370 393 422
524 459
Telephone and telegraph
616
490 486 500
450
410
400
9 333
465
36
33
30
23
27
20
23
21
IS
IS
1,1
13
8
8 384
6
Radio broadcasting
II
28
443 454
23 371
473 4S7
TTtiltties: electric and go?
_
,
423 373 353 862, 428
386 392 418 437 423 423
5,023
22
22
22
21
21
22
20 4.0O1
28
23
29
IS
11
21
24
22
23
Local public services, n. o. c
387 4,844 4,471
282 3,858 4,209 4,370 4,671 4,917 4.724 4,393 5,156 5,227 5,316 8,077 6,011 6,040 5,399
Services
617
525 266 313
403 402 40S
377 389
327 349 373 373
371 331
418 415 454
Hotels and lodrtfng places
2,263
647 6)0
768 791 902
734
612 677
549 575 613
513
60S 566 1,619
Personal services
763 777
20 2,113 1,591
12 1,535 1,731 1,310 1,036 2,031 1,871 2,000 2,120 2,020
1,
Private households
.,
1,699 1,549 1,434
IBS
24
17
IS
17
16 149
Commercial and trade schools and employment agencies.
23
35
50
40
16
18
15
12
11
18
59
60
215 219
299
225 240 287
234 240 234
232,
212
182,
131
150
146
164
Business services, n . e. c
142
122
89;
64
56
53
57
57
50
56
50
57
58
MJso. repair services and hand trades..
..
70
74
253
100
172 174
177 171
135
139
140
231
184
214 229
193 204
148 104
143
Motion pictures..
.
414
va 163' 173 186 202 203 192 197 £01 229
147
150 104
205 385 136
235
Amusement and recreation, except motion pictures
90
lOO 377
389 406 439
749
559 599 629 641
530
604
498
474
419 405
Medical and health services.
...
.
35
21
100
134
112 116 116 117 115 111
108
105 105
105
104
101
94
Legal services
224
233
37
77
67
59
63
73
53
33
31
29
25
23
21
29
37
Engineering and other professional services, n . e. o
IDS
206 267 266
270
205 2701
251 269
240 244
234
232 195 233
228
278
Educational services, n . e. c.'-.
153
140
138 189
192 191 199
199 197 3,371
194
294
196 199
193 195
190
188 190
Religious organisations
3,194
147
194
185
142 157 102
144
144
147 152
159 157 551 141
Nonprofit organisations, n. e. c
194 201 206
333
Government and government enterprises
277 3,328 3,408 309 3,884 4,743 5,043 6,158 5,540 6,164 6,142 0,267 7,303 9,740 14,798 17,144 17,013 8,397
923
ESI $02
Federal—general government
201
251 300 1,406 1,452 3,155 2,467 2,974 2,909 2,091 3,997 6,474 11,593 13,911 13,727 5,376
571 653 957 1,719 2,519 2,546 2,429 1,360
401 531 ' 527 518
320 305
0
Civilian, except work relief *
0 249
342 546 1,676 4,164 9,032 11,366 11.301 3,510
313 326
263 290
250
290
261 257 297,
Military'
2,247
47
787 728 2,334 1,627 2,130 1,996 1,789 1.304
373
0 2,419
0
Work relief *
601
0
0
0
1,""
373 S85 399
366
349,
323 339 343
300
298 1,109
300
521 463
416 433
FedemI—government enterprises.
1,105 2,331 2,431 1,223 2,557 2,909 3,145 2,541 2,599 2,698 2,732 2,746 2,749 2,696 2,613 2,594 2,622 2,905
State and local—general government
0 1,110 1,120
Public education'
87 1,034 1,033 1,112 1,134 1,105 1,196 1,224 1,228 1,234 1,223 1,204 1,188 1,198 1,290
110 1,217 1,267
Nonsebool, except work relief
104 1,174 1,223 1,268 1,352 l,40t 1,496 1,497 1,506 1,509 1,466 1,409 1,406 1,424 1,015
1
0
33
765
003
2
0
11
11
6
55
44
4
Work relief
0
0
0
0
1 299
32,101
158 154
123 146
125 126
119
110
105
99
116 117 23,289
153
143
190
164
State and local—government enterprises
r
3
2
1
1
1
1
1
3
5
7
5
1
1
I
0
Rest of the world
23,21* 25,486 26,697 28,605 30,646 28,417 29,895 31,712 35,250 37,778 33,884 38,016 36,384, 38,247
29,917 20,693
Addendum: All private Industries
1
Full-time equivalent employment measures man-years of full-time employment of wage and salary earners and its equivalent in work performed by part-time workers. Full­
time employment is defined simply in terms of the number of hours which is customary at a particular time and place. For a full explanation of the concept, see SUHVET or CURRENT
BUSINESS, June 1645, p p . 17-18.
1
See table 14, footnote 1.
* School teachers are considered to bo employed during vacation periods.
4
Includes tfnlted States citizens, but not foreigners, employed abroad by the United States Government.
•Includes personnel stationed abroad, but personnel recruited from the territories is excluded.
* Because of the exceptional character of work reliel employment, (all-time equivalent employment has been computed for all years by uso of a 40-hour week as a measure of fulltime1 employment.
Represents the estimated number of permanent United States residents employed In the United States by foreign governments and international organizations.




1947

NATIONAL INCOME SUPPLEMENT TO SURVEY OF CUBKENT BUSINESS

37

Table 25.—Average INmnber o f F u l l - T i m e a n d P a r t - T i m e E m p l o y e e s , b y I n d u s t r y , 1939-46 '
{Data in thousands]
1939
All industries, total.
Agriculture, forestry, and fisheries...-Farms
Agricultural and similar service establishments.
Forestry..
Fisheries
Mining
Metal mining
Anthracite mining
Bituminous and other soft coal
Crude petroleum and natural gas
Nonmetallle mining
Contract construction
..
Manufacturing
Food and fcindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished fabric products
Lumber and timber basic products
Furniture and finished lumber products
Paper and allied products
Printing and publishing
Chemicals and allied products
._
Products or petroleum and coal
Rubber products
_
Leather and leather products
Stone, clay, and glass products
Iron and steel and their products
„
Nanferrous metals and their products
Machinery (except electrical)
Electrical machinery
Transportation equipment except automobiles.^.
Automobiles and automobile equipment..
Miscellaneous
Wholesale and retail trade
■Wholesale trade
Retail trade and auto, services
...
Finance, insurancp, and real estate
........
Banking.
Security and commodity brokers, dealers and exchanges.
Finance, n. e. c
Insurance carriers.
Insurance agents and combination offices
Real estate
Transportation
Railroads.
Local rail ways and bus lines
Highway passenger transportation.
Highway freight transportation
Water transportation
.........
Air transport (common carriers)
Pipe-line transportation
Services allied to transportation
Communications and public utilities....
Telephone and telegraph _
Radio broadcasting
Utilities: electric and gas
Local public services, n. o. c
Services.,
Hotels and lodging places.
Personal services
Private households'
Commercial and trade schools and employment agencies..
Business services, n. e. c
Misc. repair services and band trades
Motion pictures
.........
..
Amusement and recreation, except motion pictures
Medical and health services *
Legal services...
Engineering and other professional services, n, e. c
Educational services, n. e.c.'<
Religious organizations'
Nonprofit organizations, n. o. c
Government arid government enterprises...
Federal—general government
Civilian, except work relief •
Military*.
Work relief
Federal—government enterprises
State and local—general government
Public education«
Nonschool, except wort relief
Work relief.
State and local—government enterprises
..........
Rest of the world *.
Addendum: All private industries
1

1340

1941

1942

1943

1941

1045

39,137

40,930

45,353

49,789

45,000

57,027

65,326

2,726
2,595

2,696
2,586
82
24
24
927
IIS
61
439
196
S3
1,235
10,882
1,223
104
1,223
918
500
466
338
56S
469
161
156

2,860

2,680
2,542
91
23
24
935

2,535
2,406

a 366
2,227
95
26
2*

2,250
2,113
88
20
2*

879
107
30

829

82

25
24
832
103
88
381
1S7
73
1,219
9,967
1,175
107
1,215
903
-131

384
314
577
414
135
146
372
343
1,155
284

661
368

188
467
300
6,80i
1,625
5,180
1,393
296
76

117
144
420
2,073
1,114
IS*
63
3*7
148
15
22

ISO
870

462
23
423
22
5,423
465
656
2,231
21
278
74
191
215
504
120
37
265
206

211
7,828
4,129
571
342
3,216
373

3,183
],267
1,877
39

143
1
31,368

387

369
1,331
328
792
455
301
5*3
342
7,199
1,679
5,520
1,440
29S
71

124
857
143
447
2,164
1,160
170
102

385
150
19
23
155
900
4IO
25
443
22

5,712
417
720
2,365
19
280
72

192
230
530
126
41
270
210
234
7,723
3,994
663
549
2,792
385
3,183
1,273
1,872
33

161
2

83,205

2,532
82
22
24
875
131
92

452
204
96
1,764
13,137
1,303
103
1,333
1,043
609
460
378

581
530
163
180
410
433

1,641
410
1,087
607

675
655
422

132

89
480
183

101
2,126
15,279

1,384
96
1,388
1,079
633
»44*
880

554
780
183
189
402
436
^1,959
'460
'1,303
= 757
»1,749
1575

1,780
5,912

M68
7,462
1,699
5,763

1,481

1,4*4

7,692

311
61
135
367
1*4
403
2,358
1,285
101
112
451
151
24
2*
150
954
450
28
454
22
5,789
432
788
2,253
28
204
79
204

250
559
128
53
270
210
243
8,5*0
4,325
957
1,676
2,192

399
3,144
1,281
1,846

17
172
3
36,810

321
*9
123
361

14*
446
2,612

1,429
169
126
474
112
34
26
143
947
474
29
423
21
5,885
431
818

2,209
48
280
El
215
251
599
125
78
266
214
270

10,4**
6,782
1,719
4,15*
909
416
3,076
1,276
1,794
5
171
5
39,320

83
22
24

918
132
34
434
177
91
1,663
17,399
1,404

102
1,321
1,073
53*
421
393

549
849

186
22*
375
413
2,460
508
1,457
960
3,271
325
52*
7,308

1,604
5,704
1,401
330
47
103

316
1*1
434
2,738

1,534
184
151
472
146
46

25
130
911
490
30
373
18
5,618
439
832

269
94
226
237
029

121
63
267

216
233
16,262
11,636
2,519
6,032
85
433

2,960
,251
,709
0
173
7
40,391

415
198
79
1,109
17,049
1,4*1
106
1,217
1,049
559
406
390
560
790
197
239
355
336
2,424
492

1,405
1,037
3,176
341
496
7,37*

1,645
5,729
1,384
333
47
92
337
139
431

2,925
1,616
188
160

169
216
47

26
203
800

486
33
353
IS

5,546
448

812
1,795
43
287
100
237
2*3
041
11*
59
200
217
284
17,600
13,911
2,540
11,365
0
489

2,93*
1,23*
1,700
0
160
6

39,522

89
73
389
205
73
1,122
15,133

1,429

101

1,165
1,021
525
403
39*
570
773
207
235
356
381
2,063
456
1,325
917
2,018
306
4SS
7,662
1,737
5,925
1,419
352
52
96
348
141
430
3,010
1,623
190
169
473
260
54
25
206

92*
506
36
362
20
5,579
446

848
1,728
26
307
101
2*4
248
660

114
67
268
219
297

17,394
13,727
2,426
11,301
0
521
2,979
1,245
1,734
0

167

*

37,928

This series measures the average number of full-time and part-time Jobs filled during the year by wage and salary earners. The difference between the data shown in table 2*

and 3table 25 is explained in the SURVEY OF CURRENT BUSINESS, June 1945, pp. 17-18.

See table 14, footnote 1.
* Bate represent the number of persons employed; the number of full-time and part-time jobs is much larger.
* Series measures fuli-timo equivalent employment; full-time and part-time employment not available.
< School teachers are considered to be employed during vacation periods.
* Seo table 24, footnotes 4, 6, and 7, respectively.




38

NATIONAL INCOME SUPPLEMENT TO SURVEY OE CUKRENT BUSINESS

J u l y 1947

T a b i c 26.—Average A n n u a l E a r n i n g s p e r F u l l - t i m e E m p l o y e e , b y I n d u s t r y , 1929-46 '
[Dollars]
1920
All i n d u s t r i e s , t o t a l .
A g r i c u l t u r e , forestry, a n d fisheries
Farms
.
A g r i c u l t u r a l a n d s i m i l a r service e s t a b l i s h m e n t s . .
Forestry
Fisheries—
Mining
Metal miniog
Anthracite mining
.
B i t u m i n o u s a n d other soft coal
C r u d e p e t r o l e u m a n d n a t u r a l gas
Nonroctallic mining..
Contract construction
Manufacturing..
Food a n d kindred products.
Tobacco manufactures
Toxtile-miU p r o d u c t s
A p p a r e l a n d e t h e r finished fabric p r o d u c t s
L u m b e r and timber basic products
F u r n i t u r e a n d finished l u m b a r p r o d u c t s . .
P a p e r a n d allied p r o d u c t s
Printing a n d publishing
C h e m i c a l s a n d allied p r o d u c t s
P r o d u c t s of p e t r o l e u m a n d c o a l . .
__
Rubber products
..
Leather a n d leather products
S t o n e , c l a v , a n d slass p r o d u c t s
I r o n a n d s t e e l a n d their p r o d u c t s
Nonferrous metals a n d their products
M a c h i n e r y (except electrical)
Electrical machinery
Transportation equipment except automobiles
Automobiles a n d automobile equipment
Miscellaneous
W b o l e s a t o a n d retail t r a d e
Wholesale trade
R e t a i l t r a d e a n d a u t o , s erviees
Finance, insurance, and rcai estate
.
Banking
Security and c o m m o d i t y brokers, dealers and exchanges.
F i n a n c e , n . e. c
...
I n s u r a n c e carriers
.-..*
.
...
I n s u r a n c e a g e n t s a n d c o m b i n a t i o n offices
Real estate
Transportation
Railroads
Local railways a n d b u s l i n e s
H i g h w a y passenger transportation
H i g h w a y freight t r a n s p o r t a t i o n . . .
Water transportation
A i r t r a n s p o r t (commoncarriers)
Pipo-Une t r a n s p o r t a t t o n
Services allied t o t r a n s p o r t a t i o n
Communications a n d public utilities
T e l e p h o n e a n d telegraph
R a d i o broadcasting
U t i l i t i e s : e l e c t r i c a n d gas
L o c a l p u b l i c services, n . e. c
Services
i—,--,
,H o t e l s a n a longing p l a c e s
Personal services..
Private households
C o m m e r c i a l a n d t r a d e s c b o o l s a n d e m p l o y m e n t agenciesB u s i n e s s services, n . e . c . .
M i s o . r e p a i r services a n d h a n d t r a d e s
Motion pictures—
A m u s e m c n t a n d recreation, e x c e p t m o t i o n pictures.
M e d i c a l a n d h e a l t h services
L e g a l services
E n g i n e e r i n g a n d o t h e r professional services, n . o . e .
E d u c a t i o n a l services, n . o. c
Religious organisations
N o n p r o f i t organizations, n . e. c
G o v e r n m e n t a n a government enterprises
.
Federal—general government
C i v i l i a n , except w o r k rcticr.
Military
W o r k relief.
.Federal—government enterprises
S t a t e a n d local—general g o v e r n m e n t
P u b l i c education
N o n s c h o o l , except w o r k relief
W o r k relief
S t a t e and local—government enterprises
R e s t of t h e w o r l d
A d d e n d u m : All private industries...

1630 1031 1932 1933 1934 103 S

1,421

1,380

459
430
1,409
414
1,092
1,518
1,616
1,728
1,293
2,019
1.413
1,674
1.543
1,503
979
1,155
1,301
1,172
1,398
1,514
2,010
1,073
1,844
1,507
1,327
1,557
1,740
1,605
1,827
1,655
1,747
1,813
1,508
1.597
2,104
1,409
2,090
1.909
3,172
1,802
2,457
1,975
1,575
1,042
1,749
1,721
1,328
1,298
1,272
2,024
1,927
1,425
1.474
1,365
2,533
1,590
1,116
1,009
I,
1,219
701
3,6oO
2,186
1,814
2,109
1,273
925
1,
2,314
1,313
1,610
1,758
1,552
1,571
1,924
1,195
1,903
1,499
1,445
1,549

1036 1037

1,136

1,064

1,109

3,153 1.199

1,270

272
429,
352
251
40G
329
1,396 1.365 1,201
261
350
287
1,406
030
961
1,424
221 1.016
1,542
297 1,055
1,750
602 1,452
1,119
909
723
1,
890 1,600
1,361
186
939
1,526
233
907
1,
369 1,150
1,489
451 1,303
908
985
737
039
1,096
847
162
1,265
941
010
1,156
787
196
1,310
962
404 1,208
1,487
943 1,740
2,011
608
1,647
S10 1,419
1,904
392 1,619
1,503
152 1,191
1,215
970
386
1,525
410 1,167
1,040
1,044
455
1,554
521 1,177
1,748
461 1,311
1,058
590 1,182
1,728
455 1,463
1,571
466 1.234
1,535
497 1,230
1,568
017 1.318
2,113
324 1.748
1,384
1,173
2,001
1,687
1,910
1,817
3,097
Oil 2,925
1,828
707 1.632
2,422
323 1,"~"
1,877
748 1,581
1,446
979
237
1.610
549 1.373
1,717
661 1,461
1,719
078 1,533
1,
13S
1.269
921
230 1,179
1,218
146 1,038
2,424
381 2,346
1,802
794 1,691
1,427
375 1,227
1,497
514 1,433
1,411
430 1.336
2,024
732 2.740
1,001
599 1.541
1,124
122 3,081
1,058
002
1,097
914
030
1,200
003
136
996
560
650
477
625 1,500
1,778
178
2,311
684 1,792
1,793
.179 1,404
2,175
244 1,959
1,263
916 1,218
931
865
334
1,392
897 1,261
2,027
1,714
32!
1,329
542 1,279
1,600
701 1,413
1,730
549 1,037
1,554
577 1,479
1,513
895 1,528
1,763
198 1,823
1,207
1,176

253
234
1,163
234
591
990
1,040
1,435
748
1,427
852

283
271
1,162
250
768
1,108
1,122
1,500
900
1,472
S01
942
1,153
1,221
750
883
987
791
948
1,186
1,614
1,311
1,533
1,248
1,017
I, ""
1,166
1,209
1,345
1,282
1,317
1,314
1,195
1.232
1,618
1.102
1,635
1,769
2,807
1.660
1.897
1,675
931
1,393
1,505
1.473
959
1,207
1,054
2,203
1,521
1,182
1,426
1,330
2,198
1,513
1.061
852
863
905
455
1,417
1,657
1,339
1,844
1,190
790
1,164
1,009
1,175
1,289
1,558
1,280
1,187
1,718
1,084
971
1,635
1,239
1,265
1,39!
1,128
1,439
1,800
1,070

358
340
1,214
284
922
,263
,383
,408
,103
,594
108
178
;287
,290
817
952
,033
931
,074
,313
,702
,455
,629
,472
,046
,262
,446
,361
,550
,478
,490
000
298
1299
724
159
747
861
2,641
:,836
.693
,781
,078
,582
,724
.583
,100
.328
,375
2,243
600
279
622
420
1.223
,617
135
893
897
640
487
1,471
1,849
1,456
1,866
1,232
850
1,203
3,759
1,180
1,335
3,572
3,261
1,136
1,895
1,166
931
1,869
1,397
1,329
1,457
1,345
1,437
1,900
1,181

411
38S
1,250
303
966,
1,366
1,020
1,388
1,170
1,734
1,207
1,278
1,376
1,351
883
664
1,025
963
1,123
1,403
1,722
1,559
1.S33
1,526
1,085
1,357
3,591
1,492
3,693
1,616
1,614
1,672
1.359
3,350
1,767
1,216
1,810
1,619
3,048
2,009
2,001
1,367
1.1J6
1,644
1,774
1,633
1,220
1,408
1,641
2,257
1.822
1,282
1.601
1.432
2,361
1.705
1,197
632
941
978
536
1,520
1,902
1,544
1,972
1,269
876
1,225
1,774
1,211
1,304
1,590
1,356
1,193
1,799
1,144
1,007
1,851
[,436
1,367
1,463
1,464
t,536
1,900
3,254

1,907
1,517
1,453:
1,576
1,000

1,000 ' , <
2,000 1,900
1,408 1,301

1,292

1^204
725
829
900
737
900
1,143
1,590
1,312
1,505
1,137
950
1,071
1,073
1,132
1,260
1,203
1,310
I, W0
1,106
1,187
1,541
1.060
1,591
1,725
2,742
1,674
1,873
1,464
906
1,334
1.439
1,422
833
1.172
1.060
2,227
1.443
1,339
1.361
1,247
2.510
1,456
1,021
850
816
889
442
3,364
1,596,
1,286
1,891
1,185
809
1,106
1,619
1,189
1,300
1,567
1,330
1,226
1,673
1,084
954
1,577
1,333
1,791 1,300
1,427 1,413
1,399 1,140
1,479 1,455
1,057 1,700
1,526. 1,019
1,3001
1,086

308
1.222
265
852
1.154
3,247
1,414
957
3,558
976,
1,027
1,216
1,253
778
926
1,016
833
988
1,236
1,698
1,385
1,587
1,358
1,043
1,171
1,295
1,277
1.425
1,364
1,381
1,489
1,244
1,281
1,712
1.140
1,663
1,829
2,770
1.759
1,917
1,679
1,021
1,492
1,045
1,515
1,023
1,264
1,092
2.195
1.576
1,259
1.486
1,378
2,039
1.589
1,116
868
878
915
467
1,400
3,813
1,429
1,"""
1,193
828
3,165
1,600
1,163
1,297
1,637
1,:
1,180
3,757
1,163
839
1,730
1,283
1,293
1,425
1,034
1,473
1,800
1,127

1938 1939 1910 1041 1942 1043 1944
1,233 1,269

1,300

.466 1,719

1945 1940

1,966 2,120 2,201 2,357

649
503
415
403
401
983 1,100 1,223
616
473
378
380
057 1,183
910
801
390
1,264 1,278 1,296 1,463 1,683 1,
1,952 1,948 1,952
689 1,012 1,303 1
198
420
326
429
1,700
002 1,161 1,517 1,762 2,150 2,183 2,428 2,667
966
1,679 3,795 2.160 2,499 2,618 £ 6 7 7
367 1,
1,282
513 3,610 1,771 2,015 2,333 2,458 2,551 2,036
1,455
406 1,306 1,460 1,761 2,137 2,520 2,681 2,601
1,315
197 1,235 1,500 1,715 2,115 2,635 2,622 2,631
1,050
084 3,714 1,779 1,934 2,290 2,601 2,761 2,801
1.734
171 1,217 1,375 1,634 1,800 2,089 2,205 2,420
1,132
266 1,330 1,638 2,194 2,506 2.602 2,612 2,581
1.193
363 1,432 1,053 2.023 2,350 2,517 2,525 2,512
1,296
372 1,385 1,472 1,060 1,879' 2,044 2,176 2,392
1,331
916 1,000 1,117 1,240 1,431 1,580 1,693 1,798
870
1,385 1,558 1,681 1,811 2,037
960
926
936 1
026 1,022 1,159 1,330 1,595 1,788 1,944 2,168
999
1,204
956
940
934 1,026 1,514 1,449 1,564 1,617 1,781
138
1,102
1,743 1,892 1,983
414 1,158 1,304 1,850 2,076 2,254 2,363 2,203
1,359
718 1,158 1,646 1,973 2,168 2,376 2,577 2,617
1,097
2,871
1,764 1,852 2,131 2,336 2,608
611
1,621
2,683
852 1,723 1,893 2.410 2,806 3.046 3.092, 2,752
1,863
1,954 2,113 2,116 2,478 2,699
3,180
648
1,467
2,715
038 1,683 1,778 1,450 1,659 1,831 1 — 2,826
1,017
359 1,041 1,236 1,771 2,024 2,174 2,252 2,123
1,393
1,393 1,554 2,284 2,637 2,781
£40
1,359
2,866 2,391
621 1,043 1,923 2,235 2,581 2,724 2,741 2,087
1,402
681 1,594 1,824 2,029 2,857 2,975 2,937 2,710
1,534
601 1,813 2,144 2,287 2.466 2,578 2,604 2,843
1,627
1,919 2.095
667 1,
1, ~
2,082 3,138 3,209 2.610
762 1,764 2,160
1,
2,978 3,103 2,984 2,951
1,934 2,243
2,796
337
1,274
1,380 1,640 1,882 2,176 2,325 2,406 2,439
365
1,357
1,804 1.665 2,134
1,491
773 1,391 2,024 1.G26 2,494 2,669 2,815 2,392
1,760
221 1,834 1,314 2,254 1,590 1,742 1,014 3,082
1,217
761 1,242 1,805 1,422 2,071 2,203 2,366 2,172
1,762
969 1.764 1,670 1,918 2,131 2,238 2,391 2,567
1,941
1,962
2,806
2.069 3,647 4,176 5,180 2,622
2,039 2,806 2,845 3,040 3,150 2,575 2,808 2,963 5,132
2.177
1,995 2,102 2,114 2,048 2,305 2.353 2,500 2,584 3.115
1,974
1,860
971 1,890 1,075 2,182 2,312 2,500 2,684 2.759
1.121 1 , ~
1,145 1,108 2,142 1,425 1,544 1.614 2,862
1.676
114 1,754 1,888 3.2391 2,491 2,677 a 732 1,825
1.846
723 1.903 2,035 2,381 2,580 2,709 2,700 2,937
1,674
877 1,700 1,705 2,269 2,288 2,468 2,621 3,049
1,236
701 1.320 1,473 2,018 2,270 2,446 2,554 2,749
1,456
303 1,651 1.G30 1,900 2,155 2,371 2,548 2,511
1.294
521 1,648 1,854 1.863 3,388 3,024 3,583 2,762
2,269
553 2,239 2,258 2,729 2,467 2.743 2,857 3,343
1,609
3,228 2,857
328 1.928
2.296
1.280
930 1,365 £ o 9 9 2J298 2,686 3.092 2,388 3,228
1,67*
269 1.738 1,579 1,780 2,091 2,331 2,416 2.500
1.580
692 1,610 1,766 1.881 2,075 2,243 2,235 2,590
2,467
599 2,651 1,033 1,715 3.878 2.035 3.652 2,411
3.750
127 1,795 2,581 2,714 2,982 3.291 2,599 3,094
3,228
767 1,318 1,870 2,035 2.284 2.467 1,850 2,710
636
240
1,304 1,824 1,778 1,886 1,654 2,000
646
943
049 1,036 1,131 1,337 1,517 1,520 1,312
992
958
900 1,055 i , 2 ' 3 1,330 1,616
967
506
008 1,019 1,054 3,160 1,312 1,631 1,238 1,608
1,829
1,500
520
876 3,080 2,619 1,323
678
533
678
1,810
529
2,520 2,714 2,946
1,552
328 1,025 1,833 2,175 2,462 2,729 2,950 2,009
1,942
603 1,863 1,630 2,160 2,770 2,875 2,500 3,140
1,921
1,270
971 1,607 2,016 2,203 2,250 2,379 1,771 2,066
808
277 1,948 1,267 2,124 1,138 1,599 1,263 3,056
1,305
1,201
1,714 2,044
907 1,263
948 1,008 1,102 1,206 3,209 1,122
923
LOW
206
1,375 1,530
1,228
973 1,228 1,200 1,302 3,063 3,237 1,638 1,833
1,391
234 1,902 2,245 2,611 1,476 1,579 1 "" 3,231
1,625
410 1,241 1,263 1,342 1,433 1,540 2,736' 1.738
1,338
634 1,407 1,382 1,379 2,263 2,510 2.083 1,667
1,193
339, 1,675 1,778 1,902 1,815 1,961 2,106 3,015
1,830
143 1,349 1,362 1,647 1,822 1,983 2,860 2,346
1,135
842 1,139 1,240 1,650 2,622 2,672 1,986 2,424
991
164 1,893 1,968 2,220 1,603 1,629
2,091
1,811
939 1,077 1,111 1,613 1,064
2.282
1,467
820
965 2,270
839
383
1,406
471 3,826 1,870 1,
1,080 2,121 2,119 2,905
1,517
403 3,497 1,523 1,573 1,604 1,795 1,639 2,099
1,333
530 1,436 1,161 1,
1,756 1,725 1,883 2,153
909 1,552 1,574 1,628
1,855 1,985 2,057
578
609 1,000 1,000
000 1,610 1,734 1,866 2,149 2,240 2 1 1 2 2,569
If
255 2,000 2,000 2,100 2,100 2,200 2,400 2,000
1,000
1,297 1,462 1,737 2,023 2,162 2,258 2,359
1,210

K"

1
A v e r a g e a n n u a l earnings p e r fulf-tirao e m p l o y e e or" o b t a i n e d b y d i v i d i n g wages a n d s a l a r i e s , as given I n T a b l e 14, b y t h e n u m b e r of full-time e q u i v a l e n t e m p ' o y e e s , a s given In
T a b l e 24. F o o t n o t e s t o T a b l e s 14 a n d 24 a r e , therefore, r e l e v a n t also t o T a b l e 26. F o r a full explanation oi tlie c o n c e p t of " a v e r a g e a n n u a l earnings p e r full-time e m p l o y e e , " see

S U R V E Y o r C U R R E N T B U S I N E S S , J u n e 1945, p p . 17-18.




July 1947

NATIONAL INCOME SUPPLEMENT TO SURVEY OF CURRENT BUSINESS

39

Table 27.—Number of Active Proprietors of Dmneorpotrated Enterprises, by Industry, 1929-46 '
[Data In thousands]
1929
All Industries, total
Agriculture, forestry, and fisheries
Farms
:
Agricultural and similar service establishments..
Forestry
—
-Fisheries
Mining—
Metal miningAnthracite mining
Bituminous and other soft coal
.
Crude petroleum and natural gas
Nonmetallic mining.
Contract construction
Manufacturing
Pood and feindrcd products
..
Tobacco manuiactures
.
Textile-mill products..
Apparel and other finished fabric products.
"
— • - ■ - ■ • •■
■■ — • ■ - - *
"uefs...
Lumber - and timber basloprodUL
Furniture and finished lumber products
Paper and allied products
printing and publishing
Chemicals and allied products
Leather and leather products
.
Stone, clay, and class products.
Iron and steel and their products
Nonfcrrous metals and their products
Machinery (except electrical)
Electrical machinery
Transportation equipment except automobiles
Automobiles and automobile equipment
Miscellaneous
Wholesale and retail trade
...
Wholesale trade.
Retail trade and auto, services
Finance, insurance, and real estate
_.
Security and commodity brokers, dealers, and exchaoges.
Financc, n. e. c
Insurance agents and combination offices.
BenI estate.
Transportation....
Highway passenger transportation
Highway height transportation
"Water transportation
Services allied to transportation
Communications and public utilities
Telephone and telegraph
Hadio broadcasting
Local public services, n. c. c
Services
—
Hotels and lodging places
Personal services
Commercial and trade schools and employment agencies.
Business services, n. o. c
Misc. repair services and hand trades
Motion pictures
Amusement and recreation, except motion pictures.
Medical and health services
Legal services
Engineering and other professional services, n, e. e
Educational services, u. o. c

1930 1931 1932 1933 1934 1035 1036

1937

1938 1939 1940 1941 1942 1943 1944 1945 1940

10,388 10,480 10,516 10,527 10,555 10,091 10,555 10,477 10,330 10,240 10,119 10,139 10,119 9,900 9,205 9,109 9,320 10,113

5,740 5,834 5,932
6,565 5,«63 5;7o0
135
133
133
4
4
i
33
37
34
2G
24
24
C
6
O
0
"1
6
5
5
9
9
9
4
4
4
822
785
817
92
133
114
*l 38 31
1
2
1
2
2
2
15
21
IS
6
II
10
3
4
5
1
1
I
13
15
15
3
3
4
2
2
2
4
3
5
2
2
2
5
3
4
5
0
0
o
0
0
o
0
0
i
3
4
5
1,916 1,914 1,907
104 105
203,
1,813 1,810 1,892
241 240
238
19
19
19
4
4
4
147
1451 148
70
7Q
70
153 164
361
26
27
28
139
132 134
1
1
1
3
3
3
3
3
3
1
1
1
0
0
0
2
2
2
1,351 1,370 1.307
134
133
131
391 390 375
4
4
4
57
56
51
205 223 242
7
10
11
23
24
23
313
304
319
108
113
I04
47
47
40
03
G
O

6,029 6,130 6,231 6,051 5,870 5,088 5,606 5,332 5,242 5.168 5,

5,857 5,954 0,051
142 143
133
4
3
3
33
31
31
35
31
29
12
10
2
2
7
6
6
9
9
10
4
4
4
654
580
737
G
O
72
71
26
28
1
1
1
2
1
2
10
11
11
4
4
6
3
3
3
1
1
I
II
12
II
2
3
2
1
2
2
2
2
3
3
4
4
0
0
0
0
0
o
0
0
0
3
3
3
1,898 1,899 1,919
106
107 . 113
1,792 1,792 1,806
239
245
237
19
19
19
5
4
4
147
148
145
C
O
73
G9
166
107
107
25
22
24
141
137
139
1
1
1
3
3
3
3
3
3
1
1
1
0
0
0
2
2
2
1,355 1,336 1,357
137
135
140
361 347
391
3
3
3
61
59
59
258
259
253
6
5
0
24
24
25
291 268
2S1
116
US
514
48
47
48
53
56
53

5,002 4,929 4,878 5,037
5,871 5,692 6,513 5,333 5,153 5,078 5,004 4,929 4,855 4,780 4,713 4,847
I2G 122
134
152
127
141
111
109
126
131
137
144
2
3
2
2
2
2
3
2
2
4
3
2
36
36
36
36
36
36
34
33
30
36
34
37
38
37
37
41
37
37
38
38
38
36
13
13
13
13
13
13
14
13
13
13
13
13,
2
2
2
2
2
2
I
3
I
2
8
9
1
7
8
8
8
8
8
8
10
10
10
10
10
10
10
10
10
10
10
10
5
5
5
5
6
5
6
5
5
5
5
4
702 708
656
659
462
529
050
608
631
638 697
043
123 130
124
124
103
143 164
99
91
82
133
131
43
43
42,
37
42
36
29,
40,
42
41
24
41
0
1
1
1
0
0
1
1
1
1
0
0
2
2
2
2
2
2
2
3
2
2
3
2
16
13
12
12
16
10
16
16
17
24
II
19
8
II
11
10
10
8
17
8
7
14
13
12
4
6
6
5
5
4
9
4
4
7
7
6
1
I
1
I
1
1
I
1
1
1
1
1
19
19
IS
IS
IS
IS
10
20
15
14
13
18
4
4
3
3
4
3
3
4
2
2
3
2
2
3
4
3
4
3
8
5
4
2
4
2
4
5
4
3
3
4
4
7
3
4
5
4
9
4
4
7
0
1
0
0
0
1
1
o
0
0
I
0
0
1
1
1
1
1
0
1
0
0
9
1
6
4
4
4
4
6
6
6
C
5
8
1,933 1,990 2,047 2,092 2,148 2,179 2,177 2,090 1,344 1,833 1,957 2,206
154 148, 127, 128
154
143 152
171
135
120
118
144
1,815 1,364 1,912 1,949 3,990 2,025 2,023 1,942 1,717 1,705 1.813 2,035
259
285
285
2S6
273 283
268
253
282 306
273
270
19
19
19
19
19
19
19
19
19
18
17
20
5
5
5
5
5
5
5
5
5
5
5
5
152
1C9 169
165' 168
160
157
151
165 184
160
161
92,
92
94
89
87
S3
87
94
97
78
W
90
172 174 176
166
175
193
1S5
179
391
169
176
168
25
23
20
21
21
21
27
26
20
2ft
20
31
157
151
146
135 137
159 145
154
148
143
143 154
2
2
2
2
3
2
2
3
2
2
3
2
3
3
3
3
3
3
3
3
3
3
3
3
3
4,
4
3
3
3
3
4
3
4
4
4
1
1
1
I
1
1
1
1
1
1
1
3
0
1
1
1
0
0
0
1
0
0
1
1
2
2
2
2
2
2
2
2
2
2
1,407 1,418 1,414 1,420 1,420
1,282 1,270 1,331 1,4*7
1,389
149
145 147
135
153 148
160
149
142
118 121
121
392 398 414
387
381
375
379
407 405
394 427
376
3
3
4
4
4
3
3
3
3
2
2
3
06
73
74
72
70
67
63
69
78
80
90
71
232 232 224
242
254 254 256
255
200
233 280
205
7
7
7
7
7
7
7
7
7
7
7
26
31
31
29
27
27
26
25
20
27
28
25
293 292
264
288 288
290
240
2S3
287
247 279
241
120
122
119
12S 128 123
126
124
121 128
118
118
48
49
49
49
52
49
48
50
50
50
50
50
53
53
53
53
53
53
53
53
53
53
53

1
This series measures the number of active proprietors of unincorporated enterprises devoting the major portion of their time to the business. It excludes unpaid family workers
but incudes so-called "own-account" wortcrs. Industries in which the number of active proprietors is estimated at less than 500 in ali years are omitted from the tabic.




40

NATIONAL INCOME SUPPLEMENT TO SURVEY OF CURRENT BUSINESS

Juiyi947

Table 2 8 . — N u m b e r of Persons E n g a g e d i n P r o d u c t i o n , by I n d u s t r y , 1929-46 '
[Data in thousands)
1929 1930 1931
All industries, t o t a l .

1932

1933 1934

1935

1936

1937

1938

1939

1910 1941

1942

1943 1944

1645

1946

4J,633 43,715 40,623 37,183 37,655 40,021 42,20645,301 46,567 44,822 46,157 48,120 52,675 57,423 62,964 64,273 62,732 57,260

8,859 8,804 3,741 3,636 8,069 1,682 8,590 8,634 8,447 8,240 3,020 7.910 7,300 7,738 7,509 7,263 7,098 7,292
Agriculture, forestry, and fisheries
8,550 8,513 3,450 8,355 8,387 5,397 8,300 8,253 8,144 7,953 7,748 7,614 7,536 7,471 7,201 7,007 6,831 6,995
Parma
174
197 187
182 181 187 184
185 215
186 180 ISO 1S2 164
183
185 ISO 139
Agricultural and similar service establishments^.
22
49
56
22
22
24
24
40
41
46
45
45
49
53
Forestry.—
26,
27
&>i
25,
00
57
62
57
55
52
55
57
60
60
60
60
60
60
60
52
Fisheries
£6
60
870,
839
956
955 916, 866 929
965 1,013 1,022
370
031 993 897
701 724 857
1,017
Mining
34
00
59
86
113
130
Metal mining.
_._.
....
116 131 144
105 132 108
72
145 145 120 102 102
81
100
S3
85
91
105
128
151 144
94 108 101
74
94
93
90
100
Anthracite mining
90
423 397 424
478 424
442
304
478 457 424
447 460
339
379 433 450 464
Bltuminousand other sort coal
483
202 202
163
187 208 215 226
133 173 175 190
157 127 114
Crude petroleum and natural g a s . .
197 200 214
193
84
81
92
94
72
60
59
85
78
96
38 101
78
75
58
74
66
Nonmetalltc mining
106
1,644 1
2,306, 2,183 1,
,460 1,514 1,763 1,733 1,686 1,827 1,941 2,466 2,834 2,092 1,571 1,640 2,334
Contract construction
17,182 15,276 14,036
10,561 9,4123 7,987 6,749 7,276 :,444 3,686, 9,730 10,690 9,234 10,091 11,600 13,265 15,409 17,530
Manufacturing
945 866 964
1,130 1,135 1,253 1,203 1,216 1,265 1,'346 1,427 1,446 1,481 1,470 1,536
1,083 1,058
Food and Kindred products106 101 105
102
96
109
110 112
113 109
109 103
121
147 134
Tobacco manufactures.
108 105 103
908 1,083 ,141 1,198 1,220 1,265 1,094 1,217 1,225 1,385 1,390 1,323 1,210 1,163 1,312
1,264 1,097 1,027
Textile-mill products.
1,065 1,040 1,116
779
793 740 687 604
1,095 1
920 934 1
841 855 820
710
042
Apparel and other finished fabric products.
626 480
698 572 539 593
044
423 467 400 441
367
326
229 274
309
Lumber and timber basic products
510 620
442 375 324
482
427 413 410
333
292
204
450
308 402 346 389 111 466
282
Furniture and finished lumber products—
391 395 449
285 278 2S1 227 245 281
3S1 394
315
290 301 326 302
Paper and allied products
337 370
630 632 661 492
567 669 589 079
595 536, 699
523 568 619 594
460 504
572
Printing and publishing
794
401 360
434
323 372 332
332 293
734 852 197 777 717
417 472 684
386
396
Chemicals and allied products., ..._*
».
123 125 105
121 124 132 131
151 16S 183 136 239 207 222
13S
99 115
97
Products of petroleum and coal
176 142 120
142 154 12(7 146 156 189
124 141 134
110
Rubber products
._
235 265
189 £24 357
372 346
353 360 377 355
317 301 321 346
377 391 358 409
369 412 404
374
Leather and leather products
462 349
387 477
283 320 359 313 347 373 437 440 418 2,428
204
£06 214
230
Stone, clay, and glass products
919 098 1,149 1,319 1,023 1,159 1,334 1,645 1,963 2,464
859 688
1,219 1,094
760
Iron and steel and their products...
496 2,067 1,754
330 273
512 1,412
225 177
500
461
464
238 332 414
223 252 280 316 259
184
Non ferrous metals and their products
769 676 513
581
376 396 509
Machinery (except electrical)
066 797 1,092 1,309 1,463 1,038 1,333 1,375
668 795 630
519 430
338 385 461 353 399 456 608
332 242
918 847
758 961 3,170
251 319
Electrical machinery
150 147
105
851
186 301 675 1,750 3,272 342 2,019
105 137 171 141
71 101
80
Transportation equipment except automobiles
Ml
656
352 299
403
Automobiles and automobile equipment
S76 326 502 307, 407
390 433 464 492 530 363 463 544
290 264
274
222 -131 190 224 246 266
530 8,465 495 534
474
305 348 428
Misccilaneous. „
7,736 7,437 6,959 6,371 6,347 i,877 7,097 7,551 3,664 7,982 8,277 3,658 9,099 3,305 8,413 1,722 8,851 10,433
Wholesale and retat! trade
1,648 1,407 u.« 1,239 1,238 ,360 1,397 1,600 1,648 1,657 1,726 1,780 1,879 1,705 1,081 6,743 1,828 2,161
Wholesale trade
6,1*8 5,940 5,596 5,132 5,109 ^517 5,700 6,051 0,416 6,325 6,551 6,878 7,220 7,010 0,732 1,576 7,023 8,272
Retail trade and automobile services
336 1,616 1,813
1,039 1,684
1,576 1,551 1,490 1,428 1,382 ,412 1,435 1,480 1,536 1,538 1,582 1,631 1
Finance, Insurance, and real e s t a t e . . .
57 350
378
286 288 296 '309
277
385 375 345 311 251 284
319 323
276 285
Banking
83
147 122 107
73
62
55
59
69
77
31
87
102
93
102
103
99
104
Security and com modity brokers, dealers and exchanges..
134 132 124
92 323
103
112
US
101
36
110 113 109
111 113 119 321 107
Finance, n. e. c.....-.—
*.*.—... . .
.
281 238 233
352 337 270 339 394
337 343 357
305 319
290
267 273 285
278
Insurance carriers
496 282 329
265 270 266 264
289 278
284 236 289
257 261 263 266 272 277
Insurance agents and combination offices
364 364 365 358 357 381 404
538
497
611 494 2,979
489 614 527
431 451 462
Heal estate
1,616 3,067 3,041
3,035 2; 795 2,444 2,100 2,008 1077 2,102 2,218 2,333 2,073 2,169 2,267 2,443 2,585 2,794
Transportation
188 1,028 1,563
1,845 1,659 1,405 1,156 1,034 ,122 1,113 1,194 1,251 1,061 1,114 1,160 1,285 1,429 1,534
Railroads
„
■IS3
230
203
170 161
207 137
204
100 201 202
214
203 239
Local railways and bus lines
169 184 523 190
184
158 151 143
213
134
Highway passenger transportation
149 174 207 193 227
112 123 136
113
115 115
127 115
381 331 369 355 354 373 307 414
628
540
478 535
444
437 421
541 673
Highway frcigbt transportation
47
168 160 145
207
Water transportation
109 141
136 142 144 147
144 163
131 130 149 150
26 250
3
75
54
46
34
24
19
15
13
12
8
6
6
6
5
4
Airtransport (commoncarriers)
10
134
25
25 391
25
24
23
22
23
20
23
22
2ft
17
21
Pipe-lino transportation
27
25
25
24
176
162 487 136 161
130
136
136 140
119
112 132
96
92
32
83
153 117
Services allied to transportation
949 913
£71 901 956
806
831 787 802
933
l,P3i 1,034
Communications and public utilities
925 1,107
853 901 365
31
451 475 491 353
535 625 400
377 394 423 401
Telephone and telegraph
607 617
ill
463
380
413 334
37
29
28
27
23
21
IS
IS
16
13
11
3
9
8
G
4
Radio broadcasting
34
20
392 418 437 423 423 443 454
386
334
465 473 437
Utilities: electric and gas
362 428
373 6,281
423
371
25
25
20 639
23
24
24
24
23
23
26
24
25
24
28
30
30
Local public services, n. e. c
22
6,374 0,214 5,838 5,356 5.194 i,5Q0 5,756 6,067 6,324 6,142 6,307 6,682 6,053 0,697 6,359 1,134 6,371 6,776
Services
^
622
469 494
518
533 675
543 1,600
650
526 539 556
520
453
403
504 465 417
Hotels and lodging places
994 1.034 1,008 1,010 1,091 1,141 1,168 1,156
910 950
S86 300
996 941
1,008
Personal services
33 1,185 1,329
2,263 2,113 1,891 1,619 1,535 ,731 1,310 1,936 2,051 1,871 2,000 2,120 2,020 1,980 I , —
Private households
311 1,549 1,434
18
24
54 234
44
23
19
20
21
22
20
15
14
15
20
22
Commercial and trade schools and employment agencies.
23
25
222 220
324
203 215 242 245 278 282 239 364
203
307 294 221 337 389
Business services, n . e . c
264 281 299
315 312 309 311
288 274 222 313 369
295
300
311 311 314
Misc. repair services and band trades
153 153 147
155
141
211 882 227 238
200
1S1 191
178 179
171 1S4
126 124
Motion pictures
276 258 229
223 227 257
2t9
234
215 233
200
175 190 203 190
159 172
ISO
Amusement and Toeteation, except motion pictures
733 732 709
109 913 1,023
842 S03
696 732 766
702 817
786
676 605 680
Medical and health services
194 202 212
319 226 262
223 22! 230
229
233
245
242 244
236
217 210
214
Legal services
—
81
76
86
82
73
71
09
84
126 113 196 117 129
90 103
30
77
Engineering and other professional services, n. e. c
287 291
292
312
293 297 304
331
320 194 321
318 323 323 319
286 287
Educational services, n, e. c
198 199 197
191 190 188 189
192
195 17,144
193
183 190 190
195 194
Religious organizations
199 20*
153 169 157
194 13,911
162
142 167
144
147 152 144
146 141 147
201 206
185
Nonprofit organizations. n. e. e
3,194 3,328 3,408 3,371 3,384 ,743 5,043 6,158 5,540 0,164 6,142 0,207 7,303 9,740 14,798 430 17,013 8,897
Government and government enterprises
533 581 562 551
2,991 3,997 6,474 11,598 2,594 13,727 5,376
928 ,406 1.452 3.155 2,467 2,974 2,
Federal—general government.
209 300 298
323 33e 343 319 300 373 3S5 399
297: 306
521 463
416 433 150
Federal—government enterprises
5 2,622 2,905
2,247 2,331 2,431 2,419 2,557 ,909 3,145 2,641 2,699 2,69? 2,732 2,745 2,749 2,696 2,613
State and local—general government
154 47,124
154
119 125 126
105 110
99
117 104
110
123 146 158
116
State and local—government enterprises
148 153
3
2
1
1
1
1
1
1
1
5
1
1
0
0
Kest of the world
3
7
42,489 10,397 37, 214 33,816 33,770 36, 177 37,162^9,142 41,920 38,657 40,914 41,851 45,369 47,678 43,149
Addendum: Ail private industries.
45,710 43,300

,m

i This series measures man-years of tuB-time employment by persons working for wages or salaries and by active proprietors of unincorporated enterprises. "Persons engaged"
fallssbort of total man-years of lull-time employment because of the exclusion Irom t h e data of unpaid family workers. This exclusion is due to unresolved difficulties in their defini­
tion and measurement. Table 28 is obtained by addition of tables 24 and 27; footnotes to those tables are, therefore, relevant also to table 28.




JW1947

NATIONAL INCOME SUPPLEMENT TO SURVEY OF CURRENT BUSINESS

41

T a b l e 29.—Corporate Sales, by I n d u s t r y , 1929-46 > s
[Millions of dollars]
1929

1030

mi

1032

1933

1934

1935

1936

1037

1839

1038

1941

1940

1042

1943

1944

IMS

1946

All industries, total, excluding finance,
insurance, and real estate i
. - . - * . 138,640 118,29. 93,305 09, IBS 73,027 80,653 101,053 119,402 12$, 884 108,561 120,789 135,243 176,181 202,777 233,525 244,342 237,303 245,508
Agriculture, forestry, and fisheries
Farms
Forestry
Fisheries
Mining
Matnl mining
Anthracite mln tag
Bituminous and otner sort coal...
Crude petroleum and natural gas.
Nonmetallie mining,*
........
■Contract construction
Manufacturin B
Food and kindred products
Tobacco manufactures-*
Textile-mill products
Apparel and other
finishedfebrlcproducts.
Lumber and timber basic products
Furniture and finished lumber products..
Papw and allied products
Printing and publisning
Chemicals and allied products..
Products of petroleum and coal.
Rubber products
Leather and leather products...
Stone, clay, and class products..
Iron and steel and their products..
Nonferrous metals and their products
Machinery (except electrical)
Electrical machinery
Transportation equipment except auto­
mobiles
_
_
Automobiles and automobile equipment..
Miscellaneous
Wholesale and retail t r a d e .
—
Wholesale trade
Retail trade and auto, services
Transportation
Railroads
.
Local railways and buslines
Highway passenger transportation
Highway freight transportation
Water transportation.-—
J
Air transportation (common carriers)
Pipe-line transportation
Services allied to transportation
Communications and public utilities
Telephone and telegraph
Radio broadcasting
Utilities: electric and gas.
Local public services, n. e. e
Services
Hotels and lodging places
Personal services
Commercial and trade schools and employe
ment agencies
Business services, n. e. 0
Misc. repair services and hand tiades
Motion pictures
Amusement and recreation, except motion
pictures

731

657
27
47
3,700
1,357
300
937
871
435
2,302

70,305
13,279
1,254

5,565
2,553
1,485
1,308
1,732
2,777
4,025
5,005
1,355
1,715
1,610
8,254
2,064
4,531
1,689

522 413 319
469
444
314
302
468 380
12
9
9
6
20
16
15
11
21
34
2,707 2,052 1,511 1,817 2,293
238
728 448
375 375
203 327
251
25?
258
591 442 491
634
S2S
769
516
897
408
470
182 185
278
38S
217
962 1,110
2,789 2,035 1,290
58,484 42,759 30,995 34,303 40,131
11,822 9,212 7,142 7,744 9,266
1,151 1,167 1,025
927 1,046
4,179 3.383 2,456 3,074 3,402
2,144 1,836 1,366 1,516 1,734
622
1,052
504
330 456
712 45S1 627
932
590
966 1,126 1,235
1,515 1,221
2,562 2,213 1.727 1,594 1,804
4,878 2,770 2,170 2,251 2,726
5,70S 4,131 3,951 3,794 3,620
682
595 665
771
1,042
974 1,022
1,368 1,092
828
819
701
651
1,380 1,013
6.S5G 3,716 1,986 2,574 3,170
940
1,984 1,378
1,585
3,498 2,295 1,343 1,458 1,1
532 536 764
913
1,327

60S
711
0,091 3,869
2,033 1,612
43, .03 36,897
29,747 17,621
22,361 10,276
9,688 8,453
6,033 5,840
794
86/
247
245
613
470
34

350
170
4,994
1,850
•172
2,851
115
3,312

628

408
44
318
174
5,232
1,851
125
3,136

120

3,210

395
195
310
731 1,411 2,134 2,362
915 1,007
264 877
242 22,903 23,978 32,813
787 10,398 II, 166 17,731
455 12,505 12,812 15.032
985 5,525 5,470 6,139
737 3,584 3,620 3,702
551 636
658 609
130
222 178
245
497 543
559 461
339
859
308 350
59
67
32
61
175
248
216
190
138
155 125
162
,067 4,485 4,222 4,251
,660 1,376 1,229 1,112
92,
79,
06
130
1,129 2,S73 2,770 2,947
131 113
140 1,937
148
;8I2 2,157
321 2,347
489
390
394
557 440
442

609
477
12
20

3,413

504
225

623
536
16
27
2,836
671
241

677
628
18
31
3,295
939
209

889
345
909
806
289
273
225
1,334 1,793 2,203
46,782 55,959 61,459
10,401 ll,r~" 12,542
1,CS9 1,200 1,233
3,015 4,445 4,471
3,026 2,296 3,234
90S
830
637
077
931
638
1,459 1,687 1,846
1,963 2,105 2,363
3,119 3,783 4,038
3,952 4,419 5,f
903 1,039
730
1,153 1,270 1,319
989 1,345 1,502
3,952 5,462 6,518
1,797 2,230 2,693
2,419 3,358 4,144
923 1,263 1,554
729
730

322
4,056
1,202

555
4,703
1,249

37,417 43,145
20,470 23,771

824
4,639

1,369
45,333
24,391
20,992
7,683
4,630
668
341
73(1
703

16,938 19,374
6,453 7,319
3,853 4,511
095
673
306
275
692
619
627
599
44
63
52
375
344
219
217
192
171
4,401 4,782 5,037
1,173 1,266 1,337
123
95
110
3,111 3,283 3,468
110
117
113
2,554 3,000 3,142
573
531
455
614
549
491

679
672

601
643

228
600
63
749

219
641
61
824

173
620
50
836

142
414
39
611

183
387
36
546

173
501
48
642

18S
550
62
654

225

255

221

182

135

120

148

164

62
797
139

593.

2,731
70S

566
14
23
3,114
973,
222
920
727
272
2,473
65,755
12,372
1,415
4,207
2,509
1,071

104
197
784
685
70*
895
261
219
1,926 2,203
50,031 57,169
11,615 11,377
1,291 1,319
3,210 3,369
2,114 2,342
905
740
1,020 1,224 1,339
1,512 1,747 2,023
2,163 2,220 2,369
3,657 4,251 4,764
4,956 5,254 5,523
852 1,060 1,153
1,130 1,230 1,287
1,206 1,486 1,682
4,282 5,974 7,549
1,240 1,617 1,1
3,606 3,403 4,563
1,565 1,344 2,462

940 1,035
939
399
17
15
29
26
3,863 4,071 4,519
582
643
752
1,095 1,260,
318
431
379
303
256,
354
323
1,167 1,271 1,417 1,676 1,793 1,985
903 1,075
302
636
851
648
395
354
446
373
360
373
3,452 4,643 4,219 3,1.01 3,287 4,893
92,023 116,278 142,020 148,549 137,818 125.904
15,767 20,602 22,373 23,716 23,193 24,979
1,581 1,1
2,101 2,145 2,278 2,923
6,063 7,616 8,011 7,634 7,657 9,426
3,379 3,961 4,115 3,955 3,348 5,152
1,505 1,710 1,659 1,641 1,528 1,906
1,797 1,881 1,936 2,004 1,830 2,209
2,791 2,877 3,268 3,484 3,571 4,382
2,577 2,663 3,096 3,449 3,604 4,510
0,437 7,205 8,612 9,904 10,736 11,326
6,669 7,478 8,800 9,860 9,771 9,878
I, 1 '"" 1,883 2,900 3,336 3,329 3,159
1,780 2,112 2,075 2,060 2,085 2,177
2,283 2,298 2,352 2,293 2,442 3,001
11,756 16,333 20,534 20,842 18,695 14,825
2,882 3,167 4,286 4,406 3,970 3,684
,7222 9,43" 10,732 11,022 9,907 7,153
3,747 5,022 6,535 7,
7,245 4,354
763
713
727
663
21
16
20
33
3,723 3,866

857 1,503 3,924 12,271
624
2,915 3,577 4,701 6,555 3,990
894 1,023 1,156 1,624 1,982
38,575 42,262 46,633 57,031 55,134
19,577 21.314 23,532 29,767 29,026
13,998 20,948 23,196 27,374 26,158
6,632 7,364 7,760 9,626 11,527
4,133 4,632 4,722 5,840 7,387
497
431
503
464
430
635
341
327
299
421
793 1,006 1,061
728
653
729
832 1,047
664
586
Z91
137
131
88
65
236
318
293
260
257
291
271
226
201
131
4,937 5,161 6,352 5,806 6,259
1,336 1.401 1,364 1,495 1,341
1£2
123
181
161
130
3,360 3,605 3,708 4,007 4,132
104
123
119
119
IIS
3,235 3,327 3,539 3,853 4,253
715
668
603
565
644
724
653
622
803
600

232
676
64
765
218

657

577
523
IS
31

571
522
17
32
2,594

326
737
15
24
3,579

848
15
21

22,322 22,322 16,710
3,963 3,714 2,782
2,589 2,775 2,450

57,616
30,306
27,316
13,661
9,610
602
304
1,160
680
223
243
339
6,775
3,064
234
4,308

109

4,820

396
358

61,160
32,39:
28,703
14,267
10,004
615
838

1,183,
727
263
.

262
380

316
1,169
169
1,531

316
1,422
203
1,304

353

476

887

330
812
128
1,149

1,337

421
1,048
101
1,506

196

332

267

266

264

310

61

388
8,034

7,580
2,385
334
4,759
108
5,621

251
849
93
1,004

426
911
148

333

7,262
3,183
307
4,661
106
5,316
004
906

252
789
61
949

255
728
62

253
683

2,417
6,534
1,904
64,155 31,489
34,017 42,621
30,138 38,903
13,825 12,953
9,434 8,036
624
631
843
833
1,219, 1,343
727
351
516
238
244

1,033
995

2,635
357
4,930
112
6,676
1,233
1,222

1
Corporate sales have been adjusted to exclude amounts subsequently recaptured by tbe Government by renegotiation o( war contracts. See table 17, footnote l, for discussion
of.discontinuities in the industrial detail.
J Industries In which there are no corporations organized (or profit, or In which corporate sales are ol negligible amounts, are omitted from this table.
' ' E x c l u d e s industrial division ol finance, Insurance, and real estate. " - - • "
...
Presentation of sales data .for these industries would be misleading in view of the largo part of their receipts
which Is in the form of property income.

T a b l e 30.—Personal C o n s u m p t i o n Expenditures b y T y p e of P r o d u c t , 1929-46 •
[Millions of dollars)
Group
[. F o o d ' and tobacco
1. Food purchased for ofl.premise consump­
tion J (ndc)
—.
2. Purchased meals and beverages^
a. Retail, service, and amusement es­
tablishments (ndc).
b. Hotels (ndc)
c Dining and buffet cars (ndc)
d. Schools and selool fraternities (ndc).
e. Institutions, clubs, and industrial
lunchrooms (ndc)
f. Tips (ndc)..
g. Less: nonoonsumer purchases in­
cluded In lines a-f (ndc)
3. Food furnished government (including
military) and commercial employees,
and withdrawn by nonfarm proprietors
(nde)_
4. Food produced and consumed on farms
(ndc)
5. Tobacco products and smoking supplies
(ndo)
See footnotes a t end of table.




1920

1930

1931

1932

1933

1934

1935

1936

1937

1938

1939

1940

1041

1942

1943

1944

1945

1946

21,374 19,519 10,272 12,719 12,777 15,636 17,693 20,030 31,629 20.662 21,072 22,600 26,476 32,842 38,090 41,564 46,740 65,086
14.520 13,255 10,633 8,033 8,467 10,576 11,960 13,734 14,589 13,889 13,970 15,020 17.441 21,570 23,871 25,570 28,264 35,448
3,055 2,892 2,500 2,116 1,334 2,332 2,674 3,064 3,583 3,446 3,743 4,094 4,983 6,206 7,354 3,877 10,536 12,217
2,415 2,307 2,130 1,775 1,519 1,927 2,228 2,550 3,047 2,947 3,254 3,581 4,440 5,706
301 330 22S 322 359
416 447
396 363
420
435 459 602
686
30
23
14
20
35
12
15
16
21
22
24
23
30
62
82
90
75
76
84
99
71
97
102 109
118

7,423
753
92
123

8,651 10,000
373
066
98
93
120
125

269
110

244
104

ISO
92

121
70

96
64

105
83

117
95

128
103

145
120

130
121

124
131

132
144

152
174

137
224

225
292

222
338

248
336

258

244

218

178

163

196

235

358

303

291

317

347

424

676

1,054

1,426

1,287

514

490

398

330

324

366

404

431

474

440

441

475

635 1,193

1,959

2,703

3,050

1,660

1.585 1,428 1,158

015

926

992 1,217 1,371 1,304 1,184 1,134 1,127 1,204 1,573

1,897

1,905

2,021

2,350

1,700 1,454 1,493 1,325 1,236 1,376 1,438 1,840 1,679 1,703 1,773 1,875 2,073 2,300

2,509

2,509

2,869

3,41*

«

NATIONAL INCOME SUPPLEMENT TO SURVEY O F CURRENT BUSINESS

42

j«iy 194T

T a b l e 30.—Personal C o n s u m p t i o n E x p e n d i t u r e s b y T y p e o f P r o d u c t , 1929-46 "—Continued
IF;
[Millions ol dollars]
1929

Qroup

n . Clothing, accessories. and jewelry

^..

2. Shoe cleaning and repair (ndc).

.„,__

.

3. C l o t h i n g a n d accessories except footwear
(ndc)

4. Standard clothing issued to military
personnel (ride)
5. F o r storage and repair (s)
6. Cleaning, dyeing, pressing, alteration,
storage, and repair of garments n . e. c.
(In shops) (s)
7. Dressmakers and seamstresses (not in
shops) <s)
8. Laundering in establishments (s)
9. Costume and dress suit rental (si
10. Net purchases from second-hand clothing
dealers (s).
.
11. M i s c e l l a n e o u s p e r s o n a l services (s)

12. Jewelry and watches (do)

13. W a t c h , clock, a n d J e w e l r y r e p a i r s (a)

III. Personal care
1. Toilet articles and preparations (ndc)
2, Barber shop services (s)
3. Beauty parlor services (s)
4, Batbsand masseurs (s)
IV. Housing
l . Owner-occupied nontarm dwellings—spacerental v a l u e ' (s)
3. Tenant-occupied nonfarm dwellings {ineluding lodging houses)—space rent t (s).
3, R e n t a l value of farm h o u s e s (s)

4. Transient hotels and tourist cabins (s)
6. Clubs, schools, and Institutions (s)
V. Household operation
1. Furniture (do)
2. F l o o r coverings (dc)

3. Refrigerators, and washingand sewing ma­
chines We)
4. Miscellaneous electrical a p p l i a n c e s except
r a d i o s (do)
—

5. Cooking and portable heating equipment
(dc)

7. Durable house furnishings, n. e. c. (dc)
8. Products of custom establishments, n- e. e.
(dc)
9. Writing equipment (dc)—
10. Net purchases from second-hand furniture
and antique dealers ( s ) . . .
11. TJpaoJstcry and furniture repair (s)
12. Rug, drapery, and mattress cleaning and
repair (s)-...
,
-...
13. C a r e of electrical e q u i p m e n t except r a d i o s
a n d of s t o v e s (s)

14. Scmidurablc house furnishings (ndc)
16. Lighting supplies ( n d c ) . . .
10, Cleaning and polishing preparations (ndc).
products

15. Stationery and writing supplies (ndc)
19, F u e l except gas a n d ice
a. P u r c h a s e d (ndc)
b , P r o d u c e d a n d c o n s u m e d o n farms
(ndc)
20, H o u s e h o l d u t i l i t i e s
a. E l e c t r i c i t y (s)

b. Gas (s)
c Water (s)

21,
22,
23,
24,
25,
24,

1932

1,875 1,376 1,207 1,022
100
114
141
164

1933

1934

1935 1930

T e l e p h o n e (s)
T e l e g r a p h , c a b l e , a n d wireless (s)
P o s t a g e (s>
E x p r e s s charges (s)
M o v i n g expenses a n d w a r e h o u s i n g (s)
D o m e s t i c service ( e x c l u d i n g
practical
nurses)._

a. Cash payments (s)

b . V a l u e of m e a l s f u r n i s h e d (s)

27, Fire and theft insurance on personal prop.
arty—net p a y m e n t s ' (s)
28, M i s c e l l a n e o u s h o u s e h o l d o p e r a t i o n services
<s>
_

VI. Medical care and death expenses.
1. Drug preparations and sundries (ndc)
2. Ophthalmic products and orthopedic ap­
pliances (de)
3. Physicians (s)
4. D e n t i s t s (s)

5. Osteopathic physicians (s)
6. C h i r o p r a c t o r s (s)

7. Chiropodists and podiatrists 1(s)
8. Private duty trained nurses (s)
9. Practical nurses and midwivc3 t ( s ) „
10. Miscellaneous curative and healing profes­
sions (s)_
11. P r i v a t e l y controlled h o s p i t a l s and sani­
t a r i u m s ' (s)

12. Net payments to group hospitalization and
hoalth associations* (s)

1938

1939

1940

1941

1942

887 1,072 1,031 1,145 1,279 1,257 1,226 1,270 1,486 1,861
179
127
102
118
113 • 122
106
144
114

12
25

II
21

44 8

309

£8

50
453

475
3

9
17

12
20

13
23

14
25

22,
26

54
28

210
34

750

13

10
12

360

366

371

409

479

323

30
308
3

33
312
3

35
329
3

30
374
3

335

240

220

252

2S5

319

362
3

27
310
2

24
252
2

27
262
2

28
272
2

31
304
3

1913

1944

1045

14. Accident and health insurance—not pay.
meats Ks)
15. Mutual accident and side benefit associa­
tions—net paynvsnts' (s)
16. Funeral and burial service (s)
17. Cemeteries and crematories (s)
13. Monuments and tombstones (dc)
Sec footnotes a t end of t a b l e .

1,920
256

2,019
256

2,293
256

1946

2,332203:

I,

1.327
42

1,673
45

649

604

645

671

42
420
4

43

53
462
3

59
4S4

49047

5
5
10
II
513
560
73
S
O
1,116 1,039
515
591

6
5
4
4
4
4
5
6
13
10
8
7
6
19
16
17
11
8
5
8
e
205
1,196
723
547
406
355
323
233
198
172
323
041 1,012
252
38
106
S4
70
65
49
44
38
36
26
53
116
103
46
39
804
951 1,604 1,107 1,203 1,400 1,887
362
760
2,098
1,
961
660
979
817
395
486
442
377
961 1,074
711
592
510
428
374
320
504
851
420
246
252
254
426
332
295
272
230
221
213
310
349
289
3 JO
468
309
253
217
243
347
253
192
122,
168
107,
299
167
541
431
312
167
425
138
7
7
8
IS
14
10
9
5
5
81
9
0
T
8
6
12
8,378 8,733 8,940 9,217 0,803 10,678 11,035 11,661 12, U 7
11,421 10,092 10,235 8,904 7,849 7,538 7,597 7,5
5,858 5,581 5,127 4,449 3,805 3,602 3,665

3,778 3,960 4,124 4,200 4,326 4,665 5, OSS

5,471

5,045

6,404

(?)
767*
564.

(<)

(')
(')

1.4072,321
1,164-

?>

*
L

12,090>
6,362:

4,312 4,535 4,572 4,591 4,608 4,488;
i,
4,445 4,346 4,139 3,K>1 3,244 3,009 3,142 3,295 3,569 3,773 3,
702
820
755
619 624
620
638
016
616
587
655
754
330
BIB
829
339
668
978,
127
109
107
103
103
72
74
S7
113
124
IS4
163
151
116
91
79
04
119
116
113
108
104
118
122
152
142
120
122
89
80
130
103
95
125
W
™
10,509 9,378 8,264 6,675 6,390 7,107 7,604 8,660 9,340 8,732 9.461 10,292 11,724 12,235 12,550 13,317 14,484 18,000
809
486
904
767
006
931 1,044 1,295 1,263 1,217 1,302 1,550 2,170
495
442
830
648
3,167
321
232
553
382
338
356
540
513
383 417
238
535
485
335
273
841

(')

208

171

239

132

121

103

55

2SS

241

104

118

104

511

442
43$

429
353

490
269

364
220

319

373

439

321

382

422

557

312

113

137

154

167

174

107,

254

139

182

223

252

223

265,

354

177
l
211

404
265

407
262

456
345

515
392

472
383

517
457

033
546

670
602

74

348

280

475
421

24
62

21
47

14
31

13
26

16
30

IS

74

22
43

23
47

21
44

24
45

26
53

32
77

34
24

32
23

29
23

23
22

30
22,

19
26

18
30

18
34

19
39

18
44

18i
43

18
53

20

18

10

10

13

16

18

29

20

26

22

26

20
799
86
359

It
632
76
356

18
547
71
309

13
441
76
222

17
512
36
209

22
536
93
265

24
650
98
299

27
724
97
334

29
C41
80
353

32
780
SO
359

36
811
97
363

252,

153

633

15
408
70
227

34
48

276,

1,241

671

847

1,32?

S00

924

1,257

20
76

747

191
57

20
80

30

32

35

35

49
950 1,083
134
123
420
378

62
1,249

73
1,356

68
1,387

080

646

711

W
1%*

108
70
71
62
49
44
34
81
53
66
38
216
102
191
149
129
131
112
101
87
60
71
1,553 1,707 1,946
1,152, 1,263 1,281 1,411 1,417 1,311 1,,138
1,443 1,601 1,835
,045 1,055 1,105 1,177 1,308 1,311 1,212 1 /

255
2,112
1,903

314
2,123
1,—

362
2,225
2,103

378
2,243
2,127

111
106
105
110
93
103
104
106
97
96
109
114
1,397 1,476 1,484 1,430 1,374 1,427 1,408 1,519 1,574 1,812 1,680 1,785 1,861 1,062
919
726
671
349
766
660
906 1,010
697
810
045
062
674
616
520
694
687 634
544
631
634
528
51t
504
544
567
562
548
273
252
291
237
274
277
260
226
233
29E
312
248
348
233
407
428
568
633
511
487
443
444
490
551
614
705
536
543
11
10
13
12
11
11
19
9
0
14
IE
IS
12
10
100
84
117
109
103
100
70
79
S3
13C
152
80
72
34
16
14
17
16
16
16
14
14
12
24
19
24
20
29
64
01
72
SO
75
76
02
65
79
90
100
OS
100
89

119
2,032
1,043
668
321
776
21
191
31
125

126
2,155
1,123
696
336
825
22
240
36
148

122
2,274
1,198
729
347
865
23
276
30
160

121
2,395
1,275
70S
354
063

1,501 1,299 1,003
822
1,225 1,053
18t
240
270

731
001
130

044
524
120

740
699
150

037
169

1,416
1,199
217

1,828
1,—
200

1,836

10

13

IS1

IS

20

1,65
1,457
203
4
29
28
5,441
1,'

23
5,754
1,140

6,447
1,335

343

395

43
44
44
133 103
143
1.60$ 1,542 1,318
1,494 1,433 1,222

397 1,048
715
347
201
182

910
738
172

23

20

905 1,081 1,118 1,285
390
817
016 1,056
191
178
199 229
251

26

28

26
27
25
24
25
25
23
22
23
24
24
25
24
26
3,620 3,447 3,070 2,575 2,397 2,013 2,702 3,018 3,228 3,209 3,380 3,591 3,961 4,501
640
612
553
427
678
503
568
517 440
694
725 S49
474

28

24

20

19

22

2S

228 255
091 5,130
545
468
70
57
45
39
22
IS
5S
62
60
57

5,1
1,008

324

31

133
924
463
33
46
IB
104
74

11
810
40S
34
40
17
S3
56

27

20

22

16

14

16

17

17

15

16

IS

10

22

24

25

403

395

386

363

40S

422

454

467

492

527

555

613

093

778

3
2

10
2,

16
2

27
2,

30
2

44
2

46
2

78

87

99

104

116

126

141

164

182

211

16
259
146
74

19
272
151
70

22
283
147
08

26
272
162
69

22
234
159
72

25
310
168
36

33
340
161
92

380
178
106

41
417
176
121

48
464
177
133

w

0)

250

13
241
133
00

8

805,

1
2

(*>

h
(')

25

404

131
958
432
41
49
20
113
80

001
312
27
30
14
67
41

92
617
276
26
20
13
50
34

124
678
296
28
20
13
03
30

C
O

131
731
392
30
26
14
64
40

C)

13. S t u d e n t fees for m e d i c a l care (s)




1937

7,502 0,510 5,006 3,048 3,053 4,497 4,S96 5,206 5,414 5,376 5,770 6,061 7,085 8,508 10,574 11,675 13.210 15,630-

0. C h i n a , glassware, t a b l e w a r e , a n d u t e n s i l s
(dc)
,

17, Miscellaneous h o u s e h o l d p a p e r
(ndc)

1931

11,018 9,676 8,115 5,973 5,365 6,479 6,923 7,558 7,964 7,876 3,200 8,791 10,483 13,170 16,279 17,972 20,054 22,163:

_

1. Sfioes a n d o t h e r f o o t w e a r (ndc)

1930

90

103
111

77

00

56

IS
201
ISO
97

13
2S4
137
30

10
238
128
51

12
214
120
46

12
225
128
57,

140
820
331
33
32
15
68
40

165
854
350
36
33
15
07
52

157
833
356
40
33,
14
61
43

172
866
380
43
34
15
50
45

187
913
419
17
36
17
68
43

209
1,213
606
74
48
22
07

1,203

631
79
51
24
75
SO.

1,33C

662
SI
52
24 2,633
B
C
8S

1,320

515
180

NATIONAL INCOME SUPPLEMENT TO SURVEY OF CURRENT BUSINESS

J u l y 1947

43

T a b l e $0.—Personal C o n s u m p t i o n E x p e n d i t u r e s b y T y p e o f P r o d u c t , 1929-46 ' — C o n t i n u e d
[ M i l l i o n s of dollars]
Group

1929

1930 1931 1932 1933 1034 1935 1926 1937

Vir. Personal business
. . . 5,231 4,144
1. Miners' expenditures for explosives, lamps,
15
and smithing (ndc)
48
2. T o o l s (dc)
„
11
3. Theatrical employment agency fees (s)
14
4. Non theatrics) employment agency fees (s)..
38
5. Net payments to labor unions* (s)
9. Employees' dues and fees to professional
associations (s)
7. Brokerage charges and interest, and invest'
764
ment counseling (s)
1,739
8. Trust services of banks (s)
44
42
9. Bank service charges for deposit accounts,
11
check collection, and foreign exchange (s)„
19
24
10. Safety-deposit b o x r e n t a l (s)
24
15
11. M o n e y - o r d e r fees ( s ) . .
16
12. Services furnished without payment by
financial intermediaries except insurance
companies (s)
1,378 1,141
13. Expense of handling life insurance w
965
930
6. Life insurance companies (s)
913
b. Fraternal and assessment associa­
tions (s)
.
47
52
14. l e g a l services (s)
397
402
627,
15. Interest en personal debt is)
£77,
IS, Classified advertisements (s)
30
31
17. Net purchases from pawnbrokers and mis­
cellaneous second-band stores (s)
.,
16
17
18, Personal business services n. e. c. (s)
13
14
V I I I , Transportation
.
7,496 6,061
1. User-operated transportation..,..
. 5,748 4,4%
a. N e w c a i s a n d n e t purchases of use d
c a r s (do)

b. Tiros and tubes (do)

c . P a r t s a n d accessories (dc)

d. Automobile repair, greasiag, wash­
ing, parking, storage, and rental (s)
e. Gasoline a n d oil (ndc)

f. Bridge, tunnel, ferry, and
tolls (s)
g. Automobilo Insurance—net
ments' (s)..
2. Purchased local transportation
a. Street and electric railway and
bus (s)
b. To^icao—fares and tips (s)
c. Bieom railway—commutation

road
pay­
local
(s)_.„

d . Ferry—foot passengers (s)

3. Purchased intercity transportation
a. Steam railway (excluding commuta­
tion) (s)..„
b. Sleeping and parlor car—faros and
tips (s)
;
c. Intercity bns (s)._
d. Airline (s)
e. Coastal and inland watenray (s)

3,595 3,111 3,053 3,106 3,304
10
24
9
7
26

7
16
8
3
G

3,S8S

4,05 2 4,174

3,845

277

f. Professional h o c k e y (s)

g.
n.
i.
{.

Horset and dog race tracts (s)
College football (s)
Other amateur spectator sports (s)—.
Ticket brokers, mark-up on admis­
sions (s)
,
k. Purchase of programs (s)
2. Pari-mutuel net receipts (s)
3. N o n v e n d i n g coin machines—receipts m i n u s
payoff ( s ) .
pacifier" 4 . Specified commercial participant amusements.

a. Billtardpjirlors and bowlingalleysfs).
b. Dancing, riding, shooting, skating
and swimming places (s)
o. Amusement devices and parks (s)_..

d . D a i l y fee golfcourses—greens fees ( s ) .




5,213

20
11
241

118
51

206
54

211
53

292
62

91
31
33

103
35
40

106
39

1,337
1,234

1,192
1,*00
1,336

1,345
1,460
1,394,

313

207

195

154

53

60

51

52

131
53

21
24
16

23
24
18,

41
20
19,

49
19
20

54
19
21

62
18
21

65
19
21

71
19
22

78
20
26

113

63

W
TO
W
TO

IE
15

1,017
947
901

8951

767
942
896

37
348
503
23

46
334
466
20

46
410
571
28

872
932

876
818
317
793
843
792
981 1,095 1,113 1,192 1,177 1,197
045 1,049 1,074 1,148 1,137 1,152
359
489
21

46
371
520
24

39
383
614
27

44
402

40
392

45
407

29

27

26

904
852!
792
1,238 1,271 1,254
1,189 1,222 1,213
49
423
781
28

636
139
118

43

42

44

80
769

99
799

124
855

772
298
73
10
422

7(18
152
64
11
324

024
109
53
8
252

573
96
46
8
224

626
119
45
9
245

674
127
44
10
313

153

139

161

17
43
3
26

15
46
3
17

IS
44
4
22

300

25
50
2

111
45
8
243

421

402

462

44

137
882
684
145
42

42

124
348

46

II
345

327

142
885
631
153
41
7
343

138

18
62
C
20

489

208

188

194

22
72
8
23,

24
78
8
22

141
41

22
92
11
22

50

155
913
714
153
40

e
353
193
21
97
18
20

21
It
I
2
2
20
13

23
13
1
2
6
25
16

24
15
2
3
7
27
16

1
1

1
2
19

1
2
26

14
133
41

22
141
44

34
165
67

52
194
73

21
11
13

21
12
14

2G
14
14

31
17
15

(<)
?>
TO
1,407
TO

TO

64
587
449
33

23,
5,229
2,437

25,
5,510
2,568

309
28
245

278
341

256
429

290
611

2,415
1,211

457
577
2,628 1,903

444,
1,1*8

496
1,206

560
1,614

TO
2,951

779 1,024 1,508 1,921 1,983 1,228 1,679 2,228 2,708
154
313
176,
193
237
257
182
175 167
117
316
238
185
220
243
181 220
153

2,143 2,145 2,181 2,254

218

<«)

53
552
430
36
16

49
450
387
29

51
521
670,
31

15
9
13
10
11
12
13
14
9
II
11
20
16
12
13
12
13
14
11
10
8
8
4,928 3,924 3 , 9 2 9 4,514 5,179 6.044 6,432 5,549 6,250 7,007 8 241 5,170
3,617 2,339 2,940 3,474 4,102 4,825 6,147 4,318 4,967 5,686 6,777 3,127

76
723

57

17

TO
W

IS <*}
25, TO
6,329 10,362
3,281 7,627

44

34

35

41

173
130
985 1,309

142
1,647

146
1,730

265
1,750

760
177
41
7
409

989
261
53
6
643

1,231
353
56

1,314
372

1,632

1,297
370
57
6

209

338

616

604

637

23
126
23
23

31
228
22
17

40
317
24
IS

50
368
32
23

46
376
54
21

II
12
113
123
4,664 5,131
1,174 1,256
987 1,025

12
143
5,783
1.393
1,125
84

•i

l,i

82

608.
TO

34

58
6
I , HO

TO
(0
1,880
<"}

8

a.
m
?
w
TO

w
192
7,942
1,683

29
20
2
3
12,
37
19

30
22
3
3
11
37
20

32
20
3
3
12
37
20

35
21
3
4
13
39
22

39
IS
2
4
12
31
20

42
14
2
3
11
26
16

2
3
44

2
2

2
2

2
2
65

2,
2

a

55
164

68
183
70

189
70

210

197

67

82

79

102
202
83

131
121
224
S3

13
16

27
15
17

28
16
18

33
19
19

33
IS
17

36
20,
16

48
22
20

54
24
22

i

41
46
43
41
43
41
51
44
43
45
46
2
3
2
3
5
6
b
4
5
6
2
6
4
7
5
4
8
6
0
5
5
6
6
6
1,744 1,255 1,114 1,240 1,345 1,556 1,765 1,693 1,857 2,938 2,367 2,550
162
250
149
160
239
227
222
217
179
265
247
204

44
1
2
2,471
346

48

61

8

33
17
1
3
2
22
IS

1
3
2
22
18

30
14
1
3
2,
20
15

4
2

2
2

1
2

6
175

29

23
12

132
39

I2t
34

18
10
12

**,
13

e. Golf instruction, club rental, and
caddy tecs ( s ) . . .
70
78
3
3
t. Sightseeing busses end guides (s)
9
g. Private flying operations (s)
9
5, Informal recreation.
. . . . . . . 2,546 2,273
307 261
a. Books and maps (dc)
b. Magazines, newspapers, and sheet
music (nde)
538 512,
2
c Book rental and repair (s)
3
d. Nondurable toys and sport supplies
2B1
336
(ndc)
0. Wheel goods, durable toys, and sport
132
145
equipment (dc)
24
14
f. B o a t s a n d p l e a s u r e aircraft (dc)
g. Boat and bicyole rental, storage,
9
and repair (s)
h . Radios, phonographs, parts, and
records (dc)
905 849
1. Pianos and other musical Instru­
107
SI
ments (dc)
27
26,
J. Hadiorepairfs)
11
13
k. Photo developing and printing ( s ) . . .
53
1. Photographic studios (s)
00
m. Collectors' not acquisitions of stamps
and coins <s)
See footnotes a t e n d oC table.

4,853

20
9
261

322
48

42

30
16
13

4,514

03
IS
II
205

245
43

82
794

6
£03
57

IMG

IS
50
14
14
211

243
46

43

8
207
53

1945

14
51
12
13
178,

378
34

76
932

32
17

1944

12,
41
12
9
160

17
22
f. Baggage transfer, carriage, s t o r a g e ,
4
4
4
5
S
12
a n d excess charges (s)
10
5
5
*
28
39
£5
96
4. L u g g a g e (dc)
56,
78
91
70
55
53
46
33
28
£8
I3C. R e c r e a t i o n
_ 4,327 3,986 3,29ft 2,435 2,199 2,437 2,625 3,014 3 , 3 7 4 3,235 3,446 3,740 4,225 4,590
625 672
913 892
821
573
631
854
1. Admissions to specified spectator amusement.
937 1,102
876
818
816
759
518 656
720
482
710
732
756
659
676
527
s . Motion picture theaters (s)
924
709
663
626
18
91
32
19
33
47
b . Legitimate theaters and opera (s)
01
48
40
21
27
19
21

c Entertainments of nonprofit organi­
zations, except athletics (s)
d. Professional baseball (s)
«. Professional football (s)

1943

10,
35
12
8
140

10
24
8
5
44

24
14

40

33
63
2
24

1942

10i
31
12
7
129

7
18
7
3
15

94
81
1,131 1,063

38
52

1941

12
41
13
11
114

467 336
346
306
296
572
404
354
1,814 1,749 1,540, 1,475 1,466 1,04D ],743 1,945

375

3,865 3,648 3,725

1940

4
424
41

2,58* 1,642 1,144
264
419
320
162
221
196

810
220
77
14
521

I
1938 1939

IS
W,
12

27
IS

30
19
2
3
»i

33
21
2
2

55

82

86

479
3

42$
3

416
3

441
3

450
4

400
i

518
4

514
4

554
4

266

207

181

290

216

242

369

268

138
II

07

SI

4

4

102
6

115
9

144
13

179
10

186
10

6

5

6

8

8

8

0

206

278

322

278

356

429

535

42
21

55
21
13
65

63
23
15
62

61
25
17
62

78
32,
21
70

101
36
28

94
57
34
II*

1
2
2,633
423

TO
TO
TO
TO

(

3
148
12S
260
92

A
3

2,962

?

TO
TO
(
TO
?
TO
TO
w
TO
TO

TO

TO ,
474

650

31
17
8

I

9

198

2
79

47
18
3
4
14
32
25

8

418
CO
24
10

232
36
3
3D

171
24
14,
7
31

7

1

"i

47

12

581
4

019
4

285

309

371

195
19

210
23

254

674
5
415

409

480

695

S19

260
14

229
S

205
10

323
12

598
63

794

S31
6

902
7

1,016

TO

10
250
44
147

TO

254

1,055

70
53
174

64
62
206
10

TO

44

NATIONAL INCOME SUPPLEMENT' TO SURVEY OF CURRENT BUSINESS

July 1947

Table 30.—Personal Consumption Expenditures by Type of Product, 1929-46'—Continued
^
f Mil lions of dollarsl
Group

1929

1930

1031

1932

I X . Kecrcation—Continued
5, Informal recreation— Continued
n. Hunting: dog purchase and training,
and sports guide service (si
o. Veterinary service and purchase of
22
26
27
pots (s)
134
221 190
0. Flowers, seeds, and potted plants (ndc)
32
32
7, Camp fees (s)
28
302
294
8, Clubs
377
148
143
a. Athletic and social—dues and fees (3).
127
b. School fraternities—dues and fees (s)_
14
14
14
e. Fraternal, patriotic, and women's
organisations except schoel and
insurance—net payments (s)
130
130
134
0
7
6
d. Luncheon clubs (s)
74
89
90
9, Commercial amusements, n . c. c. (s)
683 665
664
X Private education and research
242 251
219
. Higher education » (s)
....
135
170
162
2. Elementary and secondary schools ! (s)
3. Commercial, Business, and trade schools25
27
37
fees (s)
24
4. Correspondence schools—fees (s)
20
32
139
5. Other instruction (except athletics)—fees (s).
115
133
6. Foundation expenditures for education and
91
91
research < (s)
XL Religious and -welfare activities
1,190 1,309 1,125
837
1. Religions bodies 8 (s)
912 893
244
2. Soeialweltflroandforeignrclietageneies' (s)
253
230
15
3. Museums and libraries ! fe)
15
15
4. Foundation expenditures (except educa­
33
30
tion and research) > (s)
30
e
18
9
5. Political organisations' (s)
799 756
XII. Foreign travel and remittances—net
601
1, Foreign travel and remittances by United
States residents
737
931
992
34
a. PaymcntstoUnitedStatesvessels(s)
26
33
420
578
b. Other foreign travel expenditures (s).
c. Expenditures by United States Gov­
ernment personnel (military and
civilian) (ode)
30
20
21
d. Personal cash remittances to foreign
262
300
countries (s)
339
3. Less: expenditures and remittances by
126
175
foreigners.. .....
193
98
a. Expenditures in the United States (s)
143 132
b. Personal cash remittances to the
23
43
United States (s)
51
Total personal consumption expendituresDurable commodities
Nondurable commoditles^
„—„-.*Services..

1983

1934

1935

1936

1037

1939

1940

1941

1942

1943

17
90
34
208
72
13

128
0
55
571
227
158

117
6
54
481
295
121

19
IS

16
10
70

61
973
743
100
14

872
663

W

IS

028
267
195

100
9
71
639
277
198

102
9
81
692
283
202

110
9
83
816
310
215

122
10
78
961
363
237

137
10
109
931
372
344

154
11
123
853
352
216

26
20
71

24
21
75

54
22
84

132
22
81

204
22

160
22

70
22

48
923
651
219
16

49
47
41
46
938 1,000 1,014 1,160
662
052
662
659
447
321
263
237
10
16
10
10

52
1,306
695
563

54
1,499

54
1,478
783
052

16
10
317

15
30
223

16
9
209

497
20
313

387
13
159

106
13
176

178

108
0
63
483
313
121

106
6
66
697
32S
122

102
6
75
540
212
110

101
7
87
000
249
174

101
7
61
019
256
193

18
17

22
18
70

25
IS
72

28
29
78

2S
20
75

15
870
641
132
13

47
862
027
195
14

49
899
621
204
14

51
909
038
219
15

25
191
28
199
74
18

20
211
2S
203

16

750
071
10

16

18
35

18
9
1,144

4
124

740 1,218
3
3
140
172

351

417

S22

944

140

99

180

221

162
122

185
140

214
159

10

45

16

94

%>

«

8
to

8
8

290
190

43

8
'8

250

137
94

m679
.
332

1,434
5

16
19

16
10
352

16
44
412

17
II
452,

£53
16
318

454
16
243

443
17
259

478
IS
286

566
34
341

620
23
410

16
21
376
543
23
366

30

18

16

20

IS

18

18

20

27

77

199

178

151

155

170

109

151

144

188

104
85

126
108

114
132

168
140

172
135

ISO
144

164
105

19

20

22

28

37

36

17

391
30
236
78
II

IS

25
170
20
200
75
17

18
8
367

17

«

37
457
32
280
104
11

76

20
186
31
203
79
16

20
30
467

36
69

12

33
209
30
305
71
16

24
169
29
198
74
16

1916

10

10

29
247
30
203
74

32
130
27
197
71
14

18
110
20
199
71
14

1945

35
315
26
217
73
12

ID
IS
89
25
242
94
14

1944

16
19

316

17
S
555

1,004

229

137

129

78.761 70,789 61,163 49,203 16,346 51,882 50,215 02,515 67,121 64,513 67,406 72,052 82,255 90,335 101,636 110,417 121,698 143,670
m
9,302 7,275 5,509 3,091 3,503 4,265 5,153 6,374 7,006 6,754 6,739 7,854 9,750 6,815 6,515 0,765 7,977 14,017
37,742 34,062 28,963 22,743 22,254 26,732 29,377 32,387 35,232 34,032 35,268 37,591 43,960 52,962 01,205 67,100 75,298 87,061
31.657 29.462 26,029 22 771 2ft 689 20.895 21.630 33,254 24,881 24.727 25.479 26.604 28.645 31,028 33.906 36,472 38.433 41.692

i Oommodities and services purchased b y government and business as well as consumers have been allocated between nonconsumer and consumer purchases, and only the latter
are shown in this table with the exception of meals and beverages where the deductions made for nonconsumer purchases are indicated. Consumer nondurable commodities are
designated n<fc following group titles, durable commodities rfc, and services s.
9
Expenditures for alcoholic beveraees—distilled spirits, wine, and beer—bought both in packaged form and by the drink are estimated as follows in millions ot dollars: 1933—626,
1934—2,003, 1935—2,563, 1936—3,161,1937—3,443,1938—3,237,1939—3,425, 1910—3,034,1911—4,238, 1942—5,346,1943—6,082,1944—7,200, 1915—7.850, and 1940—8,770.
• Off-premise food estimates include fountain or lunch counter sales of post exchanges, ships' stores, meals sold by army messes, eto. The meals and beverages estimates, on tbo
other hand, cover fountain sales of certain foods, especially packaged Ice cream, for off-premise consumption.
• Component service group estimates not shown separately are included in their respective subdivision and division totals.
1
Space rent covers heating and plumbing facilities, lighting fixtures, storm windows and doors, window screens and screen doors, and window Winds or shades, b u t excludes
other furnisntags, equipment, and related services—furniture, stoves and ranges, refrigerators, repairs of furniture and appliances, fuel, electricity, etc. Purchases of excluded furnish*
equipment, and services are Included In tnc appropriate commodity and service series. These housing estimates Include housing furnished as part-compensation of nonfarm employees.
■ N e t payments are premiums minus claims paid, or in the case of labor unions and fraternal, patriotic, and women's organizations arc gross payments minus cash benefits.
r Include value of meals furnished.
> These series are denned to include current expenditures of nonprofit organisations providing services principally to individuals, Including depreciation but excluding relief
payments within the United States.
• Less than $600,000.
» Total operating expenses of life insurance companies excluding payments to policyholders and expenses allocated to accident and health insurance,

T a b l e 31.—New C o n s t r u c t i o n Activity, by T y p e , 1929-46
(Millions of dollarsi
1939

1930

1931

1932

1933

1934

1935

1936

1937

1933

1939

1940

1941

1942

1943

1944

1943

9,913 8,059 5,980 3,200 2,233 2,756 3,110 4,714 5,303 6,018 6,003 6,80/ 10,308 13,353 7,731 4,073 4.695
3,116 1,182 1,006 1,221 1,648 2,486 3,274 2,941
402
665 1,131 1,372 1,511
1,328
278 361
199 404
712 I, OSS 764
1.104
455 472
232
492
221
71
176 191 168 360
231 135 177
400 298
433
217 298
86
112 119
243
125
43
41
52
116
63
1*7
69
45
84
50
40
454
589 470
987 432 254
312 335
196
389 226
97
39
09
93
176
104
104
69
64
118
20
43
00
85
92
107
3S
13
20
39
SO
2,228 2,031 2,077
2,564 1,778 1,218 1,536 1,462
61
35
93
1
9
597
469 666
273
622
623 578 392 193 256
4
12
2
P)
3
11
2
« P)
336
36
151 101
Institutional *
._.„.„„_-.--462
455 373 201
130 283 349
127
173
S9
110
44
74
121 173
103
77
18
10
57
60
04
32
68
30
Other >.
47
29
34
36
10
62
37
47
37
29
19
S70 830 837
916 676 S21
1,323
622
005
1,348 1,481
023 136 314
621
020
665 687
410
Another'
_
503
i Consists of warehouses, oflleo and loft bufldines; stores, restaurants, and garages; and hotels.
1
Consists of religions, educational, and hospital and other Institutional.
» Consists of social and recreational, and miscellaneous.
* Consists of educational, and hospital and other institutional.
■ Consists of commercial, social and recreational, and miscellaneous.
» Consists of sewage disposal and water supply; miscellaneous public service enterprises; conservation and development; and
' Not available separately; amount believed negligible.
7,622
2,797
Nonresidential building, except farm and public utility. 2,822
949
1,296
369
337
Other i
„
1,024
Public utility
279
147
132
3,391




5,306
1,440
2,999
532
1,020
343
204
1,568
193
107
36
2,753

3,019
2,114
785
254
304
112
115
494
226
120
106
2,443
65
836
33
532
180
100
125
836
5S3

4,199
2,355
1.028
442
365
134
87
530
236
127
109
3,008
300
619
104
132
96
77
335
875
629

5,238 3,908
2,765 1,315
635
1,436
801 340
164
427
79
1S8
40
100
681 687
393 371
144
174
127:
129
6,070 10,145
430 645
1,610 3,634
1,330 3,437
169 148
38
16
21
40
1,620 5,016
850 075
575
630

1916

io,oor

1,009 1,740 2,647 7,856
650 535
070 3,300
232 360 1,014 3,360
150 208
642 1,689
34
59
210 1,166
22
398
46
38
37
20
74
227
495 C4S 672
866
292 213
191
350
185 136
116
212
197
77
76
138
0,005 2,327 2,048 2,151
700 190
71 387
1,800
638
652
319
507
1,008
170
195
99
144
ISO
9
11
15
16
IS
21
23
33
2,669 837
690
138
342
450 360
70S
563 302
293
551

all Federal not Included elsewhere.

jmy 1947

NATIONAL INCOME S U P l ^ E M E N T TO SURVEY O F CURRENT BUSINESS

45

Table 32.—Producers' Durable Equipment, 1929-45
[Millions of dollars]
1943 1944

1945

0,43S 4,926 3.102 1,781 1,783 2,531 3,351 4,631 6,444 3,975 4,677 6,108 7,676 4,702 3,701 5,343

7,134

716
168
180
170
239
47S
73
029
283
035
174
282
134
178
182
139
310
385
174
0
181

363
204
264
326
314
676
91
767
314
724
234
343
145
100
220
234
739
378
215
12
73

1929

1930

399
550
60
107
136
106
279
100
US
147
681 414
GereraJ and miscellaneous machinery end equipment
„
55
05
393 366
175
161
370
Electrical apparatus and e q u i p m e n t — . . . . ^
„_
„ , 4S0
167
154
411
Nonresident^] furcit«re and equipment
514
75
91
professional and scientific equipment. _*.
•«.—..,*^.«.
OS
88
HI
J07
Miscellaneous subsidiary durable equipment-*.,
. ^ - „ 349 303
1,656 1,003
391 387
109
76
17
41

1931

300
26
61
87
80
312
32
1S9
00
200
76
278
64
45
90
226
763
94
83
0

1932

182
20
17
38
46
170
15
120
46
119
£3
104
35
30
76
167
407
62
IS
1

1933

198
24
14
46
40
171
12
129
23
87
62
141
29
34
87
156
403
33
12
8

1934

250
38
28
81
38

m

20
142
68
143
64
192
33
44
111
183
709
118
21
15

1935

1936

1037

503
329 435
114
100
69
105
46
80
192
197
131
124
96
01
508
431
316
51
40
28
344
221 274
192 254
121
422
207 264
103 129
83
307
246
208
89
55
44
74
61
51
100
132
113
292
214 267
977 1,264 1,312
383
125 230
05
57
9
10
7
8

1938

1939

1942

1941

1940

373 405 611 619
72
242
B4
77
177
120
82
85
159 228 449 630
150 213
10I« 108
363 406 467 640
68
36
32
48
327 292 375 495
175 236 316
184
662
231 362 650
200
145
109 115
2G1 285 341 426
104
80
62
83
128
65
67
89
161
122 136 143
282 323 395
247
335 1,142 1,418 1,746
102 200 353 403
194
S3 145
122
35
23
15
39
33
6

601
146
159
408
190
409
57
538
108
461
170
329
34
82
162
203
214
4G1
218
0
355

570
113
164
331
178
401
72
405
110
395
119
277
118
122
197
117
245
287
I7S
0
644

i Consists of certain Defense PJant Corporation purchases included mainly in special Industry machinery; general and miscellaneous machinery and equipment; engines and tur­
bines; pumps and pumping equipment; electrical apparatus and equipment; professional and scientific equipment; and tools.

Table 33.—Net Change in Business Inventories, 1929-46
[Millions of dollars]
1929
Net change in business inventories, t o t a l . . .

Inventory valuation adjustment
Net change in nonfarm inventories by Industrial
Manufacturing
Change in book value..
Inventory valuation adjustment
"Wholesale trade
Inventory valuation adjustment
Change in book value
Inventory valuation adjustment
AllotberChange in book value

1930

1933

1932

1931

1934

1936

1936

906 3,226
1,562 -283 -1,361 -2,563 -1,019 -1,144
478 1,111
36 —271 -1,317
303
-252 -249
173 427 2,115
- 3 4 -1,669 -2,599 -1,34S
1,814
173 427 2,115
- 3 4 -1,609 -2,599 -1,348
1,814
182 217 1,589
101 -1,149 -1,836 - 8 7 1
1,658
210
526
-9
-225 -620 -733 -477
250
704 2,973
852
1,200 -4,049 -4,094 -3,941 1,320
807 444 2,327
1,0S6 -3,069 -3,603 -2,863 1,272
646
45 260
48
114 -9S0 -1,131 -1,078
614 4,015 3,025 1,342 -2,668 -679 -277 - 8 5 8
472 3,260 2,414 1,047 -2,143 - 6 2 5 —227 - 7 3 3
-54 -50 -120
295 -525
011
755
142
—34 -1,669 -2,699 -1,348
1,814
747 -594 -1,185 -678
911
823
608 -1,563 -2,239 -1,840
691 -1,406
313 2,300 1,045
-89
54 —413 -175
31
263
- 7 4 —627 -832 -358
410
105
183 -357
581
260 -633 -377 -753 -486
223
87 -1,390 -1,148 -1,130
333 -708
771
857
173
012 -302 - 2 8 5 -516 -196
1
589 -579 —475 -601
85 -197
190
277
23

1937

1938

1939

1940

2,309
645
1,764
1,704
1,520
244
1,824
1,551
273
-00
-31
-29

-973
140
—1,113
-1,113
-920
-103
-2,297
-1,883
-414
1,184
963
221

441
97
344
344
261
93
1,224
965
259
-880
-714
-160

2,276 3,874 1,416 - 1 , 1 3 0
240
-449
458 1,207
2,035 3,416
149 - 7 3 1
2,035 3,416
149 - 7 3 1
1,633
394 - 5 1 7
3,165
251 —245 - 2 1 4
402
2,235 6,677 1,775
231
6,782 1,663
1,731
307
896
464
-76
107
-200 -3,261 -1,626
-962
-143 -2,617 -1,274
-824
-52
-138
-352
-6*4

1941

1942

149
173 427 2,116 1,764 - 1 , 1 1 3
344 2,035 3,416
214 1,274
2,321 1,482
136 213 1,095 1,344 - 6 3 1
713 1,363 4,053 2,209
381 1,586 1,340 - 1 , 2 6 8
698
637 - 4 9 0
—462 —168 —491
- 8 9 -1,732
4
-817
162
77
210 - 1 9 8
168 - 7 3 2
1 286
66
167
236
794 - 4 4 9
9 487
226
70 - 4 0 3
205 - 1 5 9
5 -620
140
-283
- 8 -201
-160
676
118
64 - 1 8 7
501 - 6 6 7
313 703
-47
831
209 - 4 9 0
-16
050 1,309
312
-168
394
-81
303 - 1 9 4
-499
-808
-31 -81 -128 -145
-65
-07
146
31
426
18 -1D0
24
66
60
59
-37
205 - 1 3 6
93
6211
44 -so!
39 - 2 3
-27
-96
-26 -20 - 3 8 -59
-35

1945

1944

1943

—1,957
-573
-1,384
-1,384
-1,271
-113
-970
-916
-54
-414
-365
-59

1946

-1,222
3,664
-71
—236
- 1 , 1 5 1 3,900
- 1 , 1 5 1 3,900
- 1 , 1 1 8 2,796
-33
1,104
- 5 0 4 9,897
- 5 8 6 7,485
21 2,412
-587 -6,997
-633 -4,689
- 5 4 —1,393

- 7 3 1 - 1 , 3 8 * - 1 , 1 5 1 3,900
1,332
44 - 1 , 3 1 6 - 1 , 1 0 6
- 7 0 S 4,295
675 - 1 , 0 3 3
-398 -2,963
-631
-283
161
-279
1
562
247 1,500
-125
30
-86
-154
-29
-938
-186
1,714
-111
-413
3,456
-52
-272
-113
- 5 9 —1,742
-73
-141
292
-35
-S3
117
646
9
-47
146
-29
-364
—44
-36

Table 34,—Supplements to Wages and Salaries, 1929-46
(Millions of dollars]
1929

1931

1932

1933

1934

1935

101

621

Employer contributions to private pension and welPay of military reservists > . . . . - - . — _ . . . _ . „ - . . . .
Other 3

1937

1938

1939

1940

1941

1942

1943

1944

1945

1946

106

584

542

505

547

599

921 1,743 1,935 2,075 2,199 2,572 3,008 3,605 4,240 5,321 5,650

111

126

133

147

171
7

418 1,234 1,423 1,640 1,624 1,983, 2,302 2,077 2,936 3,305 4,072
238 261
291
329
532
648
630
419
625
169 583 780
813 1,011 1,089 1,240 1,177 1,008
315
877
102
89
105
98
161
183
184
177
124
81
64
58
67
129
02
140
140
9S
SO
163

Railroad retirement insurance
Federal civilian employee retirement systems..
State and local employee retirement systems
Government life insurance * . . . . . .

1936

3

621
Employer contribulwnsfor social i n s u r a n c e . . . - . . . . . . . . . .
Old age and survivors Insurance

1930

21
72
3
620
278

hi

78
7
515
278

22
84
5
473
246

22 """22 " " 2 2
96
107
118
8
4
4
410
372 400
207
180
183

32i
127
5
428
201

45
131
2
503
228

63
141
3
514
263

77
147
2
612
253

128
34
80

124
36
77

121
37
69

113
37
69

129
38
60

109
42
64

139
46
67

145
43

103
31
68

123
31
68

6G

33
84
152
2
536
255

67
93
155
2
575
278

SO
I02i
165
2
539
318

00
109,
1S5
29
700
367

118
120
130
140
147
191
227
240
202
212
225
235
27
255 1,263 1,561
838 1,304 1,616 1,578
403
496
474
444

156
5S
06

170
01
66

183
14
74

247
3

392
2
91

so

721
1
138

828
5
209

915
27
140

1
Consists of Government contributions to the Government Life Insurance Fund and tbe National Service Life Insurance Fund.
i Excludes pay of reservists on [ull-timc active duty, which is included in military wages and salaries.
Consists of directors' fees, jury and witness fees, compensation of prison inmates, Government payments to enemy prisoners of war, marriage fees to justices of the peace and
merchant marine war-risfc life and injury claims.
1




NATIONAL INCOME SUPPLEMENT TO SURVEY OF CURRENT BUSINESS

46

July 1947

Table 35.—Employee Contrt buttons for Social Insurance, 1929-46
[Ml 11 Ions of dol tars]
1929
T o t a l e m p l o y e e contributions for social insurance

242

1930
147

1931

1932

151

1933

132

1S2

1934
167

1935
102

1936

1937

1933

1939

1940

1941

1942

1943

1944

1943

1940

see

130

534

696

658

801 1,160 1,839 2,236 2,335 1,918

261
44
54
39
96

291
41
58
42
105

329
44
07
SO
112

419
SO
80
06
US

60

39

30

05

39
47

30
51

31
55

32
57

30
63

30
65

32
70

34
76

288
32
02
37
86

00

60

05

63

59

02

00

fli

01

9

02
74
98
159
120
2
181

025
88
139
257
128
6
607

648
030
90
as
140
140
282
295
139
150
5
4
933 1,031

071
40
163
203
160
5
016

• Represents premium payments to Government Lite Insurance Fund and National Service Lite Insurance Fund.

Table 36,—Transfer Payments, 1929-46
[Millions of dollars]
1920

1930

1931

1933

1932

1934

1935

1936

1937

1938

1939

1940

1041

1942

1943

1944

1945

1946

1,499 1,544 2,673 2,152 2,113 2,193 2,389 3,520 2,418 2,834 2,963 3,119 3,119 3,151 2,970 3,631 6,185 11,319
604
023 2,054
599
695
913
746 1,675
828 1,196 1,340 1,420 1,375 1,438 1,240 1,838 4,298 9,158
44
7S4
004 1,336 2,357
345
713
840
696
606
142
95
93
94
82
72
60
51
137
287
218
172
94
40
14
10
1
337
344
02
344
439
2
446 1,095
80
518
393
123
137
146
132
124
118
110
98
40
1
159
6
1
2
1
14
16
6
40
83
130
78
73
63
00
,57
£2
42
32
27
22
IS
348
1S3
93
68
65
56
110
59
40
29
36
34
36
272
67
75
09
40
43
40
33
29
328
10S
9
137
63
22
23
36
20
2
Military pension, disability, a n d retirement

pay*
433
418
18 1,430

443
90

Other * — „ „ »

^

Other*.
Business.-——
Other \

,

548
955

571
152

456
35

382
27

111
2JS
72
72

110
204
78
78

112
349
86
80

118
502
95
95

102
759
110
110

92
96
953 1,172
127
119
119
127

71

K e a d j u s t m e n t , self-employment, a n d

468
117

105
105

170
170
87
049
40
497
112

317

558
72
4S6
91
OSS
27
530
102

745
80
665
69
641
27
508
106

446
S9

462
30

470
28

474
10

475
10

491
6

648 1,013 1,678
7
18
189
230 1,403 2,131

subsistence

} »
«.

434
134

75
587
32
452
103

81
S34
35
390
109

317 f
\
90
737
31
508
108

954
115
830
91
594
28
453
198

142 2,727
5
215
81
32
19
24
G2
82
SO
284
195
247
862 1,6123 1,209 1,272 1,262 1,242 1,229 1,220 1,244 1,323 1,633
233
137
213
245
223
194
175
103
157
151
144
238
137
210
194
175
163
157
151
144
240
218
3
fi
3
5
988 1,178
929
942
956
985
965 1,034 1,013
787
035
901 1,058
818
778
7i3
030
£06
509
397
218
853
87
J11
178
267
383
458
456
390
417
120
89
102
78
210
79
79
82
86
91
93
02
90
564
504
549
494
502
431
4S1
429
507
594
528
213
139
58
38
31
27
33
30
175
200
98
230
245
332
287
310
290
428
461
230
230
282
115
100
112
100
104
106
106
103
107
114
117

' Consists ot payments from Government Life Insurance fund and National Service Lite Insurance Fund.
? Consists of Farm Security Administration grants and tbe value of free stamps issued under tbe surplus food and cotton stamp programs.
1
Covers benefits under die World War Veterans Adjusted Compensation Act ot May IS, 1924, as amended, and under tbe Adjusted Compensation Payment Act of January 27,
1936. For tile period 1929 through May 1936 thisseries represents very largely not Joans to veterans on tbesecurityoftbetr adjusted service certificates from the U. 8. Government Life
Insurance Fund and the Adjusted Service Certificate Fund; for tbe period June 1936 through 1940 it consists almost entirely of cash redemptions by veterans of their adjusted service
bonds. Additionally, the scries includes (1) payments to beneficiaries on certificates matured by death ot veterans (1929-46); (2) "adjusted service dependent pay," which comprises
cash payments (negligible in amount) to "veterans and tbeir beneficiaries where, under certain circumstances, no certificates were Issued (1929-40); (3> payments to veterans in settlement
ot adjusted service certificates not covered by issuance of bonds (1936-46); and (4) payments to veterans boldIng certificates to maturity (1945-16).
*
1 For 1946 Includes $31 millions ot enlisted men's cash terminal leave payments.
Consists of military and naval insurance payments, payments to nonprofit Institutions, profits ot military post exchanges and ships'stores and services, and payments under the
Panama Canal Construction Annuity Act.
'Consists of veterans' aid and bonuses, payments for the cam of foster children in private family homes, and payments to nonprofit institutions.
' Consists of cash prises, unrecovercd thefts from business ot cosh and capital assets, and personal-injury payments from business other than to employees.

Table 37.—Monetary and Imputed Interest, 1929-46
(Millions of dollars!
1929
6,541
4,344
9,811
3.311
7,697
1,081
Originating in households and institutions
1,620
1,620
677
711
Less: M o n e t a r y interest paid to abroad
134
Personal Interest i n c o m e (component of Personal I n c o m e ) — 7,524
6,541
N e t interest paid b y g o v e r n m e n t . . .
...
.
983
1,506
523

1930

1931

1932

1933

1934

1936

1930

1937

1938

1939

1940

1941

1942

1943

1944

1945

1946

6,176
4,603
9,085
3,063
0,630
890
963
905
008
701
93
7,149
6,170
964
1,513
549

5,938
4,022
8,413
2,810
5,876
730
766
766
530
612
62
7,022
5,938
1,034
1,S21
437

5.430
4,360
7,6SB
2,694
5,158
604
044
644
420
458
32
6,571
5,430
1,141
1,374
433

5,010
4,093
6,661
2,361
4,359
670
593
593
324
349
25
6,180
5,010
1,170
1,639
519

4,760
3,902
6,284
2,399
4,242
539
600
666
242
26S
23
5,980
4,750
1,230
1,849
619

4,539
3,704
6,911
2,374
4,000
521
628
628
207
231
24
5,680
4,639
1,141
1,831
690

4,474
3,541
5,615
2,497
4,030
541
738
738
195
221
26
5,575
4,474
1,101
1,868
767

4,376
3,401
5,490
2,583
4,118
554
816
815
100
191
31
5,580
4,376
1,204
2,019
815

4,290
3,384
6,274
2,569
3,896
554
768
768
138
170
32
5,482
4,290
1,192
1,920
738

4,212
3,384
5,193
2,606
3,957
653
801
801
127
158
31
5,417
4,212
1,205
1,941
730

4,104
3,102
5,050
2,694
4,028
614
882
883
120
152
32
6,395
4,104
1,291
2,059
708

4,113
3,004
5,010
2,821
4,173
060
983
9S3
126
152
20
6,402
4,113
1,289
2,088
799

3,878
2,988
4,850
2,996
4,176
682
760
760
130
165
25
6,395
3,878
1,517
2,407
890

3,367
2,681
4,033
3,178
4,339
771
571
571
115
145
30
5,607
3,367
2,110
3,141
1,001

3,207
2,547
4,586
3,450
4,739
750
542
542
118
149
31
6,007
3,207
2,800
3.888
1,088

3,130
2,445
4,716
3,796
5,275
791
662
563
123
16S
35
6,806
3,130
3,073
4,930
1,265

3,174
2,361
5,603
4,189
5,864
967
691
691
122
153
31
7,666
3,174
4 491
5,775
1,284

'This Item consists of two kinds of Imputed income: (l) the value of tbe services rendered to depositors by financial intermediaries without the assessment of speoiflc charges,
and (2) property income received byfinancialintermediaries but accruing to tbe account ol persons. The former arises in the case ot commercial banks, mutual banks, building and
loan associations, credit unions, investment banks, and similar institutions and is measured by tbe cost to these institutions of rendering Ires services to depositors. The latter arises
is the case ot life insurance companies, mutual banks, savings and loan associations, and credit unions, avid Is classified as Imputed interest to signify that snob, income is not received
currently by persons in tbe form of monetary interest payments.
i This Item consists of the value of the services rendered to business depositors by commercial banks without the assessment of specific charges. It is derived from the total of
free services rendered by commercial banks by an allocation between business and persons on the basis of deposit information. As an Jnterbusmess transaction, the business share la
eliminated In the measurement ot national income and product. Tbe part allocated to persons Is a component ot consumer expenditures for services.




July 1947

NATIONAL INCOME SUPPLEMENT TO SURVEY OF CURRENT BUSINESS

47

T a b l e 38.—Reconciliation o f D e p a r t m e n t of C o m m e r c e E s t i m a t e s of Corporate Profits w i t h B u r e a u o f I n t e r n a l R e v e n u e
T a b u l a t i o n s , 1929-43 '
[Millions of dollars]
1033

1934

1935

1936

1937

1938

1939

1940

1911

1942

-930
246
1,696

2,970
312
298

6,423
349
239

7,771
437
142

7,830
524
164

4,131
437
75

7,178
4*8
65

9,343
475
703

16,675
544
1,006

23,389
87S

28,126
044

142

* 202

243

470

6S1

305

152
207

186
212

330
188

297
163

48G
179

584
294

1,260
43
-56
316

L026
54
-32
432

2217
101
-2
560

3,014
163
44
610

2,676
193
-32
584

2,632
209
-13
029

95
1,791
312
195
505

116
1,906
250
114
678

178
2,021
245
137
571

185
21235
183
99
918

131
1,344
157
98
919

130
1,334
134
130
910

12

-19

-30

-41

-57

-69

1,030

1,054

-96

-79

-79

-98

-131

-160

12

14

14
157

13
165

5
134

8
356

14
199

26
344

36
451

0

5

0

1

9

14

23
277
8

14
1,783

25
2,893

3,224
735
131
87

5,084
1,192
157
98

0,197
1,276
105
110

3,329
S60
134
88

6,467
1,232
166
118

9,325
2,549
199
189

37,233
7,168
277
473

145
77
21,098
12,250
344
656

24,510
15,926
451
620

1,316

2,141

101

326

6

6

1929

1930

1931

11,870
559
£00

4,6}9
463
935

- 7 7 7 -3,829
26S
246
1,702
1,705

Less net capital gain, B. L R.»
—
Less net gain, sales of property, other than

1,316

646

299

Less domestic dividends received, B . I . R
Less foreign dividends received, B. I. B . '
Plus "rest qf the world" industry, Commerce.
Pius profits disclosed by audit. Commerce
Less profits of mutual life insurance com­
panies, based on B. I. R.*

2,593
237
65
851

2,571
189
3
600

1,969
92
-56
405

123

110

9*

104

17

33

7

Less profits of mutual nonlifo insurance corn-

-69

-SO

-62

-49

-59

-81

-88

Less foreign income tax on branch profits,

13
245

11
95

6
76

2
57

6
59

10
10*

• 12
331

38

6

0

21

7

8

9,618
1,193
145
91

3,303
712
98
67

-783 -3,042
399
286
75
57
44
45

162
423
69
61

1,723
596
100
78

Compiled net profit,B. I. E
Plus depiction, B, I . B
Plus net loss, sales of property, other than

Pins profits of Federal Reserve banks, Federal

1932

Less emergency amortisation acceleration,
Profits before taxes, Department of Commerce
Less FederaUnoome taxes, B. I. R
Less State income taxes, Commerce
Less taxes resulting from sudft, Commerce
Plus tax refunds resulting from renegotiation,
B. I.
ft.'.
..
Plus tax refunds resulting from emergency
Less income taxes. Federal Reserve banks,
Plus taxes paid by mutual nonlifo insurance
Less unjust enrichment tax, Commerce •
Less excess profits tax, Vinson Act, Commerce*.
Plus foreign income tax on dividend income,
Commerce*
. . ... . Plus foreign income tax on branch profits,
Commerce'
Plus carry-hack tax refund, Commerce
Profits after taxes, Department of Commerce

IS

9
4

1943

466

2
•44
1

2

1

23

18

13

5

13

18

20

22

20

33

38

46

40

42

44

13

11

e

2

G

10

12

14

13

5

8

14

23

26

977

2,259

4,273

4,685

1,289

5,005

6,447

9,388

9,433

36
291
10,363

8,420

2,466 -1,283 -3,424

-362

i Aa reported in Statistics of Income.
' Beginning in 1933, the item previously reported in StaffsJfej oflncvmt as net capital gain was subdivided into two parts designated as net capital gain and net gain, sales of prop­
erty other than capital assets.
' Dividends received from foreign corporations were first available in Statistic) of Income in, 1937. Prior to this year they were estimated by the Department of Commerce.
* These estimates are based on Bureau of Internal Revenue data. They attempt to measure merely t h e amounts included In the Statistics of Income profits total, and have no
economic significance as a separate series*
i Beginning in 1942, these are Bureau of Internal Revenue data; prior to 1942, they are estimates based on Bureau of Internal Revenue data. They attempt to measure merely
the amounts included in the Statistic! of Income profits totel and have no economic significance as a separate series.
i*
' The total income taxes paid to foreign countries by domestic corporations, and used as a tax credit against the United States Federal income taxes are available in Statistics of
Income. The breakdown of this total as between foreign income taxes on branch profits and dividends was estimated by the Department of Commerce,
J, * adjustment for gross renegotiation refunds, and the tax credits relating thereto, refer only to that part which took place subsequent to the filing of original returns with
w e Bureau of Internal Revenue, end is therefore incorrectly included as profits and taxes in the Statistics of Income data.
i The emergency amortisation acceleration adjustment measures the effects of shortening the emergency amortization period from 5 years to tbo period between completion or
the facility and Sept. 29,1916, the date on which the emergency was declared over for this purpose.
' These estimates are based on Bureau of Internal Revenue data.

Tattle 39.—Major I t e m s o f Personal I n c o m e a n d Personal C o n s u m p t i o n Expenditures i n K i n d , 1929-46
{Millions of dollars]
1929
Personal income and consumption expenditures in kind
Food furnished government (Including military) and
commercial employees
Standard clothing Issued to military personnel
Meals furnished domestic servants and nurses
Net rent of owner-occupied farm and nonfarm dwellings
Services furnished without payment by financial inter­
mediaries except insurance c o m p a n i e s . . . . . . . , ,
.
Employees' lodging
Personal Income and consumption expenditures partially in
kind1
Food produced and consumed on farms
Fuel produced and consumed on farms.
Personal consumption expenditures in kind not Included In
personal income—.....
....
Depreciation of owner-occup ted farm and nonfarm dwell­
ings.
:
Taxes on owner-occupied farm and nonfarm dwellings...
Intltutional depredation

1930

1931

1932

1933

1934

1935

1936

1937

1938

1939

1940

1941

1042

1943

1944

1945

1946

4,715 1,252 3,633 2,864 2,284 2,100 2,200 2,336 2,649 2,736 2,330 2,915 3,519 4,994 6.723 8,425 9,151 6,523
267 246 198 160
155
9
11
12
10
11
298 266; 195
128
140
2,772 2,493 2,120 1,604 1,162

185
7
161
949

230
214
271
12
9
13
194
ISO
214
937 1,023 1,190

247
14
182

L278 1,111 1,017
97

793
71

792
74

843
78

818
87

872
78

767
71

876
85

254
283 475 957 1,726 2,481 2,810 1,400
750 1,327 1,673 l,f
22
490
54
210
217
230
183 201 210 242
213 226
1,159 1,491 1,678 2,042 2,385 2,745 2,964 2,874
817
90

792
91

852
94

904
00

950 1,192 1,345 1,407
105
126 126
117

1,1
1,537 1,264 1,008 1,023 1,090 1,321 1,374 1,410 1,283 1,244 1,232 1,400 1,084 2,016 2,031 2,143 2,471
915 926
1,685 1,428 1,153
992 1,217 1,271 1,304 1.IS4 1,134 1,127 1,204 1,673 1,897 1,905 2,021 2,360
103
93 104
111 119
109
96
93
106
100
120
122 121
97
99
106
.114
110
2,203 2,232 2,180 2,104 2,000 2,034 2,058 2,053 2,034 2,098 2,094 2,156 2,221 2,312 2,421 2,552 2.728 2,938
1,007 1,093
973
1,017 1,051 1,037
179 178 176

913
987
171

946
879
175

972
887
176

979
903
176

991 1,012 1,008 1,027 1,053 1.119 1.1S5 1,263 1,331 1,407 1,617
885 892 906 880
932 961 1,021 1,120 1,221
90S 910
192 196
197 200; 201 200
177
ISO 184
187
190

1
These items are presented at their gross value because data on costs are not available separately from costs of farm output sold on tbo market. Only the net income derived
from production of these items represents Income in kind; only the net income derived from, and the depreciation and taxes incurred in, their production represent personal consump­
tion expenditure in kind. On a cash Income basis the current expenses incurred in their production, other t h a n depreciation and taxes, would become personal consumptionexpendi*
turcs Instead of business expenses, the taxes would become personal taxes instead of business taxes, and the depreciation would not appear,




NATIONAL INCOME SUPPLEMENT TO SURVEY OF CURRENT BUSINESS

48

juiy 194T

Table 40.—National Income by Distributive Shares, Quarterly, 1939-46
[Billions of dollars]

I
Compensation of employees.
Wagea and salaries . .
Military
Supplements to wages and salaries
Proprietors' and rental Income K~.~
Business and professional
Farm
....
.........

..

Corporate profits and inventory valuation
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment
Net interest
Addendum: Compensation of general gov­
ernment employees

II

ni

IV

17.3
11.5
11.0
8.0
.1
2.1
.5
3.7
1.7
1.1
.8

17.7
11.8
11.3
9.1
.1
2.1
.5
3.6
1.6
1.1
.0

18-1
11.8
11.3
9.5
.1
1-7
.6
3.7
1.7
1.1
.9

19.4
12.7
12.1
10.0
.1
30
.6
3.9
1.8
1.2
.9

1.1
1.1
.3
.8
.0
1.1

1.2
1.3
.3
1.0
-. 1
1.1

1.6
1.6
.4
1.3
-.3
1.1

2.0

2.0

1.7

Wattes and salaries....
Private
—

-

—..._

Supplements to wastes and salaries
Proprietors' and rental Income'.
Business and professional
Farm
.
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 gov­
ernment employees..-.
..
.

7.6

20

2.0

Year

2.4

191*
II

in

IV

43.6 168.3
29.0 109.1
28.1 105.fi
20.6 78.7
4.2 14.5
3.3 12.4
3.6
.9
8.1 32.1
3.7 14.1
2.8 11.8
6.2
1.6

44.4
29.2
2S.2
20.3
4.6
3.2
1.0
8.4
3.7
3.1
1.6

45.5
30.1
29.0
20.6
5.1
3.3
1.1
8.6
3.7
3.2
1.7

45.7
30.5
29.4
21.0
5.4
3.0
1.1
8.5
3.8
3.0
1.7

5.8
6.0
3.4
2.5
-.2
.8

23.7
24.fi
14.2
10.4
-.8
3.4

6.0
6.1
3.6
2.6
-.1
.8

6.1
6.2
3.6
2.6
-.1
.8

5.9
6.0
3.5
25
—, I
.8

5.6
6.6
3.3
2.3
.0
.8

23.5
23.8
13.9
9.9
.4
3,2

7.2

25.9

7.7

8.2

8.3

8.8

32.9

6.4

2.2

9.4

2.9

3.6

3.9

2.7

Year

II

III

IV

42.5 182.8
20.0 122.9
27.7 117.6
10.5 82.1
4.0 22.4
3.3 13.0
5.3
1.4
0.4 37.1
4.4 16.7
3.3 13.5
7.0
1.7

41.6
27.5
2S.0
19.9
3.0
3.1
1.5
0.0
4.6
3.5
1.7

43.5
28.6
27.1
21.9
20
3,3
1.5
0.8
4.7
3.5
1.7

41.9
20.7
28.3
23.7
1.7
3.9
1.4
10.5
6.0
3.8
1.7

48.2 178.2
31,0 116.8
29.8 111.1
24.8 90.2
1.4
8.0
3.6 1 2 0
1-2
6.6
11.7 41.8
5.6 19.7
4.4 15.2
1.7
6.9

3.3
3.4
2.1
1.3
-.2
.8

19.7
20.2
11.3
89
-•6,
3.1

3.5
3.7
1.6
2.1
-.2
.8

4.7 16.6
3.9
4.3
6.8 21.1
5.7
4.9
8.6
2,7
2.3
2.0
4.1 12.5
3.4
2.9
- . 6 -1.8 -2.1 -4.7
3.2
.8
.8
.3

8.3

35.3

6.3

IV

46.6 1S3.3 47.6 48.1
31.4 121.2 31.5 31.8
30.3 116.9 30.3 30.5
21.3 83.3 21.2 21.2
6.7 5.9
5.0 20.8
3.4
3.3 12.8
3.3
1.4
4.2
1.3
1.1
0.3
0.3
8.0 34.4
4.1
4.1
4.0 15.3
3.6
3.5
3.1 12.4
1.8
6.7
1.7
1.8

44.7
30.6
29.1
20.2
59
3.0
1.3
0.1
4,1
3.2
1.7

5.9
6.0
3.3
2.8
-.1
.3

6.1
6.2
3.4
2.8
—.1
.8

4.4
4.5
2.5
2.0
-.1
.8

9.1

9.3

9.1

I

II

16.2

I

III

Year

6.0

Year

1916

1945

I

6.4

5.7 19.8
5.3 21.1
3.2 11.7
2.6
9.4
—.1 - 1 . 3
.9
3.9

2.2

1.9

6.0

5.4
5.5
3.0
26
-.1
1.0

7.8

2,3
2.3
.7

6.1
6.3
3.6
2.7
-.2
.8

4.8
5.2
39
2.3
-.4
1.0

3,1

2.2
2.1
,6
1.4
.1
1.0

6.2
6.4
3.7
2.7
-.2
.9

4,0
4.6
2.6
21
—.7
1.0

3.7
3.8
4.2
4.8
1.91 2 2
2.3
2.6
- . 6 -1,0
1.0
1.0

1.7
1.8
.6
1.2
-.1
1.0

5.6
5.9
3.4
2,5
-.2
.9

4.2 14.6
6.0 17.2
2.3
7.81
2.7
0.4
- . 8 -2.6
1.0
4.1

2.9
3.2
1.5
1.8
-.3
1.0

5.S
6.6
1.5
6.0
-.7
4.2

42.6
27.7
26.8
20.1
3.8
20
.9
8.0
3.6
2.9
1.6

38.5 136.5
24.2 84.7
23.4 81.7
18.2 66.6
25
6.3
2.7
9.8
.8
3.0
7.7 23.1
3.3 12.1
3.0 10.6
1.4
6.4

0.2
9.3
2.9
6.4
-.1
4.1

1.8
2.4
.5
1.9
-.6
1.0

42.1
27.0
26.1
10.5
3.4
3.2
.9
8.1
3.5
3.1
l.fi

35.7
22,1
21.3
17.21
1.E
2.3
.8
7.2
3.1
2.7
1.4

3.0
3.2
1.0
2.2
-.2
1.0

22.3
14.0
13.4
11.1
.2
2.1
.6
4.4
2.1
1.4
.9

40,0
25.4
24.6
18.4
3.1
3.1
.8
8.0
3.S
3.1
1.5

32.7
20.2
10.5
15.8
1.2
2,5
.7
6.8
3.9
26
1.3

26.9
16.6
15.9
13.5
.5
1.8
.7
55
2.S
1.8
1.1

20.2
12.9
12.3
10.4
.1
1.7
.6
4.0
1.9
1.2
.9

Year

29.5
IS. 3
17.6
14.5
.8
2.3
.7
6.3
2.7
23
1.8

25.3
15.6
15.0
12.4
.4
2.1
.6
5.0
2.3
1.7
1.0

19.9
12.7
12.1
10.0
.1
2.0
.5
4.0
1.0
1.2
.9

IV

28.8 103.8
17,8 64.3
17.1 61.7
14.3 61.5
.6
1.0
2.2
8.3
.7
2.6
5.7 20.8
2,6
9.6
2.0
0.9
1.2
4.3

22.9
14.3
13.7
11.3
.3
21
.6
4.6
2.2
1.4
1.0

18 9
12 3
11.7
9.6
.1
2.0
.5
3.0
1,8
1.2
.9

m

rv

81.3
61.8
49.6
41.1
.6
7.9
2.2
16.3
7.7
4.9
3.6

72.6
47.8
45.7
37.fi
.4
7.8
2.1
14.7
6.8
4.5
3,5

II

HI

IV

IV

I

n

III

in

.0
1.0
1.7

I

a

II

t.e

1942

I

I

Year

1943

National Income

1941

1940

1939

Year

6.4

4.9

4.7

Year

21.2

) Includes noncorporate inventory valuation adjustment.

Tablef41.—National Income by Distributive Shares, Seasonally Adjusted Quarterly Totals at Annual Rates, 1939-46
[Billions of dollars]
1942

1941

1040

1939
Item

Compensation of employees...

......

Private
Government civilian
Supplements to wares and salaries
Proprietors' and rental Income'

II

ni

IV

72.5
47.8
45.7
37.5
.4
7.8
2.1
14.7
6.8
4.5
3.5

77.5
49.7
47.6
30.3
.5
7.8
2.1
15.7
7.3
4.0
3.6

79.9
60.6
48.3
40.0
.5
7.8
2 2
15.8
7.6
4.6
3.6

81.8
62.1
49.9
41.5
.0
7.9
22
16.2
7.8
4.8
3.6

86.1
54.8
52.4
43.6
.8
8.0
2.3
17.4
8.2
6.5
3.7

SI. 3
51.8
49.0
41,1
.6
7.9
22
16.3
7.7
4.9
3.0

Farm...
Corporate profits and inventory valuation
Corporate profits tax liability

6.3
6.3
7.6
6.5
1.7
1.6
5.9
5.1
-.3 - 2 3
4.2
4.3

5.8
6.5
1.6
50
-.7
4.2

7.0
8.3
2.5
6.8
-.4
4.1

9.6
8.9
28
6.2
.6
4.1

9.5
9.4
2.9
6.5
.1
4.1

9.8
10.7
3.3
7.4
—.9
4.1

9.2 13.0 15.0 14.8 15.7 14.6 16.0 10.0
9.3 14.2 17.2 15.6 18.9 17.2 10.6 20.6
7.8 10.0 11.4
7,9
6.5
2,9
8.5
8.6
9.4
9.3 10.2 10.3
7.7
6.4
0.2
8.7
- . 1 -1.2 - 2 2 -3.8 - 3 . 2 -2.6 -2.7 -1.6
4.1
4.1
4.1
4.1
3.0
4.0
4,1
4.1

Inventory valuation adjustment
Net interest
.....
.-..__.....,
Addendum: Compensation of general
government employees. ...

7.5

7.6

7.7

7.8

7.7

B.1

n

III

IV

71.4
46.7
44.8
36.4
.4

71.2
47.1
45.1
36.7
.4
8.0
20
14.3
6.6
4.3
3.4

73.0
47.9
45.8
37.7
.4
7.6
2,1
14.6
6.7
4.4
3.6

74.4
49.5
47.3
39.2
.4
7.6
2.2
15.5
7.0
4.9
3.6

5.6
6.0
1.4
4.7
—.4
4.2

at

1.9
14.6
6.7
4.6
3,4
5.8
6.7
1.3
1.4
.1
4.2
7.9

7.E

7.4

Year

n

HI

IV

. . . . . . 161.7 167.7 170.3 173.3
102 7 107.6 111.1 115.0
99.6 104.1 107.4 111.1
Wages and salaries
75.0 78.0 79.9 81.8
12.6 13.7 15.1 16 7
Military
12.0 12.4 12.6 12 7
Government eivilian
3.3
3.6
3.7
3.9
Supplements to wages and salaries
See footnote a t end of table.

National incomo_...-.-.




.

Year

7.8

I
93. G
57.0
55.5
46.3
1.1
8.1
2.4
18.6
8.9
6.8
3.9

8.5

II

Year

I

II

IV

IV

Year

I

II

9.2

9.6

10.3

9.4

11.4

13,6

Year

I

IV

Year

II

HI

2LI
21.4
11.8
0.6
-.3
3.8

23.3 19.8
22.S 21.1
12.6 11.7
10.2
9.4
- . 4 -1.3
3.7
3.0

16.3

19.0

15.3

1946

1945
IV

ni

101.2 107.5 1129 103.8 120.1 130.5 142.2 1537 138.5
62.1 66.8 70.1 64.3 73.9 80.fi 88.3 95.7 84.7
50.6 64.1 67.3 61.7 71.2 77.6 85.2 92.5 81.7
49.7 53.7 £6.2 51.5 59.0 63.1 68.0 72 0 65.6
1.6
4.9
3.2
22
2.6
6.3
9.9
7.2
1.0
8,3
9.5 10.0 10.6
8.9
8.3
8.6
9.8
&3
35
2.9
2.8
2,6
2.7
3.0
3.2
3.1
26
20.0 21.8 23.0 20.8 25.3 27.2 29.0 31.0 28.1
9.1 10.0 10.3
9.6 11.0 11.6 12.5 13.4 13.1
6.7
0.3 10.3 11.0 11.9 10.6
7.4
7.0
6.9
4.2
5.3
5.0
4.4
4.7
6.4
6.7
5.6
4.3

ton

1043
I

in

I

I

IV

Year

I

H

ni

IV

Year

163.3 179.3 181.5 182.7 186.5 182.3 191.8 191.6 179,6 163.1 1828 268.2 173.5 179,9 191.0 178^2
100.1 118.0 119.9 122.4 124.4 121.2 127.3 126.0 122.5 114.6 122.0 111.5 114.0 110.2 122.2 116.8
105.5 114.1 116.7 118.1 119.0 116.9 122.4 121.6 117.1 108.9 117.0 105.5 103.0 113.6 117.1 111.1
78.7 S2.9 83.6 33.4 84.4 83,3 i C 4 84.9 80.0 77.1 821 81.3 87.5 03.8 08.0 90.2
67
7.9
14.5 18.0 20.3 21.7 22.5 20.8 23.0 23.6 23.7 10.5 22.4 11.9
5.6
8.0
12,4 13.7 12.8 13.0 12.9 12.8 13.0 13.1 13,5 12.4 13.0 12.2 12 0 13.2 13.5 1 2 0
5.5
5.3
6.0
6.4
6.0
6.0
6.1
6.6
6.3
3.0
4.2
4.4
4.5
4.2
3.6
5.0

July 1947

NATIONAX INCOME SUPPLEMENT TO SURVEY OF CURRENT BUSINESS

49

T a b l e 4 1 . — N a t i o n a l I n c o m e by D i s t r i b u t i v e S h a r e s , S e a s o n a l l y A d j u s t e d Q u a r t e r l y T o t a l s a t A n n u a l R a t e s , 1 9 3 9 - 4 6 — C o n t i n u e d
[Billions o( dollars]
1944

1943

1015

1946

Item
II
National income—Con tinned
32.0
Proprietors* and rental income >
Business and professional
„ 13.0
Farm
— 12.3
6.9
Kcntal Income of persons
Corporate profits and inventory valuation
23.3
adjustment
24.3
Corporate profits before tax...
H.O
Corporate profits tar liability.
Corporate profits after tax
. . 10.2
-1.0
Inventory valuation adjustment
3.6
Net interest
._
Addendum: Compensation of general gov­
ernment employees
23.6
1

HI

IV

Year

32.3
13.9
12.3
0.1

31.8
14.1
11.5
6.2

32.3
14
11.3
6,3

32.1
14.1
11.8
6.2

24.4
25.2
14.6
10.6
-.8
3.4

24.2
24.8
14.3
10.9
-.7
3.3

22.9
23,3
13.7
10.1
-.9
3.2

25.1

26.0

28.4

II

Year

in

IV

Year

II

III

IV

33.7
14.8
12.3
6.5

34.4
14.9
12.8
0.7

33.9
15.3
11.9
6.7

35.6
16.2
12.5
6.8

34.4
15.3
12.4
6.7

37.3
16.3
14.0
7.0

37.3
16.4
13.9
7.0

37.5
17.5
13.1
6.0

37.1
16.7
13.5
7.0

23,7
24.6
14.2
10.4
-.8
3.4

24.4
24.9
14.5
10.3
-,S
3.2

24.0
24.5
14.3
10.2
-.S
3.2

23.2
23.4
13.6
0.8
-.2
3.2

22.4
22.6
13.2
9.4
-.2
3.2

23.5
23.8
13.9
9.9
-.4
3.2

24.0
24.5
13.4
11.1
-.5
a2

24.2
24.7
13.6
11.3

13.0
13.6
8.3
5.3
-.6
3.1

10.7 14.2 17,2 15.6 18.3 16.5
20.2 15.2 19.4 22.0, 27.1 23.1
11,3
0.1
8.0
9.3 11.0 8.6
9.1 11.5 13.5 16.1 12 5
8.9
- . 3 -1.0 - 2 3 -7.3 -8.3 -4,7
3.1
3.2
3.2
3.2
3.1
3.2

25.9

30.4

32.4

34.1

36.0

32.9

35.9

37.0

32.6

35.8

-.S
31
37.7

II
39.4
13.5
14.1
6.9

25.0

III

IV

39.2
18.6
13.8
6.8

41.9
10.
15.3
6.8

46. T 41.8
32.0 19.7
17.8 15.2
6.9
7.0

31.1

mo

18,8

Year

21,2

Includes noncorporate inventory valuation adjustment,
T a b l e 4 2 . — G r o s s N a t i o n a l P r o d u c t or E x p e n d i t u r e , Q u a r t e r l y , 1939—46
IBillions ot dollars]

I
Gross national product
.,
....
*
Personal consumption expenditures
Nondurable goods
■Gross private domestic investment
Producers' durable equipment
Change in business inventories..
Net foreign investment
O ovemment purchases of goods and services.
"War..
Less: Government sales
State and l o c a l . . . . . . . . . .

...

..

II

m

IV

21.8
16.6
1.4
7.9
6.3
2.7
.3
1.0
.9
.2
3.2
1.3
.3
1.0
.0
1.9

21.7
10.6
1.7
8.6
6.3
1.5
1.0
1,2
-.7
.2
3.4
1.3
.3
1.0
.0
2.1

22.2
16.6
1.5
8.7
6.4
2.3
1.1
LI
.1
.3
3.1
1.2
.3
.9
,0
1.9

24.7
18.6
2.1
10.1
6.5
24
1.0
1.3
.2
.3
3.4
1.3
.4
.9
.0
2.0

Year
90.4
67.5
6.7
35.3
25.3
9.0
4,0
4.6
.4
.9
13.1
6,2
1.3
3.9
.0
7.9

I

II

III

IV

24.1
16.9
L7
8.6
6.6
36
.8
1.4
1.3
.4
3.3
1.4
.4
1.1
.0
1,9

24.3
17.7
20
9.1
6.6
2,7
1.1
1.6
,0
.4
3.4
1.4
.4
1.0
.0
2.0

24.4
17.5
1.8
9.2
6.6
3.2
1.4
1.5
.4
.3
3.3
1.4
.5
.9
.0
1.9

27.8 100.6
19.9 73.1
7.9
24
10.7 37.6
6.8 26.6
3.5 13.0
4.6
1.3
6.1
1.6
2,3
.6
1,6
.3
13 0
4.0
1.0 .6.2
2.2
.9
4.0
1.0
.0
.0
7.S
20

Gross national product.......
.. ......
Personal consumption espendttures.
Durable foods
Nondurable g o o d s . . . . . . . . . .
.
Gross private domestic investment
Producers' durable equipment
Change in business inventories........
Government purchases of goods and services.
Federal
War
Nonwar
Less: Government sales

45.3
23.5
1.4
13.8
8.3
1.0
,4
.7
—.1
-.4
21.3
19.4
19.0
.6
.1
I.S

IE

HI

Year

IV

47.3 49.1 50.9
24.9 25.0 28.2
2.0
1.5
1.0
14.9 15.1 17.4
8.7
8.5
3,6
.2
2.6
.8
.6
.6
•6,
1.1
1.1
.9
.9 - 1 . 4
-.0
-.6 -.6 -.7
22.2 22.0 23.1
20.3 20.3 21.2
20,0 30.2 21.1
.3
.3
.4
,2
.2
.1
1.7
1.9
1.9

I

Year

192.6 50.4
101.6 26.3
1.4
6.5
61.2 16.0
ao
33.9
1.7
4.6
.5
2.0
1.2
3.8
.0
-1.2
-2.2 - . 7
88.6 24,0
31.2 22.1
80.4 220
.4
1.6;
.3
.6:
1.9
7.4

II

m

1942

|

I

II

in

27.5
18.4
2.1
9.3
7.0
4.1
1,1
1.8
1.2
.3
4.7
28
1.9
.9
,0
1.9

29.6
20.2
2.7
10.5
7,1
3.8
1.5
2.2
.1
.2
5.4
3.4
2.7
.7
.0
2.0

32.1 36.2 126.3
20.7 22.9 32.3
23
2,6
9.8
11.2 ■ 12.9 44.0
7.1
7.4 23.5
4.8
4.4 17,2
1.7
1.4
5,7
1.9
1.7
7.7
1.2
1.3
3.9
.2
.6
1.1
6.4
8.3 24.7
4,5
6.2 10.9
3.3
5.4 13.8
.7
.8
3.2
,0
.0
.0
1.9
2.0
7.8

IV

Year

IV

51.8 62.9 65.5
26.8 27.3 30.9
2.3
1.6
1.5
16.1 16.7 19.3
9.3
9.1
9.1
.7
2.1
1.2
.6
.7
.6
1,4
L4
1.4
.1 - 1 . 3
-.7
-.7 -.3 -.4
24.4 23.8 34.4
22.5 22.7 22.3
22.4 22.0 22$
.4
,4
.3
.3
.3
.3
1.7
1.0
20

Year

r

n

210.6 54.7 64.7
110.4 28.2 39.2
1.7
1.6
6.S
67.2 17.1 17.9
9.6
9.6
36 5
2.0
1.9
6.7
.7
.5
2.3
6.3
L6
1.5
-2.0 - . 1 - . 3
-2.1 - . 5 - . 6
96.6 35.0 34.2
89.6 23.1 22.1
88,6 23.1 22.2
.3
.3
1.6
.4
.3
1.2
3,1
20
7.6

in

IV

I

II

ni

34.8
20.8
1,7
U.6
7,6
4.1
1.0
1.5
1.7
.2
9.7
7.8
7.1
.8
.0
3,9

38.4
21.8
1.6
12.6
7.7
3.3
.9
1.3
1.0
-.2
13.5
11.5
10.8
,7
,1
2.0

41.2 45.3 169.6
22.4 25.9 90.8
22
1.5
6.8
13.1 15.7 53.0
8.0 81,0
7.7
1.9
9.3
.0
3.2
.6
.8
4.7
.8
1.0
.1 - 1 . 3
1.4
.0 - . 2 —.2
16.9 19.6 59,7
15.1 17.0 53.0
H.6 17.1 49.6
2.7
.6
.6
.2
.1
.0
7,6
l.S
ZO

1945

1944

1943
I

1941

1940

1939
Item

Year

1946
IV

Year

62.7 51.0 213.1
29,7 34.0 121.7
1.7
8.0
2.0
IS. 4 21,9 75,3
9.0
9.8 38.4
3.1
9.1
20
.9
3,1
1.1
1.9
7,1
22
.3 - 1 . 2 - 1 . 2
.0
.4 - . 8
19.9 14.0 83.1
18.1 11,7 75.0
18.6 12.4 76.2
.2
1.0
.2
.7
2,2
.8
1,9
8.3
2.3

I
46.8
31.9
2.5
19,3
10. t
5.2
1,5
3.3
1.4
.3
8.9
6.6
7,1
.3
.8
22

II

III

rv

Year

49.3
34.5
3.4
20.8
10.3
6.7
2,2
2.9
,6
1.6
7.7
6.2
5.8
.5
LI
2.4

51.7
36.1
3.8
21.8
10.5
7.S
2.6
3.3
1.7
1.1
6.9
4.6
4.4
.8
.6
3.4

65.9
41.2
5.2
25,2
10.3
6.3
2.4
3.9
,0
1,3
7.2
4.2
4.0
,8
.5
2.9

203,7
143.7
14.9
87.1
41.7
24.6
8.5
124
3.7
4.8
30.7
30.7
21 3
2.4
3.0
10 0

T a b l e 43.—Gross N a t i o n a l P r o d u c t or E x p e n d i t u r e , S e a s o n a l l y A d j u s t e d Quarterly T o t a l s a t A n n u a l R a t e s , 1939-46
[Billions of dollars]

1940

1939

1941

1942

Item
in
dross national product
Personal consumption expenditures..
Durable goods
Nondurable goods
.
Services
Gross private domestic investment
New construction
Producers' durable equipment
Change in business inventories
—
Net foreign investment
Government purchases of goods and serv­
ices
Federal
■War
Nonwar.
Less: Government sales
State and local




IV

II

Year

87.1
04.8

88.9
67.4
6.6
35,6
39.3
7.7
4.0
4.3
-.6
.0

91.1
08.4
6.9
36.6
25.9
9.1
3.9,
4-7
.5
LO

94.6
69.2
7.0
30.4
25.8
11.0
4.1
6.2
1.7
1.2

00.4
67.6

6.4
33.6
26.0
8.3
4.0,
4.
.2
.7

6.7
35.3
25.5
9.0
4.0
4.
.4
.0

96.9
70.0
7.5
36.3
20.2
11.8
4.2
6.6
3.0
1.8

13.2
5.2
LI
4.1
.0
8.0

13.2
6.3
1.2
4.1
.0
7.9

12.6
4.3
1.3
3.4
.0
7-8

13.3
5,4
1.4
3.9
,0
7.9

13.1
6.2
1.3
3.9
.0
7.0

13.4
6.8
1.6
4.2
.0
7-0

III

98.7
71.8
7.8
37-6
26.4
12.0
4.5;
6.8
1.7
1.6
13.3
6.5
1.7
3.9
.0
7.8

100.6 105.6 100.5 111.9 120.6
72.3 74.1 72.1 76.6 81.7
&3
7.9
9.4 10.3
7.8
37-8 38.7 37.6 39.6 43.3
30.7 27.1 26.6 27.6 33 1
13.5 14.5 13.0 15.6 16.8
4.9
4.6
5.4
6.8
4.7
6.1
7.3
8.0
G.3
6.8
23
2.8
3.0
2.6
3.8
1.1
.7
1.4
1.3
1.6
13.6
6.6
1.8
3,7
.0
7,9

IV

15.0
7.8
3.8
4.0
.0
7.8

Year

13.
6.2
2.2
4.0
.0
7-8

in

18,7
11.2
7.5
3.7
.0
7.6

21.3
13.6
10.7
2.9
.0
7.8

IV

II

Year

in

IV

Year

130.0 133.6 126.3 140.7 153.8 165.9 178.0 159.6
84.9 85.7 32,3 86.9 88,7 91.0 96.1 90.8
6.6
10.1
6.8
6.8
6.8
9.2
9.3
7.3
46.0 46.9 44.0 49.0 51.2 53.8 57.3 53.0
28.9 39.6 28.5 30.0 30.7 31.4 32.0 31.0
5.0
18.5 17.9 17.2 14.2 12.3
9,3
4.9
25
5.0
3.2
2,3
6.6, 5.7
4.6
3.
4.4
8.3
4.7
3.6
7.1
7.7
6.7
5.2
4.4
1.4
3.9
5.3
3.9
3.6 - . 9 - . 9
,2 - L 0 - . 2
1.1
3.1
.6
26.0
18.0
1S.2
28
.1
8.0

32.8
24.9
21.7
3.3
.1
7,9

24.7
10.9
13.8
3.2
.0
7.8

39.0
31.3
28.2
3.2
.1
7.T

53.5
46. S
43.4
2,8
.3
7.6

08.2
60.6
63.4
2.4
.2
7-7

78,0
70.4
68.3
2,3
.3
7.0

59,7
62.0
49.0
2,7
.3
7.0

NATIONAL INCOME SUPPLEMENT TO SURVEY OF CURRENT BUSINESS

50

July UMT

T a b i c 43.—Gross N a t i o n a l P r o d u c t o r E x p e n d i t u r e , S e a s o n a l l y A d j u s t e d Q u a r t e r l y T o t a l s a t A n n u a l R a t e s , 1 9 5 9 - 4 6 — C o n t i n u e d
[Billions of dollars]
1943

1944

1946

1945

Item
II

III

Gross national product.........
..
.„ 1S3.9 190.5 190.
98,2 101.1 102.
Personal consumption expenditures
6.
Durable «x>ds
„
6.4
6.7
Nondurable goods
69.0 60,7 61.
Services
32.7 33.7 34,
Gross private domestic Investment
2.4
3.5
New construction
2.1
1.9
4.
Producers' durable equipment
3.6
2-7
1
Change In business Inventories
-2,1
-2.4
-2.
Net foreign investment
-2.5
Government purchases of goods and serv­ - 1 . 7
ices
S5.0 88.4 88.8
federal
„
77-7 81.1 SI. 3
Wei
76.0 S0.1 81.0
Nonwar
2.2
1.5 1.0
.5
Less: QoverameDt sales
.7
.5
State and local
7-5
7.3
7.3

IV

Year

199.1
104.5
6.4
63.2
34.9
5.1
2.1
4,4
-1.5
2.7

192.6
I0I.6
6.6
61.2
33. S
4.0
2.0
3.8
-1.2
-2.2

92.2
84.8
1.2
.3
7.4

II

293.9
195.9
6.5
63.9
35.6
4.7
2.3
4.8
-2.4
-2.7
95.9
8S.5
88.0
1.6
1.0
7.4
7.4

208.0
169.1
6.7
66.1
36.3
4.5
2.3
5.4
-3.2
-2.9
97.4
00.0
89. G
1.6
1.2
7.4

in

IV

Year

213.7
112.3
0.8
68.7
36.3
6,7
2.2
5.4
-1.0
-1,2
96.0
88.3
87.8
1.8
1.3
7.7

216.6
114.3
7.1
70.0
37-2
6,7
2.3
5.8
-1.3
-1.6

210.6
110.4
0.8
67.2
30.5
6.7
2.3
53
-20
-2.1

97.1
89.4
89,2
1.3
1.2
7.7

II
221.8
113.2
7.3
73.1
37.8
6.6
2.4
5.9
-2.8
-2.0

96.6 100.0
89.0 92.2
88 0 92.2
1,6
1.1
1.2
1.2
7-5
7.8

HI

IV

Year

II

III

IV

Year

220.2 213.4 197.1 213,1 191.7 197.0 207.5 218.6 203.7'
118.8 121. S 127.9 121.7 134.3 138.2 147.3 151.9 143.7
13.9 16.2 18.2 14.9
8.0
7.4
9.6
7-7
73.2 76.6 79.4 75.3 11.4 83.2 88.9 93.6 87.1
38.1 38.6 39.1 33.4 82,6 41.2 42.1 43.1 41.7
9.1 40.4 22.3 27.0 30.4 24.6
7,6 10.9 12,2
8.9
3.1 18.6
3.2
8.69.3
4.3
2.8
8-7
7.2 11.6 13.2 16.7 12.4
7.1
8.4
7.6
8.7
9.1
4.91 6.4
3.T
2.0
-1.5
,1 - . 81 - 1 , 2
4.5
2.3
4.8
6,2
6.1
-2.6
.1
1.6 - . 8
3.3
96.4 80.6 56.6 83,1 35.4 30.3 28.6 23.2 30.7
88.6 72.3 46.9 75.0 26.5 20.9 IS. 2 10,9 20. r
88.7 74.3 49.6 76.2 28.5 23.1 17.7 15.8 21.3
3.1 3.3
2.1
1.0
.7
1.0
2.4
1,1
1.2
2,6 2,2
4.2
2.2
3.3
3,01.4 3.0
3,0
9.4 10.4 11.2 10.08.2
8.6
8.3
8,9
7-9

T a b l e 4 4 . — D i s p o s i t i o n o f P e r s o n a l I n c o m e , Quarterly, 1939-46
(Billions oldcUarsl
1942

1941

1940

1939
Item
I
Less: Personal tax and noDtax payments
Equals: Disposable personal income
Less: Personal consumption expenditures.

II

in

IV

17.5
.S
.4
.4
16.7
15.0
1.1

17,8
.6
.3
.3
17.2
10,6
.5

17.9
.5
.3
.2
17.3
16.6
.7

19.4
.5
.2
.3
18.9
18.6
.3

♦

Year
72.6
2.4
1.2
1.2
70.2
07.5
2.7

I

II

III

IV

18.0
.9
,5
.4
17.7
16.9
.8

19.2
.6
,3
.3
18.5
17.7
.8

19.4
.5
.3
.2
18.9
17.5
1.3

21.2
.6
.3
.3
20.7
19,9
.7

I

E<mals: Disposable personal income
Less: Personal consumption expenditures

78.3
2.6
1.4
1,2
75.7
72.1
3.7

I
21.3
1.2
.3
.4
20.1
18.4
1.7

n

in

IV

23.1
.3
.5
.4
22.3
20.2
2.1

24.5
.6
.4
.3
23.3
20.7
3.1

28.5
.6
.4
.3
25.8
32.0
2,9

II

III

IV

Year

35.3
3.3
3.4
,4
31.0
23,5
8.1

37.1
3,7
3.4
.3
33.3
24.9
3.4

37.0
4.9
4.7
.3
32.6
25.0
7,6

39.5 149.4
5.4 17.8
5.1 16.5
1.3
.3
34.1 131.6
28.2 101.6
5.9 30.0

Year
95.3
3.3
2.0
1.3
92.0
82.3
9.8

I

II

III

IV

26.9
2,5
2.0
.4
24.5
20.8
3.7

29.3
1.3
.9
.4
28.0
21.3
6.2

31.5
1.2
1.0
.3
30.2
22.4
7,9

34.4 122.2'
6.(h
1.0
4.7
.7
1.8
.3
33.4 116. J
25.9 90.8
7.6 25.4

1945

1944

1943

Less: Personal tax and nontax payments

Year

■IV

Year

I

II

III

39.9
5,2
4.8
.4
34.6
2S.3
9.3

40.9
6.0
5.6
.4
34.9
26.8
8,1

41.2 42.9 164.9
4.4
3.3 18.9
4.1
3.0 17.5
.3
,3
1.4
315.8 39.7 .146.0
27.3 30.9 116.4
9.4
8.3 36.6

Year

1940

r

I

II

III

IV

43.0
8.5
8.0
.5
34.6
28.2
0.3

43.6
4.9
4,5
.4
38.8
29.2
9.6

42.1
3.9
3.6
.3
38,2
29.7
8.6

42.8 171.0 41.6
7.6
3.6 20.9
7.1
3.3 19.4
1.5
.5
.3
39.2 150.7 34.0
34.0 121.7 31.9
2.1
4.5 29.0

Year

II

III

IV

Year-

43.3
3.4
3.0
.4
39.9
34.6
5.4

44.6
4.2
3.9
.3
40,3
36.1
4.2

47.8 177.23.6 18.8
3,3 17.2
.3
1.6
44.2 153.4
41.2 143.7
3.0 14. S

T a h l c 4 5 . — D i s p o s i t i o n o f P e r s o n a l I n c o m e , S e a s o n a l l y A d j u s t e d Quarterly T o t a l s a t A n n u a l R a t e s , 1939-46
[Billions of dollars]
1941

1940

1939

1942

Item

in

I
Less: Personal tax and nontax payments
Federal
State and local-...
Equals: Disposable personal income „
Less: Personal consumption expenditures

II

70,9
2.4
1.2
L2
68.6
64.8
3.7

71.4 72,0
2.4
2.4
1.2
1.2
1.2
L2
69.0 70.2
67.4 68.4
I.S
1.5

IV
75.3
2.4
1.2
1.2
72.9
69.2
3.7

Year
72.6
2.4
1,2
1.2
70.2
67,5
2.7

II

III

IV

76.1
2.6
1.4
1.2
73.5

70.5
2.6
1.4
1.2
73.9
71.8
2,0

78.6
2.6
1.4
1.2
76.0
72.3
3.7

32.3 78.3 86.7
3.3
2.6
2,6
2.0
1.4
L4
1.3
1.3 1.2
79.7 75.7 83.4
74,1 72.1 76.0
6.8
B.6 3.7

7a o
3.5

Personal Income
Less: Personal tax and nontax payments
State and local
Less: Personal consumption expenditures
Equals: Personal saving




143.3
14.6
13.3
1.3
123.7
98.2
30.5

II

III

n

m

92.3
3.3
2.0
1.3
89.0
81.7
7.2

98.7 103.1
3.3
3.3
2.0
2.0
1.3
1.3
96.4 99.8
84.9 85.7
10.4 14.1

IV

Year

I

II

m

IV

Year

I

II

IV

Year

I

11

III

ni

95.3 109.5 117 3 126.5
6.0
3.3
0.0
6.0
2.0
4.7 ' 4.7 4.7
1.3
1.3
1.3
1.3
02.0 103.5 111.3 12a 5
82.3 86.9 83.7 91.6
9.8 16.6 22.6 26.9

IV

Year

135.4 122.3
O.O 6.0
4,7
4.7
1.3
1-3
129.4 116.3
96.1 90,8
33.3 25.4

1946

1945

1944

1943
I

Year

I

I

IV

Year

148.0 351.0 155.3 149.4 101.3 163.5 165.4 169.3 164.9 174.0 174.1 169,9 108.3 171.5
14.7 20.9 21.1 17.8 iao 18.8 18.9 19.0 13.9 21.3 21.2 20.7 20.3 20.9
13.4 19,0 19.3 16.5 17.5 17.6 17.5 17.6 17.5 19.9 19.8 19.2 13.7 19.4
1.6
1.5
1.4
1.3 1.3
1.5
1.6
1.5
1,4
1.4
1.4
1.3
1.4
1.3
133.3 130.1 134.2 131.6 142.4 144.7 146.5 150.3 146.0 152.7 152.9 149.2 148.1 150.7
101.1 102.7 104.5 101.6 105.9 109.1 112.3 114.3 110,4 118.2 118.8 121.8 127.9 121.7
32.3 27.4 29.7 30.0 36.5 35.6 34.2 35.9 35.6 34.5 34.1 27.4 20.1 29.0

I

II

III

IV

Year

168.7 172.5 179.5 187,5 177.2
17.8 18.7 19.1 19.5 18.8
16 3 17.1 17.5 17.9 17.2
1.6
1.6
1.6
1.6
1.6
150,9 153.8 160.4 1680 158.4
134.3 138.2 147.3 154.9 143.7
16.6 15.6 13.1 13.1 14,8

July 194T

NATIONAL INCOME SUPPLEMENT TO SURVEY OF CURRENT BUSINESS

51

Table 46.—Belatioa of Grass National Product, National Income, and Personal Income, Quarterly, 1939-46
[Billions of dollars]

I

II

HI

IV

90.4
8.1
9.4
.5
.6

24.1
3.1
2.3
.1
.0

34.4
2.1
2.6
,1
-.6

.1
10.4

.5
72.5

.1
18.0

24.2
2.1
2,6
.1
-.2
.1
19.9

1.8
.6
.0
.6
.3
1.4
.1
10.4

5.8
2.1
.0
2,5
1.2
3.8
.5
72.6

1.7
.6
.0
.7
.3
.3
.1
18.6

2.2
.6
.0
,7
.4
.9
.1
19.2

27.8 100.6
8.4
2.2
2.6 10.0
.4
.1
.7
•8
.1
.4
22.3 8L3
9.2
3.0
2.3
.6
.0
.0
.6
3.7
.3
1.3
4.0
1.4
.4
.1
78.3
31.2

I
•Grossnational p r o d u c t , . . . . . . .
......
Less; Capital consumption allowances
Indirect business tax and nontax liability..
Business transfer payments
Plus: Subsidies less current surplus of governEquals: National Income
Xess: Corporate profits and inventory valua­
tion adjustment—
Contributions (or social insurance
Excess ofwoge accruals over disbursements.
Plus: Government transfer payments
Net interest paid by government
Dividends

II

HI

IV

21.8
2.0
2.2
.1
.2

21.7
2.0
2.3
.1
-.3

22.2
2.0
2,4
.1
-.3

24.7
2,1
2.4
.1
.0

.1
17.3

.1
17.7

1.1
.5
.0
.6
.3
.8
.1
17.5

1.2
.5
.0
.6
.3
.8
.1
17,3

.1
18.1
1.6
,6
.0
.6
,3
.8
.1
17.9

Year

I

Plus: Subsidies less current surplus ot govemless: Corporate profits and inventory valuaContrlbutions for social insurance
Excess of wage accruals over disbursements.
Phis: Government transfer payments
Dividends
:
Business transfer payments

Year

II

III

IV

453
2.6
3.0
.1
-.3

47.3
2.5
3.1
.1
—.5

49.1
2,7
3.2
.1
,5

.0
40.0

.0
42.1

.1
42,6

60.9 192.6
2.8 10.6
3.3 12.7
.5
.1
.7
1.2
.2
.1
43.6 168.3

5.0
1.1
.0
.6
.4
1.0
.1
35.3

6.2
1.1
.1
.5
.6
1.0
.1
37.1

6.1
1.2
.1
.6
.5
1.0
.1
37.6

5.8 23.7
4.5
1.1
.2
.0
2.6
.6
2.1
.6
1.4
4.6
.1
.5
39.6 149.4

Year

II

III

IV

36.2 125 3 34.8
2.4
2.4
9.3
3.0 It. 3 2.0
.1
.1
.6
l.S
.5 - . 3

38.4
2.5
2.9
.1
.2

41.2
2.5
3.0
.1
,1

46.3 159.6
2.5
0.9
3.1 11.8
.1
.5
1.0
1.1

-.1
29,6

.0
32.7

,2
.0
33.5 136.5

4.0
.8
.0
,7
.3
.0
.1
26.0

4.8
.8
.0
.7
.4
1.0
.1
29.3

.2
35.7
5.4
.9
.0
.7
.3
1.0
.1
31.5

I

II

III

IV

27.5
2.2
2.6
.1
-.3

29.6
2.3
2.8
.1
-.0

32.1
2.4
2.0
.1
-.2

.0
22! 9 25.3

.0
26.0

3.7
.7
.0

3.8
.7
.0
.6
.3
1.0
.1
24.5

.0
.1
28.8 103.8
4.2 14.6
.7
2.8
.0
.0
.6
2.6
.3
1.3
4.5
1.5
.5
.1
95.3
26.5

2.9
.6
.0
.7
.3
.9
.1
21.3

:I
1.0
.1
23.1

Year

I

1046

1944

1943

Less: Capital consumption allowances
Indirect business tax and nontax liability..

.1
20.2
2.3
.6
.0
.7
.3
.0
,1
19.4

1942

1941

1940

1930

n

III

IV

55.5 310.6
3.0 11.8
3.7 U.O
.1
.5
2.2
2.0

54.7
3.1
3.0
.1
.4

54.7
3.2
3.8
.1
—.4

52.7
3.0
3.9
.1
1.2

,7
.3
40.6 182.3
5.6 23.5
5.2
1.3
.0 - . 2
3.1
.8
2.8
.7
4,7
1.5
,5
.1
43.0 164.0

.2
47.6

.0
43.1

.2
44.7

5.0
1.6
.0
.0
.8
1.0
.1
43.0

6.1
1.6
.0
1.0
1.0
1.1
.1
43.6

4.4
l.S
.0
1.2
.9
1.1
.1
42.1

II

III

IV

50.4
2.8
3.1
.1
.0

51.8
2.9
3.5
.1
-.2

63 0
3.0
3.7
.1
.5

.2
44.4

,2
45.5

.1
45.7

6.0
1.3
—.2
.7
.0
1.0
.1
39.9

6.1
1.3
.0
.8
.7
1.1
.1
40.9

59
1.3
.0
.8
.7
1.1
.1
41.2

Year

5.7 19.8
.9
3.5
.0
.0
.6
2.7
.4
1.5
1.4
4.3
.1
.5
34.4 122.2

1946

I

I

Year

II

HI

IV

51.0 213.1 46.8
2.8 12.1
2.7
4.0
4.1 16.3
.1
.1
.0
1.9
3.1 - 1 . 2

49,3
2.7
4.1
.1
-.7

51.7
2.8
4.3
.1
-.4

55.9 203.7
2.9 U.O
4.4 16.0
.1
.6
.2 —2.1

.4
.8
42.5 182.8

.4
41.6

.5
43.5

,0
44.9

.0
.3
48.2 178.2

3.3 19.7
8.1
1.5
.0
.0
2.5
5.6
1.0
3,7
1.5
4.8
.1
.6
42.8 i n . 6

3.5
1.7
.2
3.0
1.1
1.3
,1
41.6

4.3
1.6
-.2
2.8
1.3
1.3
A
43.3

3.0
1.5
,0
2.6
1.0
1.3
.1
44.6

4.7 16,5
1.3
6.0
,0
.0
2.5 10.8
1.1
4.5
1.9
5.6
.1
.5
47.8 177.2

Year

I

Year

Table 47.—Relation of Gross National Product, National Income and Personal Income, Seasonally Adjusted Quarterly Totals at
Annual Rates, 1939-46
[Billions o[ dollars]
1930

1041

1940

Item
II

III

IV

87.1
8.0
0.2
.4
-1.5

88.9
8.1
9.3
.5
,4

91,1
8.1
9,4
.5
.7

94.0
8.2
0,5
.5
2.5

.4
71.4

.5
71.2
5.6
2.1
.0
2.5
1.2
3,7
.6
71.4

.6
73.0
6.3
2.2
.0
2.5
1.2
3.9
.5
73.0

I

Ind irect business tax and nontax liability- - Statistical discrepancy
Plus: Subsidies less current surplus of governEquals: National income
Less: Corporate profits and inventory valua­
tion adjustment
.
.
....
Contributions lor social Insurance
Excess of wage accruals over disbursements.
Plus: Government transfer p a y m e n t s . . . . . . . . . .
Net interest paid by government
Dividends
.
Business transfer payments

S.8
3.0
.0
2.0
1.1
3.3
.4
70.9

II

in

m

IV

I

m

I

II

90.4
8.1
9,4
.5
.5

90.9
8.2
9.6
.4
1.7

.4
74.4

.5
72,5

6.3
2.3
.0
2.4
1.3
4.3
.5
75.3

5.8
2.1
.0
2.5
1.2
3.8
.5
72,0

.5
77.5
7.9
2.2
.0
2.7
1.3
4.3
.4
76,1

98.7 100.6 105.6 100.5 111.9 120.6 130.0 138.6 125.3 140.7 153.8 105.9 178.0 159.6
8.7
9.2
9.6
8.5
8.4
0.0
8.8
0.5
9,3
9,8 10.0 10.9 10.0
8.3
9.0 10.2 10.4 10.0 10.8 11.2 11.3 11.9 11.3 11.9 11.5 11.8 13.0 11.8
.4
.5
,5
.4
.6
,5
.5
.5
.4
.5
.4
.5
.5
.2
3.6
2.1
.7 - 1 . 5 - 3 . 3
1.3
.5 - 1 . 9
.2
.5
1.1
1.4
2.2
,5
.4
.2
.3
.3
.1
.1 - . 1
.1 - . 3
.7
.5
.1
.0
79.9 SI. 8 86.1 81.3 93.0 101.2 107.6 112.9 103.8 120.1 130.5 143.2 152.7 130.5

Year

9.5
2.2
.0
2.8
1.3
3.8
.4
76.5

1943
I

II

1042

HI

9.5
2.3
,0
2.7
1.3
4.0
.4
78.6

IV

9.8
2.4
.0
2.6
1.3
4.3
.4
82.3

Year

0.2
2.3
.0
2.7
1.3
4.0
.4
78.3

I

13.0
2.5
.0
2.7
1,3
4.2
,6
86.7

15.0
2.7
.0
2.0
1.3
4.3
.5
92.3

1044

rv

Year

I

II

HI

14.8 15.7
2.0
3.0
.0
.0
2.6
3.6
1.3
1.3
4.5
4.6
.6
.5
98.7 103.1

Year

II

Year

I

U

m

1946
IV

Year

I

n

m

Gress national product
183.9 190.6 196.7 100,1 192.6 203.0 208.0 213.7 210.6 210.6 221.8 220.2 213.4 107.1 213.1 101.7 197,0 307.5
Less: Capital consumption allowances
10.1 10.6 10.7 11.0 10.6 11.4 11.7 11.9 12.1 11.8 12.4 12.0 11.9 11.2 12.1 10,7 10.9 11.1
Indirect business tax and nontax liabtl I t y . . . 12.6 12.5 12.8 12.0 12.7 12.9 14.1 14.4 14.7 14.0 14.8 16.2 15.3 16.0 15.3 16.0 16.3 17.4
.5
.6
.0
.5
.5
.6
.6
,6
.6
.6
.5
Business transfer payments
...........
.5
.6
.5
.0
.6
.6
.5
.8
4.6
.5
Statistical discrepancy
1.7
,7
4.5
2,6
2,8
.2
6,9
2.7
-.8 -.7
2.7
3.1 - 2 . 1 —2.4 - 1 . 5
Plus: Subsidies less current surplus ot govern.
.7
.2
.0
.6
.8
.7
.6
.2
.1
.3
.3
ment enterprises
1.7
1.9 - . 2
.8
1.5
.8
,0
161.7 167.7 170.3 173.3 168.3 179.3 181.8 182.7 185.5 183.3 191.8 191.6 179.5 168.1 182.8 168.2 173.6 170.9
Equals: National income
Less: Corporate profits and inventory valua23.3 24.4 24,2 22.9 23.7 24.4 24.0 23.2 22,4 23.5 24,0 24.2 17.6 13.0 19.7 14.2 17.2 15.fi
4.0
4.0
4.5
4.7
5.1
5.3
5.4
5.2
0.6
6.8
6.2
6.2
6,1
4.1
4.4
Contributions for social Insurance
6.4
5.8
6.3
.3
.0
.8 - . 0
.0
.0
.1
.3
.3 - . 8
.0
,0 —.2
.0
.0
.0
.3
Ercessofwageaccruetsoverdisbursoments.
.0
3.0
2.5
3.1
4.2
2.5
5.6 11.9 11.0 10.4
2.6
2.6
3.1
3.2
3.4
0.0
3.0
2.4
Plus: Government transfer payments
5.0
2.5
3-2
4.4
2.8
3.5
1.9
3.7
2.7
3.1
2.4
2,1
2.9
4.6
3.3
3.3
4.1
2,1
Net interest paid by government............
4.6
4.5
4.5
4.7
4.7
5.1
4.3
4,8
4.6
4.7
4.5
4.6
4.7
4.0
4.9
4.7
5.4
4.5
5.6
.5
.5
.5
.6
.0
.5
,6
.5
.0
.6
.6
Business transfer p a y m e n t s . . . . . . . . . . . . . . . .
.6
.6
.5
.0
.6
.6
.6
164.9 174.0 174.1 169.9 168.3 171.6 163.7 172,5 170,5
143.3 148.0 151.0 166.3 149.4 161.3 163.5 166.4
Equals: Personal i n c o m e . . . . . . . . . .
iea 3




Year

14.6 16.9 19,0 31,1 22.3 19.8
3.1
2.8
3.6
3.0
3.3
3.3
.0
.0
.0
.0
.0
.0
2,7
2.9
2.6
3.0
2.5
2.7
1.5
1.6
1.7
1.5
1.3
1,3
4.4
4.6
4.5
4.3
4.2
4.3
.5
.6
.6
.6
.5
.5
95.3 109.5 117.3 126.5 135.4 122.2

1945
IV

IV

IV

Year

218.6 203,7
11.5 11.0
17,7 16.9
.5
.5
-2.1 -2.1
-.1
.8
191.0 178,2
18. S 16.5
5.3
6.0
.0
.0
9.8 10.8
4.6
4.6
6.9
5,6
.6
.6
187.5 177.2

NATIONAL INCOME SUPPLEMENT TO SURVEY OF CUItEEHT BUSINESS

52

July 1MT

T a b l e 48.—Personal I n c o m e , Seasonally A d j u s t e d M o n t h l y T o t a l s a t A n n u a l R a t e s , 1 9 2 9 - 4 6 '
[Billions or dollars]
Wage and salary receipts
Persona)
income

1920:
January
February
Mareb.
April
May
June
July.
August..
September
October
November
December
Total
1930:
January
February.-,.March
April „
May
Juno
July
August
September
October
November
December
Total
1931:
January
February
Mareh
April
May
June
July
August
September

85.1
£1.6
85.2
85.3
84,5
85.1
80.3

,

Wage and salary disbursements
Total

49.2
49.3
49. G
49.6
49.9
50.4
50.3

Commod­ Distribu­
Total
ity pro­
disburse­
tive in­
ducing
dustries i
ments
industries >

Service
indus­
tries 1

Goveram is tit 1

t!

40.4
49.4
49.7
40.7
50.0
60. S
50.5
51.2
51.1
50.7
49.9
49.1
50.2

21.3
21.3
21.3
21.4
21. S
21.9
21.0
22.1
22,1
21.7
21.1
20.4
21.5

15.2
15.2
15.4
15.3
16.5
15.0
15 7
15,3
15.7
13.7
15,6
15.6
16.5

8.1
8.1
8.1
8.1
8.1
3.1
&2
8.2
8.2
8.2
8.2
8.1
8.2

Less nxaployec
contribu­
tions ror
social in­
surance*

Divi­
dends
Propri­
Otbtsr etors and and per­ Transfer
pay­
Ia h or
sonal
rental
l n a , n e ' income' interest ments*
iucomo >

Income*

.5
.5

13.6
13.5
13.6
13.5
13.4
13.4
13.4
13.4
13.4
13.5
13.4
13.3
13.3

1.6
1.6
1.5
1.5
1.6
1.5
1.5
1.5
1.4
1.6
1.5
1.5
1.5

76.*
76.2'
76.7
76,5
76. S
77.2
77,4
73.078.2
77,9
76.1
75.2
76.8

5.1
5.1
3.0
5.0
5.0

0.5
.5
.5
.5
.5
.5
.6
.3
.5
.5

a

cultural

20.3
10.7
20.1
20.1
19.2
19.3
20.6
20.4
20.1
20.2
18.4
18.5
10.7

0.2
.1
.1
.1
.1
.1
.2
.1
.1
.1
.1
.1
.1

5.0
6.1

Konsgri-

86.9
86.4
80.3
83.0
82.8
85.1

_

-

—

—
—

October

November
December
Total
1632:

January
February
—
Mareh
April
May
June
July
August
September
October
November
December
Total
1933:
January
....
....—.„...,
February
March
April
May
June
July
August
September
October
November
December
Total
1931:
January—
—
February
March
April
May
June
July.
AugustSeptember
October
November
December.——.—„
Total
v
1935:
January
Elobruary
.
March
April
May
Juna
July
August
See footnotes a t end of t a b l e ,




51.1
51.0
50.0
49.8
49.0
50.0

81.7
86.9
79.0
80.0
78.0
77.5
75.3
74.3
73.7
72.4
70.0
69.3
76.2

48.3
48.0
47.6
47.3
47.0
46.7
45.6
44.7
44.6
43.7
43.0
42.4
45.7

48. S
43.1
47.7
47.4
47.1
46 8
45.8
44,9
44.7
43.9
43.1
425
45.9

20.2
10.0
19.5
19.4
10.2
10.1
18.4
18 0
17.0
17.3
10.9
10.4
18.5

15,3
15.1
15,1
15.0
14.0
14.7
14.4
14.0
14.0
13.8
13.6
13.5
14.4

3.0
8.0
8.0
7.9
7.0
7,8
7.8
7.7
7,6
7.6
7,4
7.4
7.7

6.0
5.1
5.1
5.1
5.1
5.2
52
52
5.2
53
5.2
5.2
52

.2
.1
.1
.1
.1
.1
.2
.2
.1
.2
.1
.1
.1

.5
.6
.5
.5
.5
.5
.5
.5
.5
.5
.5
.5
.5

13.1
17.7
10.9
17.7
17.0
16.1
14.9
15.0
14.7
14.4
13.5
13.1
15.7

13.2
13.1
13.1
13.0
12.9
12.3
12.8
12.6
12.4
12.2
12.0
11.8
12.6

1.0
1.6
1.5
1.5
1.5
1.4
1.5
1.5
1.5
1.0
1.6
1.7
1.6

74.3
73.6
73.0
72,7
71. S
71.1
60.8
68.5
67.9
67.0
65.5
64.5
70.0

GS.5
08.1
72.0
72.4
07.7
65.4
64.4
03.2
61.0
50.9
59.2
57. S
04.8

41.4
41.3
41.5
40.7
40.2
39.5
38.8
38.0
37.1
36.0
35.0
35.0
38.7

41.6
41.4
4L0
40.8
40.3
39.7
39.0
38.1
37.2
36.2
36.0
35.2
38.9

16.0
15.8
16.8
15.4
15.1
14.7
14,3
13.3
13.2
12 6
12.13
12.3
14.3

13.2
13.2
13.3
13.0
12,0
12.8
12.0
123
12.1
11,8
11.7
11.3
12.5

7.2
7.2
7.2
7.1
7,0
6.0
6.8
6,7
6.6
6,5
6,4
6.3
6.8

5.2
5.2
5.3
3.3
5.3
5.3
3.3
5.3
5.3
5.3
53
5.3
5.3

.2
.2
.1
,1
.1
.2
.2
.1
.1
.2
,1
.2
.2

.5
.6
.5
.5
.5
.5
.5
.6
.5
.5
.4
.6
.6

13.1
13.1
13.2
13.8
12.8
12.0
11.3
10.7
10.5
10.7
10,4
10.0
11.8

11.6
11.5
11.6
11,5
11.4
11.3
11.2
11.0
10.0
10.7
10.5
10.2
11.1

1.9
1.8
5.3
5.9
2.8
2.1
2.1
2.0
2.0
2.0
20
2.1
2.7

63.6
63.4
66.6
67,(►
62.4
60.8
59.6
57.9
56.7
65.6
54.0
63.8
60.1

56.0
55.3
53.7
52.4
50.7
48.3
46.9
40.4
46.2
45.5
45.3
44.6
40.3

34.3
33.6
32.8
31. S
30.3
29.7
23.4
23.1
28.3
23.4
28.3
27.7
30.1

34.5
33.8
32.9
32.0
30.0
29.9
23.6
28.3
23.4
23.6
28.4
27.8
30.3

12.0
11.7
11.1
10.6
0,0
9.4
9.0
8.9
9.1
9.3
9.3
9.0
9.9

11.1
10.8
10.0
10.3
10.1
9,7
9.3
9,1
9,1
9.1
9,0
8,8
9.3

&2
6.1
6,0
5.9
5.8
5,7
5.5
5.5
5,4

5.2
5.2
5.2
52
5,1
5.1
4.3
4,8
4.3
4.8
4.8
4.8
5.0

.2
.2
.1
.2
.1
.2
.2
.2
.1
.2
.1
.1
.2

.5
,4
.4
.4
.4
.4
.4
.4
.4
.4
.4
,4
.4

9.8
9.5
8,6
8.4
7.8
6.S
6.6
6.7
6.8
0.3
6.1
5,3
7.4

9.9
9.9
9.8
9.7
9.6
9.4
9.2
8.0
8.6
3.3
8.4
8.5
9.1

21
2.1
2.1
21
2.1
2.0
2.3
2.3
2.1
2.1
2.1
2.2
2.2

52.4
61.3
49.0
48.7
47.4
45,7
44.3
43.9
43.5
13.1
42.8
42.1
40,2

44.9
43. S
42,6
43,0
45.7
47.0
48,5
48.2
48,2
48,1
48.4
50.0
46.0

27.5
27.1
20.1
20.2
26.8
28.0
23.0
30.0

8.0
87
8.0
8.2
8.7
9.5
10.2
11.0
11.2
11.0
10,9
10.7
9.8

8,8
3.6
8,3

5.1
50
4.0
4.9
4.0

.2
.1
.1
.2
.2
.1
.2
,2
.1
.1
.2
.1
.2

.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4

6.1
3.5
3.2
0.3
3.0
3.6
0.5
7.8
7.5
7.4
7.3
7,6
7.2

8.6
8.3
8,5
8.4
8.3
8.2
8.1
S.I
8,0
8.0
8.1
8.1
8.2

2.3
2.3
2,4
2.3
2.2
2.4
1.9
1.0
1.9
1.9
2.0
2.0
2.1

42 0
41,3
40.0
40.6 .

30.0
31.0
28.7

27.7
27.2
26.2
26.4
27.0
28.1
28.8
30.2
30.5
3d 5
30.8
32.0
28.8

61.5
52.2
52.9
52.0
53.5
63.-4
54.6
53.7
52.9
S3.2
53.4
54.0
53.2

33.2
33.6
33.S
33.3
33.9
33.4
33.2
33.3
32.6
32.0
33.2
33.6
33.4

33.4
33.8
33.0
33.6
34.1
33.6
33.4
33.6
32.7
33.1
33.3
33.8
33.6

11.1
11.9
12.3
12.7
12.9
12.6
12,1
12.1
11.3
11.5
11.7
12.2
12.0

7.7

8.2
8.2
8.2
8.3
8.4
8.6
8.0
8.6
8.7
8.7
8.7
8.6
3,6

2.0
2.0
2.1
2.2
2.3
2.2
2.2
2.2
2.2
2.S
2.3
2.4
2.2

41.5
42.0
43.3
44.4
44.6
44.6
44.7
46.4
43.0
48.2
48.7
49.3
40.1
40.0
49.5
40.4
49.8
48.8
49.3
49.8
50.5
49.6

53.4
56.8
37.3
58.7
59,1
69.3
69.7
60.9

34,7
33.3
35.3
35.7
35.8
35.8
30.1
36.6

34.9
35. S
36.5
35.9
36.0
30.0
30.3
30. S

12,7
13.3
13.2
13.4
13.3
13.3
13.2
13.6

8.6
8.5
84
3.4
8.4
8.4
8.4
8.5

2,5
2,4
2.4
£*
2,3
2.3
3,3
2.4

51.6
62.3
52,2
62.0
62.7
62.6
62.8
63.0

sat
30.4

3 +
53
5.2
3.7

.!

8.5
8.6
9,0
9.2
9.3
9.3
9.1
8.8

50

5.2
5.1

4.9
4.0
6.0
4.0
3.0
6.1
4.0
5.0
4.0
5.0
5.4
7.0
5.2

9.6
9.7
0.8
9.9
10,0
0.9
10,0
9.0

53
5.4
54
5,5
5.0
5,5
5.6
5.5
5,5
6.5
5,5
6.0
5.5

7.5
68
6.4
5.4
5.6
5.6
6.3
6.0
5.9
6.0
6.2
0.1
6.1

.2
.2
.1
.2
.2
.2
.3
.3
.1
.2
.1
.2
.2

,4
.4
.4
.4
.4
.4
.4
.4
,4
.4
,4
.4
.4

5,6
57
57
5.7
57
5.7
6.8
5.8

64
6.2
6.2
6.3
6.4
6.3
6.5
6.5

.2
.2
.2
.2
.2
,2
.2
.2

.4
.4
,4
.4
.4
.4
.4
.4

a4
3.4

.

mo
10.1
0.9
9.9
9.0
10.2
10,3
10.4

1ft 6

10.0
10.7
10.8
10.9

5.1
5.2
5,2
5.2

52

ao

S.4
8.4
8.5
8,0
9,6
9.2
0.0
8.0
8,8
9.0
8.7
0.3
10.2
10.3
11.8
12.2
12,4.
12.5
13.0

NATIONAL INCOME SUPPLEMENT TO SURVEY OF CURRENT BUSINESS

July 1947

53

Table 48.—Personal Income, Seasonally Adjusted Monthly Totals at Annual Rates, 1929-46—Continued
[Billions of dollars!

Wage a n d salary disbursements
Personal
income
Total

1935—Continued

37.0
37.2
37.9
38.0
36.5

13.8
13.7
14.0
14.5
13.5

11.0
11.0
11.0
10.9
10.7

5.8
5.8
59
6.0
6.8

6.4
6.7
7.0
7.5
6.5

0.2
,2
.2
.2
.2

0.4
.4
.5
.6
.4

13.2
13.4
13.6
13.5
12.1

8.5
8.6
8.7
3.9
8.6

2.4
2,5
2.4
2.3
2.4

54.0
54.6
55.3
56.4
53.4

64.6
65.3
65.3
67.0
68.0
78 0
75.3
71.6
71.2
71.6
72.8
73.7
70.6

39.2
39.5
30.8
40.6
41.3
41.7
41.9
42.1
42.1
42.6
43.5
44.3
41.6

39.4
39.7
40.0
40.8
41.5
41.9
42.1
42.3
42.3
43.3
43.7
44.5
41.8

14.4
14.4
14.6
15.2
15.7
15.9
16.0
16.2
160
16.2
16.9
17.3
15.8

11.2
11.4
11.4
11.5
11.6
11.7
11.8
11.8
12.0
12.1
12.2
12.2
11.3

6.0
6.1
6.1
62
6.3
8.4
6.4
6.4
G.4
64
6.5
6.6
6.3

7.8
7.8
7.9
7,9
7.9
7.9
7.9
7,9
7.9
8.1
3.1
7.9
7.9

,2
.2
.3
.2
,2
.2
.2
.2
.2
.2
,2
.2
.2

.5
.5
.5
.5
.5
.5
.5
.5
.5
.5
.5
.5
.5

13.6
13.8
14.1
14.4
14.4
16.0
15.5
16.5
15.3
15.2
15.0
15.6
14.8

9.1
9.3
9.3
9.4
9.8
10.1
10.4
10.6
10.7
10.8
10.8
10.8
10.1

3,2
2.2
2.1
2.1
2.0
11.6
7.0
2.0
2.8
2.5
3.4
2.6
3.5

57,1
67.3
58.4
59.3
60,7
71.1
67 1
83.4
63 2

72.6
73.0
74.9
75.3
75.7
76.4
75.5
75.9
74.3
73.0
71.3
69.4
74.0

......

43.6
44.5
43.2
46.2
46.0
46.8
46.6
46.8
45.9
46.2
44.1
42.7
46.4

44.3
46.1
45.8
46.3
47.5
47.4
47.2
47,4
46.5
45. S
44.7
43.3
45.9

17.5
18.1
18.4
19.2
19.7
19.5
19.4
19.6
18.6
17.9
17,1
13,3
18.4

12.4
12.0
12.0
13.0
13.2
13.3
13.3
13.5
13.5
13.5
13.3
13.1
13.1

6.S
6.7
6.8
6.9
6.9
7.0
7.0
7.0
7.0
7.0
6.9
0.9
6.9

7.7
7.7
7.7
7.7
7.7
7.0
7.5
7.4
7.4
7.4
7.4
7.5
7.5

:8-

:S

.0
.6
.6
.6
.6
.6
.6
.0
.6
.6
.6

15.2
15 3
16.8
15 3
15.3
18.1
15.7
16.0
15.6
15.2
14.8
14.3
15.4

10.8
10.9
10.9
10.9
10.7
10.0
10.3
10.2
9.9
9.7
9.5
9.3
10.3

2.5
3.4
2.6
3.4
2.3
2.4
2.4
2.4
2.4
2.4
2.4
2.6
2.4

85.1
66.2

.5
.5
.5
,3
.5
.5
.6
.5
.5
.5
.6

68.5
68.4
68.2
67.3
67.0
67.2
67.4
63.5
63.8
63.8
69.6
69.0
63.3

41.6
41.7
41.5
41.6
41.4
41.4
41.6
42.4
43.0
43.9
43.7
44.2
42.3

432
42.2
42.0
42.1
41.9
41.0
42.2
43.0
43.6
43.5
44.3
44.3
42.8

16.0
15.2
15.0
14.8
14.7
14.6
14.7
13.3
16.7
13.6
16.2
16.0
15.3

12.9
12.7
12.6
12.7
12.5
12.4
12.4
12.4
12.6
12.0
12.7
13.8
12.6

0.8
0.7
6.6
6.6
5.6
66
6.7
6.6
0.7
6.6
0.7
0.7
6.7

7.5
7.6
7.8
8.0
S.l
8.3
8.4
8.6
8.6
8.7
8.7
8.7
8.2

.6
.5
.5
.6
.5
.5
.6
.5
.6
.6
.6
.0
.8

.5
.5
.5
.3
.5
.6
.5
.5
.3
.6
.5
.6
.5

14.7
14.4
14.2
13.6
13.5
13.8
13.9
14.1
14.0
14.2
14.2
14.0
14.0

9.1
9.0
8.9
8.7
8.7
8.6
3.0
8.6
3.5
8.4
8.4
8.4
&7

2.0
2.8
3.1
2.0
2.9
2.0
3.3
2.0
2.8
2.8
2.7
2.8
2.8

70.6
70.6
71.6
70,6
71.6
71.8
71.4
72.6
73,8
74.6
75.5
76.0
72.3

44.2
44.2
44.3
43.0
44.4
45.0
44.7
45.2
45.6
46.3
46.7
47.1
45.1

44.3
44.8
44.9
44.5
45.0
45.6
43.3
46.8
461
46.9
47.3
47.7
46.7

16.7
16.3
16 7
16.4
166
17.1
17.0
17.5
17.8
18.2
18.3
18,7
17.4

12,9
12.9
12.9
12.9
13.1
13.2
13.2
13.3
13.5
13.7
13.7
13.8
13.3

6.7
6.7
6.8
6.8
6.9
7.0
7.0
69
7.0
7.0
7.0
7.1
0.9

8.5
84
8.5
8.4
8.4
8.3
8.1
8.1
7.3
8.0
8.1
3.1
8.2

.6
.6
.6
,6
.6
.6
.6
.6
.6
.0
.6
.6
.6

.5
.5
.5
.5
.3
.5
.5
.5
.5
.5
.3
,3
.5

14.6
14.5
14.7
14.2
14.5
14.1
14.1
14.5
15.3
16.3
15.6
IS. 5
14.7

8.4
8.6
3.8
9.1
9,1
9.2
0.3
9.3
9.5
9.6
9.S
9.9
9.2

2.9
2.0
3.2
2.9
3.0
3.0
2.9
3.1
3.0
2,9
2.0
3.0
3.0

76.0
76.5
75.9
75.9
7a 6
77.0
77.6
78.8
79.5
81.1
SI. 8
84.0
78.3

47.0
47.0
47.0
47.3
47.8
48.1
43.5
49.4
49.9
30.5
51.5
53.3
48.9

47.7
17.0
47.6
47.8
43.4
48.7
40.2
50.0
60.6
51,2
52.2
53.0
49.6

18.6
18.4
18.2
IS. 3
18.7
19.0
19.3
20.0
20.4
20.7
2L6
22.8
19.7

13.8
13.8
13.8
13.8
14.0
14.1
14.2
14.3
14.5
14.4
14.6
14.9
14.2

7.1
7.1
7.2
7.3
7.3
7.3
7.3
7.2
7.3
7.4
7,3
7.3
7.3

8.2
8.3
8.4
3.4
8.4
8.3
S.4
8.5
3.4
3. 7
8.7
8.9
8.5

.7
.6
.6
.6
.6
.8
.7
.6
.7
.7
.7
.7
.7

.6
.6
.6
.6
.6
.0
.6
.6
.6
.6
.6
.0
.6

15.4

10.0
9.7
9.4
9.1
9,2
9.3
0,4
9,4
0.5
0.6
0.3
0.5
9.4

3.1
3.2
3,2
3.1
3.2
3.2
3.2
3.3
3.0
3.0
3.0
3.0
3.1

85.4
86.9
87.9
89.2
93.3
95.3
90.8
09.3
100.1
101.0
102.0
106.3
95.3

53.9
54.0
55,6
68.7
53.8
61.0
63.2
63.5
64.3
65.2
85.8
63,5
00.9

54.6
65.6
56.3
57.4
69.6
61.8
63.0
64.3
65.1
66.1
68.5
69.4
61.7

23.3
24.0
24.3
24.4
26.1
27.6
23.3
19.1
29,7
30,3
30.6
31.4
37,5

14.7
15.0
15.1
15.6
15.9
16.3
16.6
16.8
16.3
16.9
16.9
18.3
16.3

7.6
7.5
7.5
7.7
7.7
7.8
7.9
7.9
3.0
8.1
3.1
8.1
7.8

9.1
9.1
0.4
9,7
9.9
10.1
10.2
10. S
10 6
10.8
10.9
11.6
10.2

.7
.7
.7
.7
.8
.8
.8
.8
.3
.9
.9
.0
.3

.6
.6
.0
.6
.6
.6
.6
.6
.6
.6
.6
.6
.6

9.5
9.6
9.6
9.6
9.7
9.3
9.S
9.9
10.0
10.0
10.0
10.1
0.9

3.2
3.2
3.2
3.1
3.1
3.1
3.1
3,1
3.0
3.0
3.0
3.2
3.1

77.9
70,0
80.0
80.8
33.4
85.9
87.4
89.2
00 1

„

107.9
109.0
III. 5

88.7
69.9
72.1

69.6
70.8
73.1

32.4
33.2
34.6

17.5
17.6
17.5

8.1
8.1
8.3

11.6
12.0
12.8

.9
.9
1.0

.6
.6
.6

10.1
10.0
9.9

3.4
3.3
3.4

95.0
97.1
99.6

—-

1937:
January
February
April

June
July.
August

_

..
.

.
.

...

.........

..
...

.....__._..-_....---.-__.
.

.....

.-

October.
Novem b o r . . . . . . . . . . . . . . . . . . . .
Total
1939:
January-.--.
March
April
Juno
July.
October
November.

„
................
.....

..

......................

........

..

Total
1940:
January.....
February
March......
April
Juno
....
July.
August
September
October

1941:

.
...........
..

.

..............

Total

April

September
October
November

_

„
.

Total
1912:
March...

Nonagricultural
income •

38.3
37.0
37.7
33.7
36.3

July.

November.
December...
Total
1938:
January....,
February.
March
April......

Govern­
ment1

Divi­
dends
and per­ Transfer
pay­
sonal
ments'
interest
income *

61.3
61.9
62.8
83.9
69.9

....

1936:

July.

Servico
indus­
tries J

Propri­
etors'and
rental
Income'

„

November.

Total.,.

Commod­
Total
Distribu­
i t y pro­
disburse­
t i v e In­
ducing
9
ments
industries * d u s t r i e s

Loss e m .
ployce
contribu­
tions lor
social in­
surance'

Iff

"Wage a n d salary receipts

. . .

See footnotes at end of table.




iao
15.7
15.9
15.8
15.3
15.9
16.2
13.6
17.4
17,2
17.7
16.3
18.2
18.6
18.0
19.2
20.0
20.8
21.1
22.1
22.2
22.2
22.8
33.9

ma
25.1
23.2
25.6

64.0
65.8
62.3

67.9
68.2
63.0
67.0
64.4
62.7
66.5
61.7
61.6
61 O
01.4
62 4
62.0
62.9
64.2
62.1
64 6
64.7
65.2
65.6
66.5
67,2
68.0
69.2

60 5
69 I
70.2
71.0
72.5
73 4
74.5
76 6
71 6

91.9
95.3
85.1

NATIONAL INCOME SUPPLEMENT TO SURVEY OF CURRENT BUSINESS

54

July 1947

Table 48.—Personal Income, Seasonally Adjusted Monthly Totals at Annual Rates, 1929-46—Continued
[Billions of dollars]

*

Wage and salary receipts

1942—Continued

AprSL
-**.

»--

September—♦.»

.. - — - *—

1044:

November.
1945;

* _ _., _*^ .

Total

February.,

Total

Commod­ Distribu­
Total
tive in­
disburse­ ity producing
ments industries * dustries 1

Other
tabor
Income *

Divi­
dends
and per­ Transfer
pay­
sonal
interest ments'
income'

Service
indus­
tries'

Govern­
ment 1

Less em­
ployee
contribu­
tions for
social in­
surance *

8.4
8.5
8.6
8.7
8.8

13.5
14.1
15.7
16.5
17.1
17.9
19.5
30.4
21.6
16.1

1.0
1.0
1.1
1.2
1.3
1.3
1.3
1.4
1.5
1.2

.7
.7
.7
.7
.7
.7
.8
.8
.8
.7

26.9
37.1
27.5
28.1
29.2
29.7
30.4
31.2
31.3
28.1

9.8
9.8
9.7
9.7
9.6
9.6
9.6
0.6
9.7
9.7

3.3
3.2
3.1
3.2
3.1
3.1
3.0
2.9
2.0
3,2

101.7

23.8
24.5
35.2
25.3
20.0
26.4
27.1
27.5
28.0
28.6
20.6
30.0
26.9

1.6
1.6
1.7
1.8
1.3
1.9
1.9
1.9
1.9
2.0
2.0
2.1
1.8

.8
.8
.8
.8
.9
.9
.9
.9
.9
.9
1.0
1.0
.9

30.9
32.2
33.0
32.7
32.1
33.1
31.8
32.4
31.2
31.8
33.4
32.0
32.1

9.7
9.8
9.8
9.9
9.9
10.0
10.0
10.0
10.1
10.1
10.1
10.1
10.0

2.9
2,9
3.9
2.9
3.9
2.9
3.0
3.0
3,0
3.0
3,0
3.1
3,0

126.6
128.0
129.8
131.6
132.0
133.7
135.1
136.1
137.1
138.8
141.1
141.9
134.3

Nonagrlcultural
Income *

114.8
117.0
120,4
123.4
126.8
128.9
132,6
135.8
138.0
122.2

1943:

JnntW—^

"Wage and salary disbursements

A

Personal
income

,*.

July

Toial
1946:
February

July

Tom!

~

w

74.1
76.2
79.4
81.7
84.2
85.8
88.8
91.3
03.3
80.5

76.1
77.2
80.6
82.9
86.4
87.1
90.1
92.7
94.8
81.7

35.7
37,0
38.6
39.9
41.5
42.3
43.3
44.5
45.3
39.1

17. B
17.6
17.7
17.8
13.0
18.1
18.4
18.7
IS. 9
18.0

140.3
143.4
146.0
147.4
147.6
148.9
150.2
151.5
151.2
153.1
155.9
156.9
149.4

96.0
97.7
99.6
101.1
101.3
103.0
104.6
105.2
106,0
107.3
109.4
110.1
103.5

97.5
90.3
101.2
102,9
<103.6
104.9
I0G.4
107.1
107.0
109.3
111.4
112 2
106.3

4S.8
46.6
47.6
48.2
48.5
48.7
49.2
49.4
49.8
50.5
61.1
51.0
48.9

1E9
10.1
19.2
19.5
19.7
30.1
20.4
30.6
20.4
30.5
21.0
21.3
20.1

8.9
9.1
9.0
8.6
9.0
9.1
9.2
9.4
9.4
9.7
9.7
9.6
9.7
9.7
9.8
9.9
9.6

168.9
163.2
102.8
103.1
103.6
154.8
165.1
106.1
165.1
367.9
169.5
170.3
104.9

111.7
113.4
113.1
112.5
113.5
114.4
115.7
115.9
115.7
116.9
117.4
118.4
114.9

113.3
115.6
115.3
114.7
115.7
116.7

21.7
23.6
325
32.0
22.2
32.4
22.7
33.0
22.8
23.0
23.3
23.6
22.7

10.0
10.1
10.2
10.3
10.6
10.5
10.7
10.6
10.6
10.6
10.8
10.8
10.5

30.9
30.0
32.0
32.6
33.2
33.7
34.6
34.7
34.8
36.5
35.3
36.6
33.0

2.1
2.2
2.2
2.2
2.2
2.3
2.3
2.3
2.3
2.3
2.3
2.3
2.2

1.1
1.3
.1-2
1.3
1.3
1,3
1.3
1.4
1.4
1.4
1.4
1.4
1.3

32.0
34.0
34.3
34.0
34.6
34.9
33.7
34.4
33.5
3S.0
35.0
35.6
34.4

10.1
10.2
10.3
10.5
10,6
10.7
10.8
10.8
10.9
10.9
11.0
11.1
10.7

3.1
3.4
3.9
3.9
3.7
3.6
3.6
3.6
3,6
3.7
3.8
3.8
3.6

146.0
146.7
146.2
147.0
148.4
149.7
160.1
169,1
161.8
153.3
154.2
149.0

172.5
174.4
174.9
173,8
173,4
174.9
176.0
170.4
164.4
166.1
169.6
168.9
171.6

119.7
119.7
120.5
119.7
118.7
118.9
119.6
115.4
109.4
107.7
107.2
105.0
115.3

118.2
118.0
119,2
119.7
12a 7
117.1
122.1
122.1
132.9
122.1
121.1
131.3
123.0
117.7
111.7
110.0
109.6
107.1
117.5

51.2
51.0
59.6
49.9
49.8
50.1
60.0
40.9
49.8
50.1
50.3
60.8
60.3
51.4
51.3
51.2
50.4
40.2
48.6
47.3
43.9
38.9
38.3
39.2
39.4
46.8

23.8
24.1
24.2
24.1
24.2
24.5
25.1
24.8
24.9
25.1
26.1
26.6
24.8

10.9
11.1
11.1
11.0
11.1
11.3
11.7
11.6
11.8
11.8
12,3
12.2
11.5

36.0
35.6
36.4
36 6
30.6
36.9
37.9
37,4
361
34.8
3L9
28.9
35.6

2.4
2.4
2.4
2.4
2.4
2.4
2.4
2.3
2.3
2.3
2.3
2,1
2.3

1.5
1.5
1.5
1.5
1.5
1.5
1.5
1.6
1.5
1.6
1.5
1.5
1.5

36.2
38.1
37.6
37.3
37.5
37.2
36.9
36.5
35.4
36.3
38.1
38.1
37.1

11.1
11.2
11.2
11.2
11.4
11. S
11.7
11.8
11.9
11.9
12.1
12.2
11.0

4,0
3.9
4,1
4.1
4.3
5,8
6.3
6.3
6.3
8.7
10.7
121
6.3

165 7
165.7
157.1
166.0
165.9
157.8
168.1
153.7
148 4
160.5
152,4
151.5
154.4

169.2
167,0
170.1
171.0
173.3
173.2
179.0
180.9.
178.5
184.0
188.4
189-9
177.2

103.2
100.7
104.1
106.0
106.8
107.9
109.0
112.3
113.0
118.6
115.4
117.0
109.2

105.3
103.7
106.1
108,1
108.8
109.8
111.8
114.3
114.8
115.4
117.2
118.6
lll.Z

38.8
37.0
42.0
43.1
43.7
46.8
40.4
43.5
49.4
49.5
50.6
62.3
45.7

27.7
28.4
23.8
30.3
31.2
30.6
31.3
31.9
31.8
32.0
33.0
33.5
30.9

12.5
12.8
13.2
13.3
13.3
13.6
14.0
14.0
14.1
14.2
14 4
14.4
13.6

26.3
23.6
22.1
21.4
20.6
19.8
20.1
19.8
19.5
19.7
19.2
18.6
20.9

2,1
3.0
2,0
2,1
2.0
1.9
1.9
1.9
1.8
1.8
1.8
1.8
1.0

1.5
1.5
1.6
1.6
1.0
1.6
1.6
1.6
1.6
1,6
1.6
1.6
1,6

39.1
40.0
39.1
33.5
40.0
39.3
43.3
42.9
39.5
45.3
47.6
47,2
41.8

12.5
12.7
12.9
13.0
13.2
13.2
IS. 3
13.3
13.3
13.3
13. S
13.7
13.3

12 0
12.1
12,4
11.9
11.7
11,2
10.9
10.8
11.1
10.3
10.3
10.4
11.3

161,6
148.7
162.4
163.9
156.0
156,3
157.6
160.5
162.0
162.7
165.0
167.3
157.9

nao

as

107.1
HO. 2
113.8
114.7
120 6
122 6
108.7

'! For definitions of personal income and its major components see pp. 8-10.
This grouping of industries is a condensation of the classification shown in table VIII. Seo table 14 lor descriptive notes and for detailed annual data, differing from data shown
in this table only to the extent that disbursements differ from accruals. "Commodity-producing industries" consists of Agriculture, forestry andfisheries.Mining, Con tract construc­
tion, and Manufacturing. "Distributive Industries" consists of Wholesale and retail trade, Transportation, and Communications and public utilities. "Service industries" com­
prises Finance, insurance, and real estate and Services. "Government" comprises Government and government enterprises and Best of the world.
1
1 Tor composition end annua! detail see table 35.
1 For composition and annual detail see table 34.
1 For major components on an annual basis see table 1.
Dividends and persona) Interest income aro shown separately on an annual basis in table 3.
'1 For composition and annual detail see table 36,
Equals persona] income exclusive of not incomo of unincorporated farm enterprises, farm wages, agricultural not rents, agricultural not interest, end net dividends paid by agri­
cultural corporations.




II. 3. GOVgRMMGNT PRINTING OPFICE, 144T