July 1949 SUKVEY OF CUEEENT BUSINESS - St. Louis Fed · 2018. 11. 7. · July 1949 SUKVEY OF CUEEENT BUSINESS of the two sources to obtain continuous series covering the period since

July 1949 SUKVEY OF CUEEENT BUSINESS

of the two sources to obtain continuous series covering theperiod since 1929.

Descriptions and definitions of the various series containedin the Supplement have not been repeated. For economy ofspace the many footnotes accompanying the tables in theSupplement have also been omitted, but it should be under-stood that these footnotes apply equally to the currentestimates. Use of the present tables without reference tothe Supplement may, therefore, lead to misundertanding ormisuse of the data.

Some aspects of the estimates published in this reportshould be noted. Adoption of the new Standard IndustrialClassification for manufacturing industries by the SocialSecurity Administration, effective with its 1947 tabulations,has in a number of the industry groups impaired the com-parability of current social security statistics with those forearlier years. The estimates of pay rolls and employmentin manufacturing for 1947 and 1948 presented here have beenadjusted to conform to the National Income Division classi-fication, and therefore to the data fof earlier years, by theuse of collateral information. Detailed data from theCensus of Manufactures and special tabulations of the SocialSecurity Administration have permitted adjustment for1947 which is believed to be highly accurate; The 1948estimate for certain of the manufacturing industries issubject to a somewhat larger margin of error.

Attention should also be drawn to the revision of the con-struction estimates incorporated in this report. Theseinclude revisions in the published series of new private con-struction activity prepared jointly by the Office of DomesticCommerce and the Bureau of Labor Statistics. Theserevisions have been incorporated for the period 1939-48.

In addition, it has been known for some time that fordefinitional as well as statistical reasons the estimates of newprivate construction activity were not sufficiently inclusivefor the purposes of national product measurement. Formost years, however, the magnitudes involved were thoughtto be small, and no adjustment was attempted in view of thefact that the extreme paucity of data made it impossible toprepare accurate estimates.

With the high level of construction in recent years the itemsomitted from the statistics of new private construction

activity that should properly be counted as components ofnational product have increased in magnitude. Theiromission from national product seems no longer advisableeven though lack of basic data continues to prevent a preciseestimate. Accordingly, for the purposes of the presentreport a set of interim estimates of the major omitted itemswas prepared for the period 1939-48 and included in grossnational product under new private construction. The itemscovered include major additions and alterations to residentialbuildings, profit margins of residential builders, residentialland development costs, settlement and allied charges, engi-neering and architectural fees, and the value of constructionof a few minor types of nonresidential structures. Theannual magnitudes involved, in billions of dollars, are asfollows: 1939: 0.7, 1940: 0.8, 1941: 0.9, 1942: 0.6, 1943: 0.5,1944: 0.5, 1945: 0.6, 1946: 1.4, 1947: 1.9, 1948: 2.3. Whileit is believed that the estimates reflect the order of magnitudeof the omitted items, it should be emphasized that they areinterim estimates subject to further revision and refinement.

The revisions of the construction estimates have beencarried back only to 1939. This should be taken into accountwhen comparisons that involve construction are made withprior years.

One of the greatest difficulties that had to be dealt within preparing the current revisions was to measure the sub-stantial effects of the shift from the unincorporated to theincorporated form of legal organization that began in 1946and appears to have extended into 1948. This shift affectedparticularly the income of unincorporated enterprises andcorporate profits, but had implications also for personalsaving and many other components of the product and in-come flow. So far only incomplete information is availableon the legal shift that occurred in 1946, and information onfurther shifts in 1947 and 1948 is even less satisfactory.Moreover, such information as exists became available onlyshortly before the estimates contained in this report had tobe completed. The utmost effort was made to utilize theavailable data in the most effective manner, but, because ofthe difficulties of measuring the shift, the estimates for theproduct and income components that are most affected aresubject to more than the usual margin of error, especiallywith respect to their detailed industrial breakdown.

National Income and Gross National Product Series, 1929-48

THE JULY 1949 issue of the SURVEY OF CURRENTBUSINESS provides the latest National Income andProduct data covering the years 1942-48. This pres-entation gives to subscribers the currently officialfigures on fundamental measures of the nationaleconomy.

For completely revised series back to 1929, withdetail for all component segments, reference should bemade to the previously published NATIONAL INCOMESUPPLEMENT to the SURVEY OF CURRENT BUSINESS.

The SUPPLEMENT contains, in addition to extensivestatistical tables, an explanation of fundamentalconcepts and procedures underlying the data. Thatpublication furnishes to business managers and an-alysts, economists, and students the basic data to

which all subsequently published national incomeand gross national product figures are related.

The National IncomeSupplement TO THE

P R I C E 25cSurvey of Current Business

Available from the Superintendent of Documents, GovernmentPrinting Office, Washington 25, D. C., or from your nearest De-partment of Commerce Field Office.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

10 SUEVEY OF CUEEENT BUSINESS July 1949

Table VI.—Gross Savings and Investment Account, 1948[Millions of dollars]

Business purchases on capital accountChange in business inventoriesNet disinvestment in the United States by rest of worldGovernment deficit (+) or surplus (—) on income and product transactions.

GROSS INVESTMENT AND GOVERNMENT DEFICIT.

38, 5536,4551,901

-8,400

38, 509

Excess of wage accruals over disbursementsUndistributed corporate profits (domestic)Corporate inventory valuation adjustmentStatistical discrepancyCapital consumption allowances by private business.Foreign branch profits (net)Institutional depreciationPersonal saving

GROSS PRIVATE SAVING.

3012,748-2,170-30215,489

494215

12,005

Table 1.—National Income by Distributive Shares, 1929-48[Millions of dollars]

National income

Compensation of employeesWages and salaries .

PrivateMilitary _Government civilian

Supplements to wages andsalaries

Employer contributions forsocial insurance

Other labor in come __

Income of unincorporated enter-prises and inventory valuationadjustment

Business and professionalIncome of unincorporated en-

terprises . _Inventory valuation adjust-

mentFarm

Rental income of persons _Corporate profits and inventory

valuation adjustmentCorporate profits before tax

Corporate profits tax liability __Corporate profits after tax

DividendsUndistributed profits

Inventory valuation adjustment.Net interest

1929

87, 355

50, 78650, 16545, 206

3124,647

621

101520

13, 9278,262

8,120

1425,665

5,811

10, 2909,8181, 3988,4205,8232,597

4726,541

1930

75, 003

46,51545, 89440, 720

3154,859

621

106515

10,9637,032

6,277

7553, 931

4,786

6,5633,303

8482,4555,500

-3, 0453,2606,176

1931

58, 873

39, 47038, 88633.607

'3084,971

584

111473

8, 2145,316

4,705

6112,898

3,620

i,asi-783

500-1, 283

4,098-5, 381

2,4145,938

1932

41, 690

30, 82630, 28425, 297

2954,692

542

126416

4,9213,206

2,911

2951, 715

2, 508

-1, 995-3, 042

382-3, 424

2,574-5, 998

1,0475,430

1933

39, 584

29, 33028, 82523, 660

2704,895

505

133372

5,2072, 925

3,450

-5252,282

2,018

-1, 981162524

-3622,066

-2, 428-2, 143

5,010

1934

48, 613

34, 06733, 52027, 420

2715,829

547

147400

6,6034,276

4, 330

-542,327

2,095

1,0981, 723

746977

2,596-1, 619

-6254,750

1935

56, 789

37, 10736, 50829, 984

3066,218

599

171428

9, 8584,987

5,037

-504,871

2,288

2,9973,224

9652,2592,872-613-2274,539

1936

64, 719

42, 67541,75433, 866

3387,550

921

418503

9,9426.074

6,194

-1203,868

2,682

4,9465,6841, 4114,2734,557-284-7384,474

1937

73, 627

47, 69645, 94838, 432

3587,158

1,748

1,234514

12, 2496,630

6,659

-295,619

3,140

6,1666,1971,5124, 6854,693

-8-31

4,376

1938

67, 375

44, 74742, 81234,564

3707,878

1,935

1,423512

10, 7686, 34?

6.126

2214,421

3,278

4,2923,3291,0402,2893, 195-906

9634,290

1939

72, 532

47, 82045, 74537, 519

3987,828

2,075

1, 540535

11,2826,776

6,942

-1664,506

3,465

5,7536,4671,4625,0053,7961,209-7144,212

1940

81, 347

51, 78649, 58741, 130

5917,866

2, 199

1,624575

12, 6607,720

7,772

-524,940

3,620

9,1779, 3252,8786, 4474,0492,398-1484,104

1941

103, 834

64, 28061, 70851, 5371,8628,309

2,572

1,983589

16, 5049,566

10, 210

-6446,. 938

4,322

14, 61517, 2327,8469, 3864,4654,921

-2, 6174,113

1942

137,119

84, 89581, 88765,7886,3309,769

3,008

2,302706

23, 04112, 573

12, 945

-37210, 468

5,395

19, 89421, 09811, 6659, 4334,2975,136

-1, 2043,894

1943

169, 686

109,212105, 64778, 81414, 44512, 388

3,565

2.677'888

26, 73114, 963

15, 117

-15411, 768

6,109

24, 27925, 05214, 40610, 6464, 4936,153-7733, 355

1944

183, 838

121,163116, 92483, 44920, 63812, 837

4,239

2,9371,302

28, 99717, 156

17,226

—7011, 841

6,495

24, 04624, 33313, 52510, 8084,6806,128-2873,137

1945

182, 691

123, 026117, 67382, 10122, 59812, 974

5,353

3,8051,548

31, 24718, 719

18, 832

-11312, 528

6,256

19, 15319, 71711, 2158,5024,6993, 803-5643,009

1946

179, 562

117,011111,42290, 5377,962

12, 923

5,589

3, 9861,603

35, 03520, 790

22, 676

-1, 88614, 245

6,215

18, 33123, 5609,620

13, 9405,8088, 132

-5, 2292,970

1947

201, 709

127, 605122, 276104, 763

3,95113, 562

5,329

3.5391,790

38, 53123, 111

24, 727

-1,61615, 420

6,544

25, 61531, 60212, 51119, 0917,018

12, 073-5, 987

3,414

1948

226, 204

140, 261135, 283116, 146

3,91015, 227

4,978

2,9951,983

42, 84824, 477

24, 874

-39718, 371

6,648

32, 62334, 79313, 61921, 1747,932

13, 242-2, 170

3,824

Table 2.—Gross National Product or Expenditure, 1929-48[Millions of dollars]

Gross national product

Personal consumption expendi-tures - -

Durable goodsNondurable goodsServices

Gross private domestic investment.New construction * _ _ _Producers' durable equipment...Change in business inventories. _ _

Net foreign investmentGovernment purchases of goods

and servicesFederal

WarNonwar _ _ _Less: Government sales

State a n d local . _ _ _ _ _ _

1929

103, 828

78, 7619,362

37, 74231, 65715, 8247,8246,4381,562

771

8,4721,311

} 1,34433

7,161

1930

90,857

70, 7897,275

34, 05229, 46210, 2095,5664,926-283

690

9,1691,4101,432

227,759

1931

75, 930

61, 1535,569

28, 95526, 6295,3623,5613,162

-1,361197

9,2181,5371,549

127,681

1932

58, 340

49, 2083,694

22, 74322, 771

8861,6681,781

-2, 563169

8,0771,4801,484

46,597

1933

55, 760

46, 3463,503

22, 25420, 5891,3061,1421,783

-1,619150

7,9582,0182,022

45,940

1934

64, 868

51, 8824,255

26, 73220, 8952,8071,4202,531

-1, 144429

9,7502,991

2,9976

6,759

1935

72, 193

56, 2155,158

29, 37721, 6806,1461,8903,351

905-54

9,8862,9312,935

46,955

1936

82,483

62, 5156,374

32, 88723,2548,3182,7834,5311,004

—93

11, 7434,8154,818

36,928

1937

90, 213

67,1217,005

35, 23224, 88411, 4403,6875,4442,309

62

11, 5904,5524,557

57,038

1938

84,683

64, 5135,754

34, 03224, 7276,3113,3093,975-9731,109

12, 7505,2805,286

67,470

1939

91, 339

67, 4666,729

35, 25825, 4799,9174,8994,577

441888

13, 0685,157

/ 1,258\ 3, 908

97,911

1940

101, 443

72, 0527,854

37, 59426, 60413, 9495,5666,1082,2751,509

13, 9336,1702,2233,956

97,763

1941

126, 417

82, 2559,750

43, 96028, 54518, 3346,7847,6763,8741,124

24, 70416,92313, 7943,173

447,781

1942

161, 551

91, 1617,060

52, 87131,23010, 8733,9514,8572,065-207

59, 72452, 02749, 5672,664

2047,697

1943

194, 338

102, 2446,824

60, 97034, 4505,7092,5494,082-922

-2, 245

88,63081, 22380, 3841,480

6417,407

1944

213, 688

111, 5507,103

67, 05437, 393

7,7142,8175,706-809

-2,099

96, 52389, 00688, 6151,5521,1617,517

1945

215, 210

123, 0798,472

74, 88639, 72110, 7333,9347,545-746

-1, 438

82, 83674, 79675,9231,0312,1588,040

1946

212, 613

147, 75816, 48186, 75044, 52729, 45510, 25812, 4866,7114,672

30, 72820,79221, 1842,4692,8619,936

1947

235, 697

166, 94021, 99696, 18848, 75631,09013, 81217, 207

718,898

28, 76915, 693

}l7, 0031,310

13,076

1948

262, 434

178, 78823, 519

102, 20053, 06945, 00817, 89220, 6616,4551,901

36, 73720, 89721, 502

60515,840

1 Includes, in addition to items shown in table 31, the following: construction expenditures for crude petroleum and natural gas drilling; and, for the period 1939-48, major additions andalterations to residential buildings, profit margins of residential builders, residential land development costs, settlement and allied charges, engineering and architectural fees, and the value ofconstruction of a few minor types of nonresidential structures. (See page 7.)

Table 3.—Personal Income and Disposition of Income, 1929-48[Millions of dollars]

Personal income

Wage and salarv receiptsTotal employer disburse-

ments _ .. --. .Less: Employee contribu-

tions for social insuranceOther labor incomeProprietors' and rental incomeDividendsPersonal interest incomeTransfer payments

Less: Personal tax and nontax pay-ments

FederalState and local

Equals: Disposable personal income.Less: Personal consumption expendi-

turesEquals: Personal saving

1929

85, 127

50,023

50, 165

142520

19, 7385,8237,5241,499

2,6431,2631,380

82, 484

78, 7613,723

1930

76, 195

45, 747

45, 894

147515

15, 7495,5007,1401,544

2,5071,1341,373

73, 688

70, 7892,899

1931

64, 835

38, 735

38, 886

151473

11, 8344,0987,0222,673

1,858607

1,25162, 977

61, 1531,824

1932

49, 274

30, 132

30, 284

152416

7,4292,5746,5712,152

1,455331

1,12447, 819

49, 208-1, 389

1933

46, 629

28, 673

28, 825

152372

7,2252,0666,1802,113

1,464474990

45, 165

46, 346-1, 181

1934

53, 230

33, 363

33, 520

157400

8,6982,5965,9802,193

1,595595

1,00051, 635

51, 882-247

1935

59, 861

36, 346

36, 508

162428

12, 1462,8725,6802,389

1,888827

1,06157, 973

56, 2151,758

1936

68, 353

41, 574

41, 754

180503

12, 6244,5575,5753,520

2,2581,1301,128

66,095

62, 5153,580

1937

73, 976

45, 382

45, 948

566514

15, 3894,6935,5802,418

2,9211,7231,198

71,055

67, 1213,934

1938

68, 327

42, 258

42, 812

554512

14, 0463,1955,8422,834

2,8621,6351,227

65, 465

64,513952

1939

72, 607

45, 149

45, 745

596575

14, 7473,7965,4172,963

2,4401,2351,205

70, 167

67, 4662,701

1940

78, 347

48, 929

49, 587

658575

16, 2804,0495,3953,119

2,6041,3641,240

75. 743

72, 0523,691

1941

95, 308

60, 907

61, 708

801589

20, 8264,4655,4023,119

3,2932,0161,277

92, 015

82, 2559,760

1942

122, 721

80, 721

81, 887

1,166706

28, 4364,2975,4113,150

5,9814,6681,313

116, 740

91, 16125, 579

1943

150, 286

103, 599

105, 438

1,839888

32, 8404,4935,4952,971

17, 84516, 5171,328

132, 441

102, 24430, 197

1944

165, 892

114, 881

117, 117

2,2361,302

35, 4924,6805,9403,597

18, 93517, 5361,399

146, 957

111, 55035,407

1945

171, 927

115, 326

117, 659

2,3331,548

37, 5034,6996,6726,179

20,86719, 3791,488

151, 060

123,07927, 981

1946

176, 908

109, 440

111, 452

2,0121,603

41,2505,8087,401

11, 406

18,81417, 1621,652

158, 094

147, 75810, 336

1947

193, 508

120, 153

122, 261

2,1081,790

45, 0757,0187,785

11, 687

21, 51419, 6501,864

171, 994

166, 9405,054

1948

211, 900

133, 108

135, 253

2,1451,983

49, 4967,9328,267

11,114

21, 10719, 0032,104

190, 793

178,78812,005


28 SUKVEY OF CURRENT BUSINESS July 1949

Table 43.—Gross National Product or Expenditure,

[Billions of dollars]

Lin

e N

o. 1

1

2345

6789

10

11

1213141516

17


Personal consumption expendituresDurable goods _ _ _ _ -Nondurable goodsServices

Gross private domestic investmentNew construction _ _ _ - _Producers ' durable equipmentChange in business inventories — total

Nonfarm only

Net foreign investment

Government purchases of goods and servicesFederal- _ _

WarNonwarLess: Government sales _

State and local _ _ _

1939

I

89.1

65.46.4

33.825.1

9.74.84.1.8.7

.7

13.25.21.14.1.0

8.0

II

88.9

67.26.6

35.225.3

8.04.94.3

-1.2-1.3

.6

13.25.31.24.1.0

7.9

III

92.4

68.06.9

35.525.7

10.84.94.71.21.1

1.0

12.64.81.83.4.0

7.8

IV

95.0

69.37.0

36.425.9

11.25.05.2.9.8

1.2

13.35.41.43.9.0

7.9

Year

91.3

67.56.7

35.325.5

9.94.94.6.4.3

.9

13.15.21.?3.9.0

7.9

1940

I

98.1

70.27.5

36.426.3

12.85.05.62.22.1

1.8

13.45.81.64.2.0

7.6

II

98.9

71.77.8

37.526.4

12.45.55.81.1.8

1.6

13.35.51.73.9.0

7.8

III

101.9

72.07.7

37.726.6

15.15.86.33.02.7

1.4

13.55.61.83.7.0

7.9

IV

106.8

74.38.4

38.827.1

15.55.96.82.82.5

1.3

15.67.83.84.0.0

7.8

Year

101.4

72.17.9

37.626.6

13.95.66.12.32.0

1.5

13.96.22.24.0.0

7.8

1941

I

113.3

77.29.6

40.027.6

16.36.27.32.72.4

1.1

18.711.27.53.7.0

7.5

II

122.8

81.210.242.928.0

19.67.08.04.54.1

.7

21.313.610.72.9.0

7.8

III

130.0

84.810.046.128.7

18.77.28.33.22.7

.6

26.018.015.22.8.1

8.0

IV

139.6

85.99.2

46.829.9

18.86.67.15.04.4

2.1

32.824.921.73.3.1

7.9

Year

126.4

82.39.8

44.028.5

18.36.87.73.93.4

1.1

24.716.913.83.2.0

7.8

1942

I

143.3

87.17.5

49.430.2

16.45.75.65.24.3

.6

39.231.328.23.2.1

7.8

II

155.5

89.36.9

51.530.9

13.24.45.43.42.0

-.6

52.645.843.42.8.3

7.8

III

166.8

92.06.8

53.631.6

6.33.04.7

— 1.3-2.8

.2

68.260.658.42.4.2

7.7

IV

180.6

96.27.0

56.932.3

7.52.73.81.0-.5

-1.0

77.970.468.32.3.3

7.5

Year

161.6

91.27.1

52.931.2

10.94.04.92.1.8

59.752.049.62.7.2

7.7

19

3

12345

6789

10

11

1213141516

17

[Billions of dollars]Table 44.—Disposition of Personal

1OJ3

1

?

14

56

7

Personal income

Less: Personal tax and nontax payments

FederalState and local .

Equals: Disposable personal income .Less: Personal consumption expenditures

Equals: Personal saving

I

17.5

.8

.4

.4

16.815.6

1.1

II

17.8

.6

.3

.3

17 ?,16.6

.5

19:

III

17.9

.5

-.3.2

17 316.6

.8

59

IV

19.4

.5

.2

.3

18.918.6

.3

Year

72.6

2.4

1.21.2

70.267.5

2.7

I

18.6

.9

.5

.4

17.716.8

.9

II

19.2

.6

.3

.3

18.517.7

.8

1<

III

19.4

.5

.3

.2

18 917.5

1.4

HO

IV

21.2

.6

.3

.3

9,0 720.0

.7

Year

78.3

2.6

1.41.2

75.772.1

3.7

I

?1 3

1 ?,

.8

.4

30.118.4

1.7

II

?3 1

.8

.5

.4

22,320.2

2.1

1<

III

24.5

.6

.4

.3

23,820.7

3.1

.41

IV

26.5

.6

.4

.3

25 823.0

2.8

Year

95.3

3.3

2.01.3

92.082.3

9.8

I

26.9

2.4

2.0.4

?A 420.8

3.6

II

29.4

1.3

.9

.4

?8 121.9

6.2

U

III

31.7

1.2

1.0.3

30.522.5

8.0

)42

IV

34.7

1.0

.7

.3

33.725.9

7.7

Year

122.7

6.0

4.71.3

116.791 2

25.6

1o>83

1?34

56

7

[Billions of dollars]Table 45.—Disposition of Personal Income, Seasonally

Lin

e N

o. |

|

1

2

34

56

7

Personal income

Less: Personal tax and nontax pavments.. _ _ _ _

FederalState and local .__ -

Equals: Disposable personal incomeLess: Personal consumption expenditures __ ._ _

Equals: Personal saving

1939

I

70.9

2.4

1.21.2

68.565.4

3.1

II

71.4

2.4

1.21.2

69.067.2

1.8

III

72.6

2.4

1.21.2

70.268.0

2.1

IV

75.3

2.4

1.21.2

72.969.3

3.6

Year

72.6

2.4

1.21.2

70.267.5

2.7

1940

I

76.1

2.6

1.41.2

73.570.2

3.3

II

76.5

2.6

1.41.2

73.971.7

2.2

III

78.6

2.6

1.41.2

76.072.0

4.0

IV

82.3

2.6

1.41.3

79.774.3

5.3

Year

78.3

2.6

1.41.2

75.772.1

3.7

1941

I

86.7

3.3

2.01.3

83.477.2

6.2

II

92.3

3.3

2.01.3

89.081.2

7.8

III

98.7

3.3

2.01.3

95.484.8

10.6

IV

103.1

3.3

2.01.3

99.885.9

14.0

Year

95.3

3.3

2.01.3

92.082.3

9.8

1942

I

109.3

6.0

4.71.3

103.387.1

16.2

II

117.7

6.0

4.71.3

111.789.3

22.4

III

127.6

6.0

4.71.3

121.692.0

29.5

IV

136.3

6.0

4.71.3

130.496 2

34.2

Year

122.7

6.0

4.71.3

116. 791.2

25.6

d

V

3

1

2

34

56

7

[Billions of dollars]Table 46.—Relation of Gross National Product, National

jf0)C3

3

1

?,3456

78

910111?131115


Less: Capital consumption allowances _Indirect business tax and nontax liabilityBusiness transfer payments. __ _Statistical discrepancy

Plus: Subsidies less current surplus of Government enterprises

Equals' National incomeLess: Corporate profits and inventory valuation adjust

mentContributions f o r social insurance _ _ _ _ _ _Excess of wage accruals over disbursements

Plus: Government transfer payments _ _ _ _ _ _Net interest paid by GovernmentDividends _ _ _ _ _Business transfer payments

Equals: Personal income

I

21.6

2.02.2.1

-.1

.117.5

1 3.5.0.6.38

.117.5

II

21.8

2 ,02.3.1

-.2

.117.7

1.2.5.0.6.38

.117,8

193<

III

22.9

2.02.4.1.3

.118.1

1.6.5.0.6.3.8.1

17.9

)

IV

25.0

2.12.4.1

1.3

.119.2

1.7.6.0.6.3

1.4.1

19.4

Year

91.3

8.19.4.5

1.4

.572.5

5.82.1.0

2.51.2

• 3.85

72.6

I

24.0

?. 12.3.1.7

.119.0

1.8.6.0.7.38

.118 6

II

24.3

?.12.5.1

— .1

.119.8

2.2.6.0.7,49

.119.2

194

III

25.0

? 12.6.1.1

.120.3

? 3.6.0. 7.39

.119 4

0

IV

28.1

2.22.6.1

1.0

.122.3

?, 9.6.0, 6.3

1.4.1

21.2

Year

101.4

8.410.0

.41.6

.481.3

9.22.3.0

2.71.34.0,4

78.3

I

27.7

? ?2.6.1

— .1

.123.0

3.0,6.0, 7.39

.1?1 3

II

30.4

?.32.8.1

— .1

.025.3

3.6.7.0.7.4

1.0.1

?3 1

194

III

32.1

? 42.9.1

— .1

.026.9

3.9.7.0, 63

1.0.1

24.5

L

IV

36.2

2.43.0.1

2.0

— .028.7

4.1.7.06

.31.5.1

26.5

Year

126.4

9.311.3

.51.6

.1103.8

14.62.8.0

2.61.34.5.5

95.3

I

35.3

2.52.9.1.1

— .129.7

4.1.8.0. 7.3.9.1

26.9

II

38.5

2.52.9.1.2

.032.8

4.8.8.0.7.4

1.0.1

29.4

194

III

41 7

2.53.0.13

235.9

5.4.9.0.7.3

1.0. i

31.7

2

IV

46 1

2.53 0.]

1 7

— o38.7

5.6.9.0.6.4

1.41

34.7

Year

161 6

10.011 8

52 3

2137 1

19 93.5o2.71 54.3

5122.7

0

o)c3

i23456

78 .

9101112131514


July 1949 SURVEY OF CURRENT BUSINESS 29

Seasonally Adjusted Quarterly Totals at Annual Rates, 1939-48

[Billions of dollars]

| L

ine

No. ||

1

2

45

6789

10

11

1212141516

17

1943

I

183.5

98.86. 7

58.833.3

1.32.53.0

-4.3-4.9

-1.7

85.077.776.02.2.5

7.4

II

192.8

101.76 Q. y

60.634.2

5.22.44.0

-1.3-1.0

-2.5

88.581.180.11.5.5

7.3

III

197.2

103.36. 9

61.634.8

7.32.64.5.2

1.1

-2.2

88.881.381.01.0.7

7.5

IV

203.9

105. 26 7. /

62.935.6

9.12.74.71.72.7

-2.7

92.284.884.41.2.8

7.4

Year

194.3

102.26. 8

61.034.4

5.72.54.1-.9-.5

-2.2

88.681.280.41 5.6

7.4

1944

I

207.6

106.96. 8

63.736.5

8.43.05.2.2

1.1

-2.7

95.087.587.51.11.0

7.5

II

211.1

110.2

66.137.2

7.62.85.9

-1.1-.5

-2.9

96.288.888.41 61.2

7.4

III

217.0

113.3

68.537.7

8.02.85.7-.5-. 1

-1.2

96.989.388.62.01.3

7.6

IV

219.0

115.7

70.038.3

6.82.76.0

-1.9-1.5

-1.6

98.090.490.01.61.2

7.6

Year

213. 7

111.6

67.137.4

7.72.85.7-.8-.3

-2.1

96.589.088.61.61.2

7.5

1945

I

222.6

119.0

72.239.0

7.72.86.2

-1.3-1.0

-2.7

98.690.890.91.01.1

7.8

II

225.0

120.58. 1

73.139.3

9.93.36.7-. 1

.1

-2.7

97.389.589.81.11.3

7.8

III

213.0

123.38 0

. O

75.239.8

10.44.08.0

-1.6-1.5

-1.0

80.272.173.91.12.9

8.1

IV

200.3

129.59. 6

79.140.8

14.95.69.2.1.1

.6

55.246.849.2

.93.4

8.5

Year

215.2

123.18. 5

74.939.7

10.73.97.5-.7-.6

-1.4

82.874.875.91.02.2

8.0

1946

I

199.1

137.612. 682.542.5

23.67.98.96.76.7

2.8

35.126.227.91.23.0

8.9

II

206.3

143.015. 384.143.6

28.810.011.77.17.1

5.3

29.219.822.21.94.2

9.4

III

221.1

153.018. 289.445.4

32.911.413.48.18.4

5.6

29.619.318.73.22.6

10.3

IV

224.0

157.519. 991.146.5

32.611.715.94.95.6

4.9

29.017.916.03 61.7

11.1

Year

212.6

147.816. 586.844.5

29.510.312.56.76.9

4.7

30.720.821.22.52.9

9.9

1947

I

228.2

160.520. 892.447.3

31.512.116.23.24.8

8.9

27.315.4

} 17.52.1

11.9

II

233.6

165.621. 895.848.1

29.512.217.5-.22.4

10.2

28.315.817.11.4

12.6

III

232.4

168.122. 096.749.4

26.514.116.9-4.5

1.8

8.7

29.115.616.5

.9

13.5

IV

248.6

173.523. 499.950.3

36.916.818.31.83.6

7.8

30.416.016.9

.8

14.4

Year

235.7

166.922. 096.248.8

31.113.817.2

.12.2

8.9

28.815.7

17.01.3

13.1

1948

I

251.4

175.222. 7

101.251.3

40.716.919.74.1.4.2

3.9

31.517.0

18.11.2

14.6

II

261.6

178.723. 8

102.452.5

44.218.120.85.33.8

2.8

35.920.4

21.0.7

15.5

III

266.5

180.324. 8

101.853.7

47.118.721.07.45.4

-.1

39.222.823.1

.3

16.4

IV

270.3

180.922. 9

103.354.8

48.017.921.29.07.1

1.0

40.323.4

23.8.3

16.9

Year

262. 4

178.823. 5

102.253.1

45.017.920.76.55.1

1.9

36.720.921.5

.6

15.8

Lin

e N

o. |

|

1

2345

6789

10

11

1213141516

17

Income, Quarterly, 1939-48[Billions of dollars]

1

1

1

2

3<\

56

7

I

35.6

3.8

3.44

31.823.6

8.2

II

37.3

3.7

3.44

33.625.1

8.5

194

III

37.8

4.9

4.73

32.825.2

7.6

3

IV

39.7

5.4

5.13

34.228.4

5.9

Year

150.3

17.8

16.51 3

132.4102.2

30.2

I

40.1

5.2

4.84

34.925.6

9.3

II

41.2

6.0

5.64

35.227.1

8.1

1944

III

41.5

4.4

4.13

37.027.6

9.4

IV

43.1

3.3

3.03

39.831.2

8.6

Year

165.9

18.9

17.51 4

147.0111.6

35.4

I

43.0

8.5

8.04

34.628.5

6.0

II

43.6

4.9

4.5.4

38.829.4

9.3

1945

III

42.5

3.9

3.63

38.630.0

8.5

IV

42.8

3.6

3.33

39.235.1

4.1

Year

171.9

20.9

19.41.5

151.1123.1

28.0

I

41.4

7.6

7.1.5

33.832.4

1.4

II

43.5

3.4

2.9.4

40.135.3

4.8

1946

III

45.2

4.2

3.9.4

41.037.3

3.7

IV

46.8

3.6

3.3.4

43.242.8

.4

Year

176.9

18.8

17.21.7

158.1147.8

10.3

I

46.2

8.7

8.2.6

37.537.9

-.4

II

46.9

4.0

3.55

43.040.8

2.2

1947

III

48.9

4.7

4.3.4

44.241.1

3.1

IV

51.5

4.1

3.74

47.447.1

.2

Year

193.5

21.5

19.61 9

172.0166.9

5.1

I

50.4

9.3

8.6.6

41.141.6

-.5

II

52.4

3.9

3.36

48.543.9

4.6

1948

III

53.7

4.2

3.85

49.444.2

5.2

IV

55.4

3.7

3.35

51.749.0

2.6

Year

211.9

21.1

19.02 1

190.8178.8

12.0

Adjusted Quarterly Totals at Annual Rates, 1939-48[Billions of dollars]

1 -^

05

en

,jxw

to

»-*

1 L

ine

No. 1943

I

144.3

14.6

13.31.3

129.798.8

30.9

II

148.9

14.7

13.41.3

134.3101.7

32.6

III

151.9

20.9

19.61.3

130.9103.3

27.7

IV

156.0

21.2

19.81.3

134.8105.2

29.6

Year

150.3

17.8

16.51.3

132.4102.2

30.2

1944

I

162.4

18.9

17.51.4

143.4106.9

36.5

II

164.9

18.9

17.51.4

146.0110.2

35.8

III

166.4

18.9

17.51.4

147.4113.3

34.1

IV

169.7

19.0

17.61.4

150.7115.7

35.0

Year

165.9

18.9

17.51.4

147.0111.6

35.4

1945

I

174.4

21.3

19.91.4

153.1119.0

34.1

II

174.2

21.2

19.81.5

153. 0120.5

32.5

III

170.7

20.7

19.21.5

150.0123.3

26.7

IV

168.6

20.3

18.71.5

148.3129.5

18.8

Year

171.9

20.9

19.41.5

151.1123.1

28.0

1946

I

168.5

17.8

16.21.6

150.6137.6

13.0

II

173.5

18.7

17.01.6

154.8143.0

11.8

III

181.4

19.2

17.51.7

162.2153.0

9.3

IV

183.8

19.6

17.91.7

164.2157.5

6.7

Year

176.9

18.8

17.21.7

158.1147.8

10.3

1947

I

187.8

21.2

19.31.8

166.6160.5

6.1

II

187.6

21.2

19.41.8-

166.4165. 6

.7

III

196.6

21.6

19.71.9

175.0168.1

7.0

IV

201.7

22.1

20.21.9

179.7173. 5

6.1

Year

193.5

21.5

19.61.9

172.0166.9

5.1

1948

I

205.1

23.2

21.12.0

181.9175.2

6.7

II

210.3

20.7

18.72.1

189.6178.7

10.8

III

215.5

20.2

18.02.1

195.2180.3

15.0

IV

216.6

20.4

18.22.2

196.2180.9

15.3

Year

211.9

21.1

19.02.1

190.8178.8

12.0

0

1

1

2

34

56

7

Income, and Personal Income, Quarterly, 1939-48[Billions of dollars]

Lin

e N

o. |

1

23456

7

9101112131415

1943

I

45.3

2.63.1.1

-.9

.040.4

5.91.1.0.6.4

1.0.1

35.6

II

47.7

2.73.1.1

-.6

-.042.4

6.21.1.1.6.6

1.0.1

37.3

III

49.1

2.73.3.1.1

.143.0

6.31.2.1.6.5

1.0.1

37.8

IV

52.3

2.83.3.1

2.3

.143.9

5.91.1.0.6.6

1.4.1

39.7

Year

194.3

10.712.7

.5

.9

.2169.7

24.34.5

.22.52.14.5.5

150.3

1944

I

51.2

2.83.1.1.2

.245.0

6.31.3

-.2_ 7.6

1.0.1

40.1

II

52.3

2.93.5.1

-.2

.246.1

6.31.3

-.0.8. 7

1.1.1

41.2

III

54.0

3.03.7.1

1.2

.146.1

6.01.3.0.8. 7

1.1.1

41.5

IV

56.2

3.13.7.1

2.8

.246.7

5.51.3.0.8. 7

1.5.1

43.1

Year

213.7

11.914 1

.54.0

.7183.8

24.05.2-.23.12.84.7.5

165.9

1945

I

54.8

3.23.7.1.5

.247.5

5.81.5.0.9.8

1.0.1

43.0

II

55.4

3.23.8.1.4

.147.9

5.91.6.0

1.01.01.1.1

43.6

III

53.0

3.33.9.1

1.0

.244.8

4.11.5.0

1.2.9

1.1.1

42.5

IV

52.0

2.74.1.1

3.0

.442.5

3.31.5.0

2.51.01.5.1

42.8

Year

215.2

12.415.5

.54.9

.8182.7

19.26.1.0

5.63.74.7

5171.9

1946

I

48.1

2.84.0.1.2

.441.4

3.61.6.2

3.01.01.2.1

41.4

II

50.5

2.94.2.1

-.3

.544.0

4.71.6

22.81.31.3.1

43.5

III

55.1

3.04.5.1

1.3

-.046.1

4.61.5.0

2.61.01.3.1

45.2

IV

58.9

3.14.6.1

3.0

.048.0

5.41.4.0

2.51.11.9.1

46.8

Year

212.6

11.917.3

.64.2

.9179.6

18.36.0-.010.84.45.8.6

176.9

1947

I

55.1

3.24.4.1

-.8

-.048.1

5.61.6.0

2.61.01.5.1

46.2

II

56.8

3.44.5.1

-.7

.149.6

6.61.6.0

2.51.21.6.1

46.9

III

58.0

3.54.7.1

-1.1

-.050.7

6.51.3.0

3.31.01.6.1

48.9

IV

65.8

3.65.1.1

3.6

-.153.3

6.81.2.0

2.71.12.3.1

51.5

Year

235.7

13.718.7

,61.0

-.1201.7

25.65.6.0

11.14.47.0.6

193.5

1948

I

60.8

3.74.8.1

-1.5

-.153.5

7.41.3.0

2.81.01.7.1

50.4

II

63.7

3.95.0.2

-1.5

-.056.1

8.21.3.0

2.71.31.8.2

52.4

III

67.0

4.05.2.2

-.0

.157.8

8.21.3-.02.51.01.8.2

53.7

IV

71.0

4.15.4.2

2.6

.158.9

8.81.2.0

2.61.22.6.2

55.4

Year

262.4

15.720.3

.6-.3

.1226.2

32.65.1.0

10.54.47.9.6

211. 9

Lin

e N

o.

1

1

2345

67

89

101112131415


WlontkL BUSINESS STATISTICSTHE DATA here are a continuation of the statistics published in the 1947 Statistical Supplement to the SURVEY OF CURRENT BUSINESS

That volume contains monthly data for the years 1941 to 1946, and monthly averages for earlier years back to 1935 insofar as available; it alsoprovides a description of each series and references to sources of monthly figures prior to 1941. Series added or revised since publication of the1947 Supplement are indicated by an asterisk (*) and a dagger (f), respectively, the accompanying footnote indicating where historical data anda descriptive note may be found. The terms "unadjusted" and "adjusted" used to designate index numbers refer to adjustment of monthlyfigures for seasonal variation.

Data subsequent to May for selected series will be found in the Weekly Supplement to the Survey.

Unless otherwise stated, statistics through1946 and descriptive notes may he found inthe 1947 Supplement to the Survey

1948

May June July August Septem-ber October Novem-

berDecem-

ber

1949

January Febru-ary March April May

GENERAL BUSINESS INDICATORS

NATIONAL INCOME AND PRODUCTf

S easonally adjusted quarterly totals at annual rates:National income, total bil. of dol__

Compensation of employees, total. doWages and salaries, total do

Private - ...doMilitary - doGovernment civilian. do

Supplements to wages and salaries doProprietors' and rental income, total do

Business and professional doFarm doRental income of persons. .do

Corporate profits and inventory valuation ad-justment, total bil. of doL.

Corporate profits before tax, total doCorporate profits tax liability doCorporate profits after tax do

Inventorv valuation adjustment doNet interest do

Gross national product, total doPersonal consumption expenditures,total__do

Durable goods doNondurable goods.. _ do. _Services do

Gross private domestic investment do. _New construction doProducers' durable equipment doChange in business inventories do

Net foreign investment ___doGovernment purchases of goods and services,

total bil. of dol._Federal (less Government sales) doState and local... _ do

Personal income, total doLess: Personal tax and nontax payments doEquals: Disposable personal income do_Personal savings§ do

PERSONAL INCOME BY SOURCEt

Seasonally adjusted, at annual rates:Total personal income bil. of dol_.

Wage and salary receipts, total doEmployer disbursements, total do

Commodity-producing industries doDistributive industries do.Service industries _ _ _ _ doGovernment do

Less employee contributions for social insur-ance bil. of dol__

Othp.r labor income doProprietors' and rental income _ _ _ doPersonal interest income and dividends doTotal transfer payments do.

Total nonagricultural income. do

NEW PLANT AND EQUIPMENT EXPENDI-TURES

All industries, total mil of dolElectric and gas utilities doManufacturing doMining doRailroad doOther transportation doCommercial and miscellaneous do

r 209. 3r 130. 9' 132. 9

r 59. 1

'38.8'16.5'18.5

2.02 0

'49. 3r 15.9r 11.2

"185.9

' 224. 9' 137. 7r 132. 8'114.3

'3.8'14.7'4.9

' 50. 4'24.6'19.1'6.7

'33.0'35.0'13.7'21.3' -2.0

'3.7

' 261. 6' 178. 7'23.8

' 102. 4' 52. 5'44.2'18.1'20.8'5.3'2.8

' 35. 9'20.4'15.5

' 210. 3'20.7

' 189. 6'10.8

' 213. 4' 132. 5' 134. 7'60.1'39.1'16.7'18.8

2.22.0

'51.8r!5.9"11.2

r!88.4

4,820640

2,140200310190

1,340

' 214. 5' 134. 6' 136. 8'60.7'39.8'16.9"19.4

2.2' 2 0

' 50.8r 16.0r 11.1

190.2

' 215. 4' 136. 5' 138. 7'61.9'40.2'16.9r 19.7

'2,2' 2.0

'49.5'16.3r 11.1

192,0

' 230. 4'143.3' 138. 3'118.6

'3 9'15.7'5 0

'49.9r94 5

' 18.8'6.6

' 33. 3'36.6' 14.4'22.2

'—3.3'3.9

' 266. 5'180.3'24 8

'101.8'53 7'47.1'18.7'21.0'7.4'-.1

'39.2'22.8'16.4

' 215. 4'20.2

' 195. 2'15.0

' 216. 3' 137. 7' 139. 9'62.8'40.4' 16.7'20.0

2.2' 2.0

'49.4r 16.5' 10.7

r 193. 3

4,830690

2,090200320170

1,360

' 216. 3' 138. 1' 140. 3'62.7'40.4'16.9'20.3

'2.2'2.0

'49.0'16.8

10.4

' 192. 9

' 216. 6' 137. 5' 139. 7'62.7'39.8'16.9'20.3

'2.2' 2.0

'49.8'16.9"10.4

" 192. 8

' 234. 3' 144. 9'139 8

119.6'4 1

'16.1'5 0

'49.7'24 5'18.5'6.7

'35.7'34.5'13.6'20.9' 1.9'4.1

' 270. 3' 180. 9

22.9' 103. 3'54.8'48.0'17.9'21.2'9.0'1.0

'40.3'23.4'16.9

' 216. 6'20.4

r 196. 2'15.3

' 217. 0' 137. 1' 139. 4'62.3' 40. 0'16.9'20.2

'2.3'2.0

'50.3'16.9

10.7

' 193. 6

5,410850

2,320220410170

1,440

' 215. 7' 136. 6' 138. 9'61.4' 40.2' 17 0' 20 3

2 0. O

' 2 0'49.0'17.011.1

' 192. 7

' 212. 9' 135. 0' 137. 3'60.6'39.5'16.9' 20.3

'2.32.1

'47.2'17.1

11.5

' 191. 7

225 3'142 5" 137 5' 117 2

' 4116 2' 5 0

'47 8r 24 0

'17 1'6.7

30 828.411 217.3'2 3'4.2

' 260. 0' 176. 5'21 4'99.7'55 5'41.2'16.8'20.3'4.1' .6

'41.7'24 7'17.0

' 213.7'18.6

' 195. 1'18.5

' 212. 4' 133. 5' 135. 8'58.9'39.4'17.1'20.4

'2.32.1

'47.3'17.1

12.4

' 191. 5

" 4, 460r 680

" 1, 850'190'360'130

" 1, 260

' 212. 5' 134. 7' 136. 8'58.6' 40. 5'17.1' 20.6

2.12.1

'46.3'17.2

12.2

' 192. 3

212.2134.2136.458.140.517.220.6

2.22.1

46.717.212.0

191.5

" Revised.§ Personal savings is excess of disposable income over personal consumption expenditures shown as a component of gross national product above.t Revised series. Quarterly estimates of national income, gross national product, and personal income have been revised beginning 1939; monthly estimates of personal income have been

revised beginning 1942; see pp. 26-31 of this issue for the revised figures.

S-l
