Appendix B Statistical Tables Relating to Employment, Production, and Purchasing Power CONTENTS National income or expenditure: Page B-l. Gross national product or expenditure, 1929-51. . . 225 B-2. Gross national product or expenditure in 1939 prices, 1929-50 226 B-3. Gross national product or expenditure in first half of 1951 prices, 1929-51 227 B-4. Personal consumption expenditures, 1929-51 228 B-5. Gross private domestic investment, 1929-51 229 B-6. National income by distributive shares, 1929-51 230 B-7. Personal income, 1929-51 231 B-8. Relation of national income and personal income, 1929-51 232 B-9. Disposition of personal income, 1929-51 233 B-10. Total and per capita disposable personal income in current and first half of 1951 prices, 1929-51 234 Employment and wages: B—11. Labor force, employment, and unemployment, 1929—51 235 B—12. Number of wage and salary workers in nonagricultural establishments, 1929-51 236 B—13. Average weekly hours in selected industries, 1929-51 237 B-14. Average hourly earnings in selected industries, 1929-51 238 B-15. Average gross weekly earnings in selected industries, 1929—51 239 Production and business activity: B-16. Physical production index of goods and selected services, 1929-51 .... 240 B-17. Industrial production index, 1929-51 241 B-18. Percentage changes in production and consumption of selected com- modities, United States and other free world, 1939 to 1950 242 B-19. New construction activity, 1929-51 243 B-20. Business expenditures for new plant and equipment, 1929-51 244 B-21. Inventories and sales in manufacturing and trade, 1939-51 245 B-22. Manufacturers' inventories by stage of fabrication and as ratios to sales, 1946-51 246 B—23. Sales, stocks, and outstanding orders at 296 department stores, 1939-51 247 Prices: B-24. Consumers' price index, 1929-51 248 B-25. Wholesale price index, 1929-51 249 B-26. Indexes of prices received and prices paid by farmers, and parity ratio, 1929-51 250 B-27. Percentage increases in wholesale prices in the United States and foreign countries since June 1950 .... 251 223 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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Appendix B
Statistical Tables Relating to Employment,Production, and Purchasing Power
CONTENTSNational income or expenditure: Page
B-l. Gross national product or expenditure, 1929-51. . . 225B-2. Gross national product or expenditure in 1939 prices, 1929-50 226B-3. Gross national product or expenditure in first half of 1951 prices,
1929-51 227B-4. Personal consumption expenditures, 1929-51 228B-5. Gross private domestic investment, 1929-51 229B-6. National income by distributive shares, 1929-51 230B-7. Personal income, 1929-51 231B-8. Relation of national income and personal income, 1929-51 232B-9. Disposition of personal income, 1929-51 233B-10. Total and per capita disposable personal income in current and first
half of 1951 prices, 1929-51 234Employment and wages:
B—11. Labor force, employment, and unemployment, 1929—51 235B—12. Number of wage and salary workers in nonagricultural establishments,
1929-51 236B—13. Average weekly hours in selected industries, 1929-51 237B-14. Average hourly earnings in selected industries, 1929-51 238B-15. Average gross weekly earnings in selected industries, 1929—51 239
Production and business activity:B-16. Physical production index of goods and selected services, 1929-51 . . . . 240B-17. Industrial production index, 1929-51 241B-18. Percentage changes in production and consumption of selected com-
modities, United States and other free world, 1939 to 1950 242B-19. New construction activity, 1929-51 243B-20. Business expenditures for new plant and equipment, 1929-51 244B-21. Inventories and sales in manufacturing and trade, 1939-51 245B-22. Manufacturers' inventories by stage of fabrication and as ratios to
sales, 1946-51 246B—23. Sales, stocks, and outstanding orders at 296 department stores,
1939-51 247Prices:
B-24. Consumers' price index, 1929-51 248B-25. Wholesale price index, 1929-51 249B-26. Indexes of prices received and prices paid by farmers, and parity ratio,
1929-51 250B-27. Percentage increases in wholesale prices in the United States and
foreign countries since June 1950 .... 251
223
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Money, banking, and credit: PageB-28. Consumer credit outstanding, 1929-51 252B-29. Loans and investments of all commercial banks and weekly reporting
member banks, 1929-51 253B-30. Deposits and currency, 1929-51 254B-31. Estimated ownership of Federal securities, 1939-51 255B-32. United States Government debt—volume and kind of securities,
1929-51 256B-33. Bond yields and interest rates, selected years, 1929-51 257
Corporate profits and finance:B-34. Profits before and after tax, all private corporations, 1929-51 258B-35. Sales and profits of large manufacturing corporations, 1939-51 259B-36. Relation of profits before and after taxes to stockholders' equity,
private manufacturing corporations, by industry group, 1949-51... 260B-37. Relation of profits before and after taxes to sales, private manufactur-
ing corporations, by industry group, 1949-51 261B-38. Relation of profits before and after taxes to stockholders' equity and to
sales, all private manufacturing corporations, by size class, 1949-51. 262B-39. Sources and uses of corporate funds, 1947-51 263
International transactions:B-40. International transactions of the United States, 1948-51 264B—41. United States Government grants, other unilateral transfers, and loans
to foreign countries, 1948-51 265B-42. United States merchandise export surplus, by area, 1936-38 quarterly
average and 1947-51 266B-43. United States merchandise exports, including reexports, by area,
1936-38 quarterly average and 1947-51 267B-44. Indexes of quantity and unit value of United States domestic mer-
chandise exports, by economic class, 1936-38 quarterly average and1947-51 268
B—45. United States general merchandise imports, by area, 1936—38 quar-terly average and 1947-51 269
B—46. United States merchandise imports for consumption, by economicclass, 1936-38 quarterly average and 1947-51 270
B—47. Indexes of quantity and unit value of United States merchandise im-ports for consumption, by economic class, 1936-38 quarterly averageand 1947-51 271
Summary:B-48. Changes in selected economic series since 1939 and 1950 272
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Statistical Tables Relating to Employment,Production, and Purchasing Power
TABLE B-l.—Gross national product or expenditure, 1929-51
[Billions of dollars]
Period
1929
19301931193219331934 _
1935 •19361937 .1938 _..1939
194019411942 . . . .19431944
19451946194719481949
1950
1950— First halfSecond half
1951— First baif i _ _
1950— First quarterSecond quarterThird quarter..Fourth quarter . _ _
1951 — First quarterSecond quarter * .
Grossnationalproduct
103.8
90.975.958.355.864.9
72.282.590.284.791.3
101.4126.4161.6194.3213.7
215.2211.1233.3259. 0257.3
282.6
Personalconsump-
tion ex-penditures
78.8
70.861.249.246.351.9
56.262.567.164.567.5
72.182.391.2
102.2111.6
123.1146.9165.6177.9180.2
193.6
Grossprivate
domesticinvestment
15.8
10.25.4.9
1.32.8
6.18.3
11.46.39.9
13.918.310.95.77.7
10.728.730.242.733.0
48.9
Net foreigninvestment
0.8
.7
.2
.2
.2
.4
—.1-.1
.11.1.9
1.51.1
-.2-2.2-2.1
-1.44.68.91.9.5
-2.3
Govern-ment purchases of-
goods andservices
8.5
9.29.28.18.09.8
9.911.711.612.813.1
13.924.759.788.696.5
82.830.928.636.643.6
42.5
Seasonally adjusted annual rates
269.7295. 6
323.8
264.4275.0287.4303.7
318.5329.0
186.7200.4
205.6
184.7188.7202.5198.4
208.2203.0
44.053.8
61.8
40.147.947.360.2
59.664.0
-1.6-3.0
-.9
-1.7-1.6-3.2-2.7
-2.3.5
40.744.3
57.2
41.340.140.847.8
52.961.5
i Estimates based on incomplete data; second quarter by Council of Economic Advisers.
NOTE.—The figures beginning with 1948 are based on the revised series of national income and productof the Department of Commerce. For detail, see the "National Income Supplement to the Survey ofCurrent Business," July 1951.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
225
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TABLE B-2.—Gross national product or expenditure in 1939prices, 1929-50l
[Billions of dollars, 1939 prices]
Period
1929
1930193119321933.1934
19351936-193719381939
19401941194219431944
19451946194719481949 .
1950
Totalgrossna-
tionalprod-uct
85.9
78.172.361.961.567.9
73.983.987.984.091.3
100.0115.5129.7145.7156.9
153.4138.4138.6143.5143.5
154.3
Personal consumptionexpenditures
Total
62.2
58.656.651.851.154.0
57.262.865.063.967.5
71.376.675.878.081.1
86.395.798.3
100.3102 9
108.7
Dur-able
goods
8.0
6.45.33.93.84.4
5.46.67.05.76.7
7.78.95.75.04.6
5.310.412.312.612 9
15.5
Non-dur-able
goods
29.1
27.727.525.224.927.0
28.631.832.933.435.3
37.140.141.342.644.5
47.950.249.549.7504
51.7
Serv-ices
25.1
24.523.922.722.422.6
23.224.425.124.825.5
26.527.628.830.432.0
33.235.236.438.039.6
41.6
Gross private domesticinvestment
Total
14.9
10.15.91.11.63.5
6.79.3
11.46.39.9
13.717.19.35.46.6
8.320.319.322.717.8
24.8
Newcon-
struc-tion
7.4
5.43.82.11.51.7
2.23.13.83.34.9
5.46.13.31.92.0
2.66.06.98.07.9
9.4
Pro-duc-er?'dur-able
equip-ment
6.1
4.83.31.92.02.7
3.64.85.53.94.6
6.07.24.43.65.1
6.79.9
11.812.611.6
13.2
Changein
busi-ness
inven-tories
1.5
-.2-1.1-3.0-1.8-.8
.91.42.1
-1.0.4
2.33.81.6-.1-.5
-1.04.4.6
2.1-1.7
2.2
Netfor-eignin-
vest-ment
0.8
.6
.3
.2
.1
.3
-.12
!i1.0.9
1.2.7
-.4-2.1-2.2
-1.82.74.81.4.6
Government pur-chases of goods
and services
Total
7.9
8.79.48.98.7
10.1
10.111.911.412.713.1
13.821.145.064.371.3
60.619.616.119.222.2
20.8
Fed-eral
1.3
1.51.61.72.33.1
3.04.94.45.35.2
6.113.838.358.265.4
54.612.88.5
10.913.0
11.0
Stateandlocal
6.6
7.37.87.26.47.0
7.17.16.97.47.9
7.77.36.7 |6.16.0
6.06.87.68.29.2
9.8
Pri-vategrossna-
tion'1!prod-uct 2
81.5
73.567.757.456.562.0
67.676.480.976.483.7
92.1108.2116.5125.3133.0
129.7125.6128.8133.7133.2
143.8
1 See "Survey of Current Business," January 1951, and the National Income Supplement to the "Survey,"July 1951, for explanation of conversion of estimates in current prices to those in 1939 prices.
2 Total gross national product less compensation of general government employees.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce.
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TABLE B-3.—Gross national product or expenditure in fast half of 1951 prices, 1929-51l
[Billions of dollars, first half of 1951 prices]
Period
1929
19301931 _193219331934
19351936193719381939 - - -
1940 - -19411942.19431944
19451946194719481949
1950
1950— First halfSecond half
1951— First half
1950— First quarter.Second quarterThird quarterFourth quarter
1951— First quarterSecond quarter
Totalgrossna-
tionalprod-uct
166.3
149 5139.6118.5116.4128.5
142.7161. 1170.8163.5178.7
195. 9228.4261.1294.2316.7
307.0270 3269 1278.5278 3
300.2
Personal consump-tion expenditures
1H
117.5
110.2106.497.295.9
101.9
108.1119.4123.6121.7128.6
136.1146.7144.6148.5154.4
164.7183.0187 5190.7195.5
206.3
be
32fi
16.1
12.910.67.97.78.9
10.813.314.111.513.5
15.417.911.410.09.3
10.620.824.725.225.9
31.0
bJOcu
I162.8
59.659.254.453.858.2
61.668.771.072.176.0
80.086.489.091.895.9
103.1108.1106.8107.2108.8
111 4
'>&38.6
37.736.634.934.434.8
35.737.438.538.139.1
40.742.444.246.749.2
51.054.156.058.360.8
63.9
Gross private do-mestic investment
1e
32.5
21.314.23.53.35.8
14.818.324.813.921.8
29.536.720.611.312.9
16.341. tf39.347.237.0
52.6
|o
i5?
18.6
13.79.75.33.74.2
5.57.89.58.4
12.3
13.615.48.34.85.0
6.6-15.2'
17.320.119.8
23.7
•',fr I
<o303t-3"g•a £"to O.
®s.§*•aO$_t
PH
11.1
8.85.93.53.64.9
6.58.8
10.07.28.4
10.913.18.06.79.3
J2.218.021.523.021.2
24.1)«~i 5
.a1§ ccS-c•°2eg•- t>obx>§£3O
2.8
-1.2-1.4-5.3-4.0-3.3
2.81.75.3
-1.71.1
5.08.24.3-.2
-1.4
-2.58.4f4.1
-4.0
4.8
Netfor-eignin-
.vestment
-0.6
-.7-1.2-1.2-1.4-.9
-2.1-2.4-2.1
(3)5
-LO-2.9-7.1-7.6
-7.33.07.3
-1.1-2.5
-3.9
Government pur-chase? of goods
and services
*03
£
16.9
18.720.219.018.621.7
21.925.824.527.628.3
29.846.098.8
141.5157.0
133.342.735.041.748.3
45.2
Federal
3ofr
2.9
3.23.53.65.06.8
6.710.79.7
11.711.4
13.530.484.5
128.5144.3
120.428.218.824.128.6
24.3
K*»
llo pOJ4-»
~3.2 *.»-> 0>08
fc
(2)
(2)(2)(2)(2)(2)
(2)(2)(2)(2)2.8
4.824.780.1
126. 2141.7
118.824.915. 317.520.7
19.3
iiCQ
14.0
15.516.715.413.614.9
15.215.114.815.916.9
16.315.614.313.012.7
12.914.516.217.619.7
20.9
Seasonally adjusted annual rates
293.6306.8
323.8
288.0299.1301.0312.6
319.1328.5
203.2209.5
205.6
202.2204.2213. 1205.7
208.5202.6
28.833.2
29.2
28.628.936.230.2
31.626.9
111.2111.7
110.8
111.1111.3112.7110.7
111.6109.9
63.264.6
65.6
62.564.064.264.8
65.365.8
49.656.0
61.8
44.954.250.061.9
59.863.8
23.024.4
23.1
22.723.424.624.2
23.922.2
22.425.8
27.0
21,. 023.726. 125.6
26.627.4
4.25.7
11.8
1.27.1
— . 712.1
9.314.2
-3.8-4.2
-.9
-4.2-3.5—4 6-3.9
-2.3.5
44.645.7
57.2
45.144.042 548.9
53.161.6
23.625.0
36.1
24.123.121.928.1
32.040.1
18.020.6
31.8
17.818.117.523.6
27.935.7
21.020.7
21.2
21.020.920.620.8
21.121.4
' Estimates based on preliminary data. These estimate? represent a rough conversion of the Departmentof Commerce series in 1939 prices. (See appendix table B-2.) This was done by major components, usingthe implicit price indexes for the first half of 1951 as a base. Although it would have been preferable to rede-flate the series by minor component?, this would not substantially change the results except possibly forthe war years, and for the series on changes in business inventories.
2 Not available.3 Less than 50 million dollars.
NOTE.—The figures beginning with 1948 are based on the revised series of national income and productof the Department of Commerce. For detail, see the "National Income Supplement to the Survey ofCurrent Business," July 1951.
Detail will not necessarily add to totals because of rounding.
Source: Council of Economic Advisers.
227
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1950— First quarter _Second quarter _Third quarterFourth quarter
1951 — First quarterSecond quarter 4
Totalex-
pendi-tures
78.8
70.861.249.246.351.9
56.262.567.164.567.5
72.182.391.2
102.2111.6
123.1146.9165.6177.9180.2
193.6
Durable goods
Total
9.4
7.35.63.73.54.3
5.26.47.05.86.7
7.99.87.16.87.1
8.516.621.422.923.9
29.2
Auto-mo-bilesand
parts
3.2
2.21.6.9
1.01.4
1.92.32.41.62.1
2.73.3.7.8.9
1.14.26.67.59.4
12.2
Other
6.1
5.14.02.82.52.9
3.34.14.64.14.6
5.16.46.46.06.2
7.412.414.815.414.5
17.0
Nondurable goods
Total
37.7
34.129.022.722.326.7
29.432.935.234.035.3
37.644.052.961.067.1
74.985.895.1
100.998.7
102.3
Food'
19.7
18.114.811.411.514.3
16.318.520.019.019.3
20.724.430.535.338.9
43.050.356.659.758.6
60.9
Cloth-ing 2
9.2
7.96.85.04.65.6
5.96.56.76.67.0
7.48.8
11.013.715.3
17.118.619.120.118.9
18.8
Other
8.9
8.17.46.46.26.9
7.27.98.68.48.9
9.510.811.411.912.9
14.816.919.421.121.2
22.6
Services
Total
31.7
29.526.622.820.620.9
21.723.324.924.725.5
26.628.531.234.437.4
39.744.549.154.157.6
62.1
Hous-ing*
11.4
11.010.29.07.87.5
7.67.98.48.78.9
9.29.9
10.611.111.7
12.213.014.616.518.1
19.9
Other
20.2
18.516.413.812.713.4
14.115.416.516.016.5
17.418.720.623.325.7
27.531.434.537.639.5
42.2
Seasonally adjusted annual rates "
186. 7200.4
205.6
184.7188.7202.5198.4
208.2203.0
26.431.8
29.2
26.326.634.329. -1
31.527.0
10.913.6
12.0
10.411.414.312.9
12.511.5
15.618.3
17.2
15.915.220.016.5
19.015.5
99.4105.2
110.8
98.4100.4105.5104.9
111.5110.0
59.262.6
67.0
58.759.762.662.7
67.067.0
18.219.4
19.8
17.918.519.619.2
20.419.2
22.023.2
24.0
21.822.223.323.0
24.123.8
60.863.4
65.6
60.161.662.764.0
65.266.0
19.520.3
21.0
19.319.720.120.5
20.921.2
41.443.0
44.6
40.841.942.643.5
44.344.8
1 Includes alcoholic beverages.2 Includes shoes and standard clothing issued to military personnel.3 Includes imputed rental value of owner-occupied dwellings.« Estimates based on incomplete data; second quarter by Council of Economic Advisers.
NOTE.—The figures beginning with 1948 are based on the revised series of national income and productof the Department of Commerce. For detail, see the "National Income Supplement to the Survey ofCurrent Business," July 1951.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
228
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i Items for 1945 and earlier years are not comparable with those for later years, nor with figures shown inappendix tables B-19 and B-20.
3 Total producers' durable equipment less "farm machinery and equipment" and farmers' purchases of"tractors" and "business motor vehicles." These figures assume that farmers purchase 85 and 15 percent,respectively, of all tractors and motor vehicles used for productive purposes.
3 Industrial buildings, public utilities, gas- and oil-well drilling, warehouses, office and loft buildings,stores, restaurants, and garages. Includes hotel construction prior to 1946 only.
4 Farm construction (residential and nonresidential) plus "farm machinery and equipment" and farmers'purchases of "tractors" and "business motor vehicles." (See footnote 2.)
5 IncI udes construction of hotels, tourist cabins, motor courts, and dormitories since 1946 only.fl Includes religious, educational, social and recreational, hospital and institutional, miscellaneous non-
residential, and all other private.' Less than 50 million dollars.• Estimates based on incomplete data; second quarter by Council of Economic Advisers.
NOTE.—The figures beginning with 1948 are based on the revised scries of national iocome and productof the Department of Commerce. For detail, see the "National Income Supplement to the Survey ofCurrent Business," July 1951.
Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except as noted).
229
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TABLE B-6.—National income by distributive shares, 1929-51
[Billions of dollars]
Period
1929
19301931193219331934
19351936 - -193719381939
19401941 _..194219431944
19451946194719481949
1950
1950— First halfSecond half
1951— First half *
1950— First quarter _ _Second quarter _Third quarterFourth quarter _
1951 — First quarterSecond quarter 8 .. ..
Totalnation-
alin-
come1
87.4
75.058.941.739.648.6
56.864.773.667.472.5
81.3103.8137.1169.7183.8
182.7180.3198.7223.5216.7
239.0
Com-pen-
sationof em-ploy-ees2
50.8
46.539.530.829.334.1
37.142.747.744.747.8
51.864.384.9
109.2121.2
123.0117.1128.0140.2139.9
153. 3
Business and pro-fessional incomeand inventory
valuationadjustment
Total
8.3
7.05.33.22.94.3
5.06.16.66.36.8
7.79.6
12.615.017.2
18.720.619.822.120.9
22.3
In-come
ofunin-corpo-ratedenter-prises
8.1
6.34.72.93.44.3
5.06.26.76.16.9
7.810.212.915.117.2
18.822.421.322.520.3
23.8
In-ven-toryvalu-ation
ad-just-ment
0.1
.8
.6
.3-.5-.1
-.1t(«).2
—.2
-.1-.6-.4
-!l
-.1-1.8-1.5-.4
. ( >
-1.6
In-come
offarmpro-prie-tors
5,7
3.92.91.72.32.3
4.93.95.64.44.5
4.96.9
10.511.811.8
12.514.815.617.713.0
13.7
Ren-tal income
ofper-sons
5.8
4.83.62.52.02.1
2.32.73.13.33.5
3.64.35.46.16.5
6.36.67.17.57.5
8.0
Corporate profitsand inventory
valuationadjustment
Total
10.3
6.61.6
-2.0-2.0
1.1
3.04.96.24.35.8
9.214.619.924.324.0
19.218.324.731.730.5
36.2
Corpo-rateprof-its
beforetax «
9.8
3.3-.8
-3.0.2
1.7
3.25.76.23.36.5
9.317.221.125.124.3
19.723.530.533.828.3
41.4
In-ven-toryvalu-ationad-
just-ment
0.5
3.32.41.0
-2.1-.6
-.2-.7(4)1.0-.7
-.1-2.6-1.2-.8-.3
-.6-5.2-5.8-2.1
4.1
-5.1
Netinter-
est
6.5
6.25.95.45.04.8
4.54.54.44.34.2
4.14.13.93.43.1
3.02.93.54.34.9
5.4
Seasonally adjusted annual rates
225.0253.0
273.6
219.3230.6245.8260.1
269.4277.8
145.4161.2
174.6
142.2148.6157.3165.2
172.1177.1
21.523.1
23.9
21.121.923 223.0
24.123.7
22.125.6
25.6
21.322.926.424.8
27.324.0
-.6-2.5
-1.8
-.2-1.0-3.2-1.8
-3.2-.3
12.415.0
16.8
12.512.214.315.8
16.417.1
7.88.2
8.2
7.87.88.18.4
8.38.2
32.639.8
44.4
30.534.837.442.2
42.946.0
34.748.0
50.2
31.937.545.750.3
51.848.5
-2.0-8.2
-5.7
-1.4-2.7-8.3-8.2
-8.9-2.5
5.25.6
5.6
5.25.35.55.6
5.65.7
1 National income is the total net income earned in production by individuals and businesses. The con-cept of national income currently used differs from the concept of gross national product in that it excludesdepreciation charges and other allowances for business and institutional consumption of durable capitalgoods, and indirect business taxes.
2 Includes wage and salary receipts and other labor income (see appendix table B-7), and employerand employee contributions for social insurance (see appendix table B-8).
* See appendix table B-34 for corporate tax liability (Federal and State income and excess profits taxes)and corporate profits after taxes.
4 L*'ss than 50 million dollars.« Estimates based on incomplete data; second quarter by Council of Economic Advisers.
NOTE.—The figures beginning with 1948 are based on the revised series of national income and productof the Department of Commerce. For detail, see the "National Income Supplement to the Survey of Cur-rent Business," July 1951.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
230
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TABLE B-7.—Personal income, 1929-51
[Billions of dollars]
Perio-1
1929
19301931193219331934
19351936193719381939 . . .
19401941..194219431944
19451946194719481949
1950
1950— First halfSecond half
1951— First half «
1950— First quarterSecond quarter...Third quarterFourth quarter. _.
1951— First quarterSecond quarter 5_.
Totalpersonalincome
85.1
76.264.849.346.653.2
59.968.474.068.372.6
78.395.3
122.7150. 3165.9
171.9177.7191.0209.5205.1
224.7
Salaries,wages,
and otherlabor
income 1
50.5
46.339.230.529.033.8
36.842.145.942.845.7
49.561.581.4
104.5116.2
116.9111.1122.3134. 9134.2
146.4
Proprie-tors' and
rentalincome J
19.7
15.711.87.47.28.7
12.112.615.414.014.7
16.320.828.432.835.5
37.542.042.447.341.4
44.0
Dividendsand
personalinterestincome 3
13.3
12.611. 19.18.28.6
8.610.110.38.79.2
9.49.99.7
10.010.6
11.413.214.516.017.1
19.3
Transferpayments
1.5
1.52.72.22.12.2
2.43.52.42.83.0
3.13.13.23.03.6
6.211.411.811.312.4
15.1
Nonagri-culturalpersonalincome *
76.8
70.060.146.243.049.5
53.462.866.562 166.3
71.586.1
109.4135.2150.5
155.7158.8170.8187.1187.6
206.6
Agri-culturalincome
8.3
6.24.73.13. 63.7
6.55.67.56.26.3
6.89.2
13.315.115.4
16.218.920.222.417.5
18.1
Seasonally adjusted annual rates
216.7232.8
247.0
216.3217.1227.3238.3
244.1250.0
138.7154.1
166.2
135.6141.8150.3157.9
163.8168.5
41.646.4
48.9
41.441.845.647.2
48.849.0
18.020.5
19.6
17.618.419.621.4
19.220.0
18.411.8
12.4
21.715.011.811.9
12.312.5
200.0213.1
225.8
199.5200.6208.5217.7
223.2228.5
16.619.8
21.2
16.816.518.820.6
20.921.5
1 Differs from "compensation of employees" in appendix table B-6, in that it excludes employer andemployee contributions to social insurance. Includes wage and salary receipts and other labor income-compensation for injuries, employer contributions to private pension and welfare funds, pay of militaryreservists not on full-time active duty (pay for full-time active duty included in military wages and sal-aries), directors' fees, jury and witness fees, compensation of prison inmates, Government payments toenemy prisoners of war, marriage fees to justices of the peace, and merchant marine war-risk life and injuryclaims.
2 See appendix table B-6, for major components.3 See appendix table B-34, for dividend payments.* Nonagrictiltural income is personal income exclusive of net income of unincorporated farm enterprises
farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agriculturacorporations.
fi Estimates based on incomplete data; second quarter by Council of Economic Advisers.NOTE.—The figures beginning with 1948 are based on the revised series of national income and product
of the Department of Commerce. For detail, see the "National Income Supplement to the Survey of Cur-rent Business," July 1951.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
231
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TABLE B-8.—Relation of national income and personal income, 1929—51
[Billions of dollars]
Period
1929
1930 . .1931193219331934
19351936193719381939 ,.
1940 _1941194219431944
1945 . .1946194719481949— „
1950
I960— First halfSecond half
1951 — First half *
1950 — First quarterSecond quarterThird quarterFourth quarter __ _ .
1951— First quarter.Second quarter 8_ _ _ _
Nation-al
income
87 4
75.068.941.739.648.6
56.864 773.667.472.5
81.3103.8137.1169.7183.8
132.7180.3198.7223.5216.7
239.0
Less:
Corpo-rate
profitsand in-
ven-toryvalu-ation
adjust-ment
10 3
6.61.6
-2.0-2.0
1.1
3.04.96.24.35.8
9.214.619.924.324.0
19.218.324.731.730.5
36.2
Contri-butions
tosocialinsur-ance
0 2
.3
.3
.3
.3
.3
.3
.61.82.02.1
2.32.83.54.55.2
6.16.05.75.25.7
7.0
Excessof
wageac-
crualsoverdis-
burse-ments
0.2-.2
0)0)(00)0)
0)
Plus:
Gov-ern-rrenttrans-
ferpay-
ments
0.9
1.02.01.41.51.6
1.82.91.92.42.5
2.72.62.72.53.1
5.610.911.110.511.6
14.3
Netinter-
estpaidby
gov-ern-
ment
1.0
.0
.1
.1
.2
.2
.11
.2
.2
.2
.3
.3
.52.12.8
3.74.44.44.54.6
4.7
Divi-dends
5.8
5.54.12.62.12.6
2.94.64.73.23.8
4.04.54.34.54.7
4.76.86.67.37.6
9.2
Busi-ness
trans-fer
pay-ments
0.6
.5,6.7.7.6
.6
.6
.6
.4
.5
.4
.5
.5
.5
.5
,5.6.7.7.7
.8
Equals:Per-
sonalincome
85.1
76.264.849.346.653.2
59.968.474.068.372.6
78.395.3
122.7150.3165.9
171.9177.7191.0209.5205.1
224.7
Seasonally adjusted annual rates
225.0253.0
273.6
219.3230.6245.8260.1
269.4277.8
32.639.8
44.4
30.534.837.442.2
42.946.0
6.77.2
8.4
6.66.87.07.4
8.38.6
0)(0
0)
0)0)
88
17.611.1
11.6
21.014.211.011.1
11.511.7
4.74,7
4.8
4.74,74.74.7
4.84,8
8.110.2
9.2
7.88.49.4
11.1
8.89.5
.7
.8
.8
.7
.7
.8
.8
.8
.8
216.7232.8
247.0
216.3217.1227.3238.3
244.1250.0
1 Less than 50 million dollars.« Estimates based on incomplete data; second quarter by Council of Economic Advisers.
NOTE.--The figures beginning with 1948 are based on the revised series of national income and productof the Department of Commerce. For detail, see the "National Income Supplement to the Survey ofCurrent Business," July 1951.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
232
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TABLE B-9.—Disposition of personal income, 1929-51
[Billions of dollars]
Period
1929
19301931 . -193219331934
19351936193719381939 . .
19401941194219431944
19451946 .19471948. _1949
1950
1950— First half .Second half ... _ _ ~
1951— First half i_. _ . . . .
1950— First quarter-Second quarter... _.Third quarterFourth quarter
1951— Frst quarter .. ..Second quarter * .
Personalincome
85.1
76264.849 346.653.2
59.968.474.068.372.6
78.395.3
122.7150.3165.9
171.9177.7191. 0209.5205.1
224.7
Less:Personaltax andnontax
payments
2.6
2.51.91.51.51.6
1.92.32.92.92.4
2.63.36.0
17.818.9
20 9is. 821.521.118.6
20.5
Equals:Disposa-
blepersonalincome
82.5
73.763.047.845.251.6
58.066.171.165.570.2
75.792.0
116.7132 4147.0
151.1158.9169. 5188.4186.4
204.3
Less:Personal
con-sumptionexpendi-
tures
78.8
70.861.249.246.351.9
56.262.567.164.567.5
72.182.391.2
102.2111.6
123.1146.9165. 6177.9180.2
193.6
Equals:Personal
netsaving
3.7
2.91.8
-1.4-1.2-.2
1.83.63.91.02.7
3.79 8
25.630.235.4
28.012.03.9
10.56.3
10.7
Netsaving aspercentof dis-posablepersonalincome
4.5
3.92.9
-2.9-2.7-.4
3.15.45.51.53.8
4.910.721.922.824.1
18.57.62.35.63.4
5.2
Seasonally adjusted annual rates
216.7232.8
247.0
216.3217.1227.3238.3
244.1250.0
19.321.6
26.9
19.019 520.223.1
26.627.2
197.4211.2
220.2
197. 3197.5207.1215.2
217.5222.8
186.7200.4
205.6
184.7188.7202.5198.4
208.2203.0
10.710.7
14.6
12.58.94.6
16.8
9.319.8
5.45.1
6.6
6.34.52.27.8
4.38.9
i Estimates based on incomplete data; second quarter by Council of Economic Advisers.NOTE.—The figures beginning with 1948 are based on the revised series of national income and product of
the Department of Commerce. For detail, see the "National Income Supplement to the Survey of CurrentBusiness," July 1951.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
233
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TABLE B—10.— Total and per capita disposable personal income in current and fast half of 1951prices, 1929-51
Period
1929
19301931193219331934
19351936 _-.1937 _.._19381939— _
19401941 . .194219431944
1945.19461947 _ . .19481949 .
1950
1 950— First half _ __.Second half
1951— First half 3
1950— First quarterSecond quarterThird quarter.Fourth quarter
1951— First quarter-.Second quarter 3_
Total disposablepersonal income(billions of dollars)
Currentprices
82.5
73.763.047.845.251.6
58.066.171.165.570.2
75.792.0
116.7132. 4147.0
151.1158.9169.5188.4186.4
204.3
First halfof!951prices 1
123.9
115.9110.795.694.8
102.0
112.0126.1130.7123.1133.2
142.0162.5184.1191.6203.0
201.2196.4191.1201.5202.0
217. 8
Per capita disposableincome (dollars)
Currentprices
678
599508383360408
456516552505536
573690866968
1,062
1,0801,1241.1761,2851,250
1,347
First halfof 1951prices l
1,017
942892766755807
880985
1,015948
1,018
1,0751,2181,3651,4011,467
1,4381, 3891,3261,3741,354
1,436
Seasonally adjusted annual rates
197.4211.2
220.2
197.3197.5207.1215.2
217.5222.8
214.8220.7
220.2
215.6214.0217.8223.5
217.7222.6
1, 3071,387
1,434
1,3081, 3051,3621,409
1,4181,447
1,4221,449
1,434
1,4291,4141, 4321,463
1,4191,445
Population(thousands)2
121, 770
123,077124. 040124. 840125. 579126, 374
127, 250128,053128. 825129. 825130, 880
132, 114133, 377134, 831136, 719138, 390
139, 934141,398144,129146. 621149, 149
151, 689
151,038152,317
153, 594
150,847151,390152,068152, 774
153,396154,010
1 Dollar estimates in current prices divided by an over-all price index for personal consumption expend!tures. This price index was based on Department of Commerce data shifted from a 1939 base.
2 Estimated population of continental United States including armed forces overseas; annual data as ofJuly 1 and quarterly and semiannual data as of middle of period.
s Estim.tes based on incomplete data; second quarter by Council of Economic Advisers.NOTE.—The figures beginning with 1948 are based on the revised series of national income and product of
the Department of Commerce. For detail, see the "National Income Supplement to the Survey of CurrentBusiness," July 1951.
Sources: Department of Commerce and Council of Economic Advisers.
234
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TABLE B-ll.—Labor force, employment, and unemployment, 1929-51
1 Data for 1940-50 exclude about 150,000 members of the armed forces who were outside the continentalUnited States in 1940 and who were therefore not enumerated iti the 1940 census. This figure is deducted bythe Census Bureau from its current estimates for comparability with 1940 data.
2 Includes part-time workers and those who had jobs but were not at work for such reasons as vacation,illness, bad weather, temporary lay-off, and industrial disputes.
3 Not available. \
NOTE.—Labor force data are based on a survey made during the week which includes the 8th of the month.Detail will not necessarily add to totals because of rounding.Sources: Department of Labor (1929-39) and Department of Commerce (1940-51).
235
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TABLE B—12.—Number of wage and salary workers in nonagricultural establishments, 1929—51l
i Includes all full- and part-time wage and salary workers in nonagricultural establishments who workedor received pay during the pay period ending nearest the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Not comparable with estimatesof nonagricultural employment of the civilian labor force reported by the Department of Commerce(appendix table B-11) which include proprietors, self-employed persons, and domestic servants, whichcount persons as employed when they are not at work because of industrial disputes, bad weather, or tem-porary lay-offs, and which are based on an enumeration of population, whereas the estimates in this tableare based on reports from employing establishments.
* Data for the trade and service divisions, beginning with 1939, are not comparable with data shown forearlier years because of the shift of the automotive repair service industry from the trade to the servicedivision.
* Not available.« Estimates based on incomplete data.» Data reflect work stoppages in bituminous coal mining.NOTE.—Detail will not necessarily add to totals because of rounding.Adjustments have been made to levels indicated by data of unemployment insurance agencies and the
Bureau of Old-Age and Survivors Insurance through 1947, and have been carried forward from 1947 bench-mark levels, thereby providing consistent series.
Source: Department of Labor.
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TABLE B-13.—Average weekly hours in selected industries, 1929-51
> Not available.* Average for year not available because new series was started in April 1945. Beginning with June 1949
data relate to nonsupervisory employees only.* Not strictly comparable with previous data.4 Estimates based on incomplete data.* Data reflect work stoppages, or 3-day workweek.
NOTE.—Data are for production workers in manufacturing and mining, hourly-rated employees in rail-roads, and for nonsupcrvisory employees in other industries. Data are for payroll periods ending closest tothe middle of the month except in railroads whore monthly data are used.
Adjustments have been made to levels indicated by data of unemployment insurance agencies and theBureau of Old-Age and Survivors Insurance through 1947, and have been carried forward from 1947 bench-mark levels, thereby providing consistent series.
The half-year data are straight arithmetic averages of the monthly figures and not strictly comparablewith the annual averages which have been weighted by data on man-hours.
Source: Department of Labor.
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TABLE B-14.—Average hourly earnings in selected industries, 1929—51
nents only; additional value of room, board, uniforms, and tips not included.3 Not available.* Not available. Series beginning April 1945 includes only employees subject to provisions of the Fair
Labor Standards Act and is not comparable with preceding series which includes all employees. BeginningJune 1949, data relate to nonsupervisory employees.
4 Not strictly comparable with previous data.5 Preliminary average; does not include any retroactive wage payments.• Estimates based on incomplete data.NOTE.—Data are for production workers in manufacturing and mining, hourly-rated employees in rail-
roads, and for all nonsupervisory employees in other industries. Data are for payroll periods ending closestto the middle of the month except in railroads where monthly data are used.
Adjustments have been made to levels indicated by data of unemployment insurance agencies and theBureau of Old-Age and Survivors Insurance through 1947, and have been carried forward from 1947 bench-mark levels, thereby providing consistent series.
The half-year data are straight arithmetic averages of the monthly figures and not strictly comparablewith the annual averages which have been weighted by data on man-hours.
Source: Department of Labor.
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1 Money payments only; additional value of room, board, uniforms, and tips not included.8 Not available.* Not available. Series beginning April 1945 includes only employees subject to provisions of the Fair
Labor Standards Act and is not com parable with preceding series which includes all employees. BeginningJune 1949, data relate to nonsupervisory employees.
4 Not strictly comparable with previous data.« Preliminary average; does not include any retroactive wage payments.fl Estimates based on incomplete data.7 Data reflect work stoppages, or 3-day workweek.
NOTE.—Data are for production workers in manufacturing and mining, hourly-rated employees in rail-roads, and for all nonsupervisory employees in other industries. Data are for payroll periods ending closestto the middle of the month except in railroads where monthly data are used.
Adjustments have been made to levels indicated by data of unemployment insurance agencies and theBureau of Old-Age and Survivors Insurance through 1947. and have been carried forward from 1947 bench-mark levels, thereby providing consistent series.
The half-year data are straight arithmetic averages of the monthly figures and not strictly comparablewith the annual averages which have been weighted by data on man-hours.
Source: Department of Labor.
239
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TABLE B-16.—Physical production index of goods and selected services, 1929—51
[1935-39=100 i]
Period
Weights: »TotalNonagricultural
1929
19301931193219331934 - -
1935193619371938 _-. _ _1939
19401941194219431944
1945194619471948 _ _1949
1950
1950— First halfSecond half
1951— First half «
Production of goods
Totalpro-
ductionof goods
100.0
110
9584687274
8799
11093
109
122153184205201
178161174183174
194
8(3)
Agri-cultural
pro-duction
19.5
97
951041019379
9685
108105106
110114128125130
129134129141140
138
(4)(4)
(4)
Nonagrictiltural production
Total
78.0100.0
113
9579606773
8510311190
110
125162197225218
190168185193182
208
198218
230
Indus-trial
produc-tion
65.681.6
110
9175586975
8710311389
109
125162199239235
203170187192176
200
189211
222
Con-struc-tion
9.011.1
157
132109685059
70102103103121
1271621689561
63115133157166
196
194200
202
Electricand gasutilities
5.87.2
88
8784767781
8797
104100111
123141158183191
187188214243248
276
269283
306
Production ofselected services
Trans-por-
tation
nT
10489737683
8810111095
106
117146185220230
217198208209190
212
203221
243
Tele-phoneand
telegraph
no106101918486
9098
102102108
115126135143147
158182196207212
220
.8(3)
1 All half-year data have been seasonally adjusted except the electric and gas utilities for which no satis-factory adjustment factor is available.2 Computed from the Department of Commerce national income data. The weight factors are percent-ages of the national income for each industry to the total for the 5 industries. The agriculture weightexcludes net rents paid by landlords living on farms, imputed rents, and subsidy payments. The weightfor construction has been adjusted to include force account and other construction done outside of the con-tract construction industry, the weights for other industry groups to exclude such construction. Manu-facturers and minerals of the industrial production index were weighted into the total indexes separatelybut only the total industrial production index is shown here. See appendix table B-17 for the individualcomponents of the index of industrial production.
3 Not available.* Because of the extreme seasonal nature of agricultural crop production, only an annual index has been
computed.s Estimates based on incomplete data.NOTE.—A composite index of production of goods and services has not been compiled because of the
inadequate data for measuring the production of services. The only service production data used were fortransportation and for communications by telephone and telegraph. Data for measuring such servicesas wholesale and retail trade, finance, insurance, real estate, Government, and communication other thantelephone and telegraph were inadequate for separate indexes and for an index for all services other thantransportation, telephone, and telegraph.
Sources: Based on the following data:Agricultural production: Department of Agriculture index'of farm output which measures the physica
volume of farm production for human use.Industrial production: Federal Reserve index of industrial production.Construction: Department of Commerce value of new construction activity deflated by their index of
construction costs and converted into relatives with 1935-39 as 100.Electric and gas utilities: Based on the following series: Electric power produced by utilities as reported
by the Federal Power Commission, and sales'of manufactured and mixed gas to consumers as reported bythe American Gas Association. The two series are converted into relatives with the average for the period1935-39 as 100. The relative series are combined into an index with electric power given a weight of 85and gas 15, the respective percentages of the revenues of each of the utilities to the total revenues producedby both in the base period 1935-39.
Transportation: Department of Commerce index of transportation;Telephone and telegraph: Based on Department of Labor production indexes for 1935-49 and on a series
of Works Progress, Administration for 1929-34. These indexes are for class A telephone carriers and theprincipal wire-telegraph and ocean-cable carriers which file annual reports with the Federal Communica-tions Commission.
240
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Commodities of which United States has substantialimports:
Aluminum... . .Cobalt •Copper9
Coffee (green) 3 _ _.Iron ore .Lead9
Manganese ore _ .Newsprint-Nickel 9
PetroleumRubber: Natural and synthetic-
Natural only __ _.Sugar (raw equivalent)Tin9 __Tungsten 9
Wood pulp (mechanical and chemical) ...Wool 3
Zinc9
Production
UnitedStates
+27+34-24+64
+402+43+47
+148
+340+560+25
+90+4
+343+4
+561° + 47, 500
+24
+15+74-26+6
Other freeworld
+11+14+10-9
+52-50+3
-31
+59+-6g-8
-20-18+31+10+14
+172+89+85+35
-+437
+14+9
+14
Consumption *
UnitedStates
+5+39
'+547+30
7+237+59
7+33+158
+560+266+1087+53
+96+123+144+64+50+91
7+1127 +227+26
+57+80+75
7+71+60
Other freeworld 2
87-32+11
7+57(<)(«)
+50
+17-20-40-14-7
-20-15
(«)-35+91
7+797+74
+1-35
(4)(4)
7+22-8
1 Apparent consumption, i. e., production plus imports minus exports, except as noted in footnote 7.2 Estimated.» Change from 1935/36 to 1939/40 average to 1950/51.4 Not available.• Barley, corn, and oats.8 Change from 193-V36 to 1938/39 average to 1950/51. Oil-content basis. Includes butter and peanuts.7 Represents estimated actual rather than apparent consumption.« Change from 1937/38 to 1941/42 average to 1950/51.9 Production represents metal content of mine production.10 This very high percentage results from the low absolute level of production of synthetic rubber in
1939.Source: Compiled by the Department of State.
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1 Excludes construction expenditures for crude petroleum and natural-gas drilling, and therefore does notagree with the new construction expenditures included in the gross national product.2 Includes public utility, farm, and other private construction, not separately sh »wn.
3 Includes residential, sewer and water, miscellaneous public service enterprises, conservation and develop-ment, and all other public construction not separately shown.
Sources: Department of Commerce and Department of Labor.
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TABLE B-20.—Business expenditures for new plant and equipment, 1929-51
[Millions of dollars]
Period
1929
193019311932 .19331934
19351936 -_19371938 -.-1939
19401941 .194219431944
19451946194719481949
1950
1950— First halfSecond half
1951— First half*
1950— First quarterSecond QuarterThird quarterFourth quarter
1951 — First quarterSecond quarter •Third quarter *. . .
Total i
9,165
7,6104,7122,6082,1373,080
3,7385,0776,7304,5205,200
6,4908,1906,1104,5305,210
6,63012,04016, 18019, 23018,120
18,560
Manufacturing and mining
Total
3,596
2,5411,435
930992
1,460
1,7902,4503,3301,8302,310
3,1404,0803,1702,6102,890
3,6506,4708,1509,1407,990
8,900
Manu-factur-
ing
(')
(«)
88(3)(3)(3)0)1,930
2,5803,4002,7602, 2502,390
3,2105,9107,4608,3407,250
8,220
Mining
(')
(*)(')(3)(3)(3)
0)(')(')(8)380
560680410360500
440560690800740
680
Transportation
Rail-.road
840
865360164101218
166306525238280
440560540460580
550570910
1,3201,350
1,140
Other
(4)
(4)
88(4)(4)(4)(4)280
390340260190280
320660800700520
440
Electricand gasutilities
(«)
(4)(4)(4)(4)(4)
(4)(4)(4)(4)
480
550710680540490
6301,0401,9002,6803,140
3,170
Com-mercial
andmiscel-
laneous *
4,729
4,2042,9171,5141,0441,402
1,7822,3212,8752,4521,850
1,9802,4901,470
730970
1,4803,3004,4305,3905,120
4,920
Annual rates, not adjusted for seasonal variation
16,06021, 080
23,180
14, 80017,31018, 80023,330
20,65025,70025, 610
7,38010, 440
12, 210
6,6808,0808,910
11, 950
10, 55013, 86013, 960
6,7709,680
11, 400
6,1007,4408,190
11, 160
9,82012, 97013, 100
610760
810
580640720790
730890860
1,0601,210
1,490
9301,1901,1401,280
1,2101,7701,660
340540
530
320360490580
500560610
2,8203,510
3,410
2,6103, 0303,2803,740
3,0103,8104,010
4,4605,380
5,540
4,2604,6504,9805.780
5,3805,7005,470
1 Excludes agriculture and outlays charged to current account.* Commercial and miscellaneous include trade, service, finance, and communication for all years shown.
Prior to 1939, miscellaneous also included transportation other than railroad, and electric and gas utilitieswhich are not available separately for these years.1 Not available separately for years prior to 1939.
< Included in commercial and miscellaneous prior to 1939.»Estimates for second and third quarters of 1951 are based on anticipated capital expenditures reported
by business in a survey made during May and early June.NOTE.—These figures do not agree with those shown in column 2 of appendix table B-5 and included in
the gross national product estimates of the Department of Commerce, principally because the latter covercertain equipment and construction outlays charged to current expense. Figures for 1929-44 are FederalReserve Board estimates based on Securities and Exchange Commission and other data.
Detail will not necessarily add to totals because figures are rounded to the nearest 10 million dollars.Sources: Securities and Exchange Commission and Department of Commerce (except as noted).
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TABLE B-21.—Inventories and sales in manufacturing and tradet 1939-51
1 Book value, end of period.* Monthly average shown for year and half-year and total for month.* Average inventories based on centered averages of end-of-period figures.* Estimates based on incomplete data.
NOTE.—The inventory figures in this table do not agree with the estimates of "change in businessinventories" included in the gross national product since they cover only manufacturing and trade ratherthan all business, and show inventories in terms of current book value without adjustment for revaluation.
Source: Department of Commerce.
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TABLE B—22.—Manufacturers' inventories by stage of fabrication and as ratios to sales, 1946-51
1 Average inventories based on centered averages of end-of-period figures.2 Estimates based on incomplete data.NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
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TABLE B-23.—Sales, stocks, and outstanding orders at 296 department stores, 1939-51
1 Not adjusted for seasonal variation.2 Not available.3 Average of data for first 5 months.NOTE.—These figures are not estimates for all department stores in the United States. Figures for sales,
stocks, and outstanding orders are based on actual reports from the 296 stores. Receipts of goods are de-rived from the reported figures on sales and stocks. New orders are derived from estimates of receipts andreported figures on outstanding orders.
Semiannual and annual data on receipts and new orders cannot be derived directly from the monthlyaverages of sales, stocks, and outstanding orders.
Source: Board of Governors of the Federal Reserve System.
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March 1951May 1951April 1951April 1951December 1950May 1951March 1951
May 1951May 1951
1 Covers basic materials only.2 Covers producers' prices of industrial products.* Cost-of-living figures.«Retail food figures.NOTE.—-For many countries, figures are for capital or principal city only.Sources: International Monetary Fund and United States Economic Cooperation Administration.
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i Includes other sale credit and loans, including repair and modernization loans insured by Federal Hous-ing Administration.
* Includes loans by pawnbrokers, service credit, and single-payment loans under $3,000 made by com-mercial banks. The single-payment loan item was revised in November 1950 to exclude loans over $3,000.See Federal Reserve Bulletin for November 1950, pp. 1465-1466.
* Estimates based on incomplete data; June by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System (except as noted).
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TABLE B-29.—Loans and investments of all commercial banks and weekly reporting member banks,1929-51*
[Billions of dollars]
End of period s
1929— June4
1930— June* _1931— June*1932— June *1933— June* _1934— June *
i Excludes mutual savings banks.* For all commercial banks last reporting date within period; for weekly reporting member banks, report-
ing date nearest end of period.• Includes open-market paper.4 June data are used because complete end-of-year data prior to 1936 are not available for United States
Government obligations.* Not available prior to May 12,1937, when the loan classification was revised.• Series revised to extend coverage. Previous figures not strictly comparable.f Estimates for all commercial banks based on incomplete data; by Council of Economic Advisers.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Board of Governors of the Federal Reserve System (except as noted).
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1 Last reporting date during the period.* Includes United States Government deposits at Federal Reserve Banks and commercial and savings
banks, and, beginning with 1938, includes United States Treasurer's time deposits, open account.«Includes deposits and currency held by State and local governments.4 Includes demand deposits, other than interbank and United States Government, less cash items in
process of collection.'«Includes deposits in commercial banks, mutual savings banks, and Postal Savings System, but excludes
interbank deposits.«Estimates based on incomplete data; by Council of Economic Advisers.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Board of Governors of the Federal Reserve System (except as noted).
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TABLE B-31.—Estimated ownership of Federal securities, 1939-51
1 United States savings bonds, series A-D, E, and F, are included at current redemption values.2 Securities issued or guaranteed by the United States Government, excluding guaranteed securities
held by the Treasury.3 Includes trust, sinking, and investment funds of State and local governments and their agencies, andTerritories and possessions.
< Includes commercial banks, trust companies, and stock savings banks in the United States and inTerritories and possessions; excludes securities held in trust departments.
6 Includes insurance companies, mutual savings banks, savings and loan associations, nonprofit institu-tions, corporate pension trust funds, dealers and brokers and foreign accounts in this country. Beginningwith December 1946 the foreign accounts include investments by the International Bank for Reconstruc-tion and Development and the International Monetary Fund hi special non-interest-bearing notes issuedby the United States Government. Beginning with June 30,1947, includes holdings of Federal land banks.
6 Includes partnerships and personal trust accounts.f Estimates based on incomplete data; by Council of Economic Advisers.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Treasury Department (except as noted).
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TABLE B-32.—United States Government debt—volume and kind of securities, 1929-51
[Billions of dollars]
End of period
1929
19301931193219331934
193519361937 —19381939
19401941194219431944.
194519461947 _1948-1949
1950
1950 — January _ _ .FebruaryMarchAprilMayJune .. _July _ .AugustSeptemberOctoberNovemberDecember
1951 — January _FebruaryMarchApril . . . .MayJune _
8i Total includes Postal Savings bonds, depositary bonds. Armed Forces leave bonds, and Treasury
investment bonds, not shown separately.* Includes Treasury bills, certificates of indebtedness, and Treasury notes.3 Issued to United States investment accounts; these accounts also held 6.3 billion dollars of public market-
able and nonmarketable issues on June 30,1951.* Less than 50 million dollars.Source: Treasury Department.
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TABLE B-33.—Bond yields and interest rates, selected years, 1929-51
[Percent per annum]
Period
Average:19291933193519371939
19411943
1945194619471948 . ...1949
I960
1950 — First quarterSecond quarterThird quarterFourth quarter
1951 — First quarterSecond quarter
United States Governmentsecurity yields— New York
3-monthTreas-ury
bills i
(3)0.515.137.447.023
.103
.373
.375
.375
.5941.0401.102
1.218
1.118.166.233.353
.400
.532
9-12monthissues 2
(4)(4)(«)(«)(*)
(4)0.75
.81
.82
.881.141.14
1.26
1.141.191.271.44
1.671.84
Taxablebonds
15 yearsand over
(8)(5)0)
8(«)2.47
2.372.192.252.442.31
2.32
2.242.312.342.38
2.422.61
CorporateAaa
bonds(Moody's)
4.734.493.603.263.01
2.772.73
2.622.532.612.822.66
2.62
2.582.612.632.67
2.702.90
Averageof ratescharged
by bankson short-
termloans-selectedcities
(')(6)(6)(6)2.1
2.02.6
2.22.12.12.52.7
2.7
2.602.682.632.84
3.023.07
Primecommer-
cialpaper,
months-NewYork
5.851.73.76.94.59
.54
.69
.75
.811.031.441.48
1.45
1.311.311.471.71
1.962.20
Bankersaccept-ances.
90days-NewYork
5.03.63.13.43.44
.44
.44
.44
.61
.871.111.12
1.15
1.061.061.181.31
1.511.63
FederalReserveBank
discountrate —NewYork
5.162.561.501.331.00
1.00U.OO
n.oo'1.00
1.001.341.50
1.59
1.50.60.61.75
.75
.75
i Rate on new issues within period.3 Includes certificates of indebtedness, when outstanding in proper maturity range, and selected note and
bond issues.3 Treasury bills were first issued in December 1929.< Not available before August 1942.«Taxable bonds in this classification were first issued in March 1941.« Not available on same basis.7 From October 30,1942, to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances
secured by Government securities maturing or callable hi one year or less.Sources: Treasury Department, Moody's Investors Service, and Board of Governors of the Federal
Reserve System.
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TABLE B-34.—Profits before and after tax, all private corporations, 1929-51
[Billions of dollars]
Period
1929
19301931 . . -193219331934
19351936193719381939
19401941194219431944
19451946194719481949
1950
I960— First half ..Second half
1951— First half » . - -
1950 — First quarter _Second quarter . -_Third quarterFourth quarter
1951— First quarterSecond quarter *
Corporateprofitsbefore
tax
9.8
3.3-.8
-3.0.2
1.7
3.25.76.23.36.5
9.317.221.125.124.3
19.723.630.533.828.3
41.4
Corporatetax
liability 1
1.4
.8
.5
.4
.5
.7
1.01.41.51.01.5
2.97.8
11.714.413.5
11.29.6
11.913.011.0
18.6
Corporate profits after tax
Total
8.4
2.5-1.3-3.4-.41.0
2.34.34.72.35.0
6.49.49.4
10.610.8
8.513.918.520.717.3
22.8
Dividendpayments
5.8
5.54.12.62.12.6
2.94.64.73.23.8
4.04.54.34.54.7
4.75.86.67.37.6
9.2
Undis-tributedprofits
2.6
-3.0-5.4-6.0-2.4-1.6
-.6-.3
W -.91.2
2.44.95.16.26.1
3.88.1
12.013.69.7
13.6
Seasonally adjusted annual rates
34.748.0
50.2
31.937.545.750.3
51.848.6
15.621.5
27.5
14.416.920.522.5
28.526.5
19.026.5
22.6
17.520.625.227.8
23.322.0
8.110.2
9.2
7.88.49.4
11.1
8.89.5
11.016.2
13.5
9.712.215.816.7
14.512.5
i Federal and State corporate income and excess profits taxes.» Minus 8 million dollars.' Estimates based on incomplete data; 1951 by Council of Economic Advisers.NOTE.—No allowance has been made for inventory valuation adjustment. See appendix table B-6 for
profits before tax and inventory valuation adjustment.Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except as noted).
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TABLE B—35.—Sales and prof ts of large manufacturing corporations, 1939—51
[Millions of dollars]
Period
1939
19401941194219431944 ..
1945—19461947 ..1948 _1949
1950
1950— First halfSecond half
1950 — First quarterSecond quarterThird quarter. _Fourth quarter
1951 — First quarter 2
Durable goods industries(106 corporations) »
Sales
6,748
8,75012,80615, 36220,63322,085
18, 16112, 38719, 50223, 59123,914
29, 240
Profits
Before taxes
734
1,2262,1752,3262, 3892,192
1,288607
2,3123,1073,192
5,191
After taxes
597
830982782755726
574295
1,3551,8361,888
2,540
Nondurable goods industries(94 corporations) *
Sales
3,843
4,2575,4856,4087,6078,263
8,3718,940
11, 31313, 36412,790
14,710
Profits
Before taxes
476
617980
1,0691,2931,339
1,1331,4261,7872,2081,843
2,701
After taxes
400
443538438506520
555968
1,1671,4741,211
1,510
Totals for period, not adjusted for seasonal variation
13, 20016, 039
6,0047,1967,8518,188
8,375
2,1363,055
8961,2401,4031,652
1,381
1,1871,353
494693777576
530
6,7048,005
3,2513,4533,9394,066
4,280
1,0851,615
504681782833
840
660850
307353468382
368
1 See Federal Reserve Bulletin, June 1949, and subsequent issues, for similar data for the following indus-try groups: primary metals and products, machinery, automobiles and equipment, foods and kindredproducts, chemicals and allied products, and petroleum refining.
2 Estimates based on incomplete data.
NOTE.—Detail will not necessarily add to totals because of rounding
Source: Compiled by the Board of Governors of the Federal Reserve System and based on publishedreports of various industrial corporations.
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TABLE B-36.—Relation of profits before and after taxes to stockholders' equity, private manu-facturing corporations, by industry group, 1949-51
Industry group
All private manufacturing corporations .
Food... .Tobacco manufactures .Textile mill productsApparel and finished textilesLumber and wood products ..
Furniture and fixturesPaper and allied productsPrinting and publishing (except newspapers).Chemicals and allied productsProducts of petroleum and coal
Rubber products _Leather and leather productsStone, clay, and glass productsPrimary nonferrous metal industries-Primary iron and steel industries
Fabricated metal productsMachinery (except electrical and transporta-
tion) , _ _Electrical machineryTransportation equipment (except motor ve-
hicles)Motor vehicles and parts
Instruments; photographic and optical goods;watches and clocks
FoodTobacco manufactures..Textile m ill productsApparel and finished textiles _Lumber and wood products.. . .
Furniture and fixturesPaper and allied products.. .Printing and publishing (except newspapers).Chemicals and allied productsProducts of petroleum and coal
Rubber products-Leather and leather products . .Stone, clay, and glass productsPrimary nonferrous metal industriesPrimary iron and steel industries
Fabricated metal products.Machinery (except electrical and transporta-
tion) ...Electrical machineryTransportation equipment (except motor
vehicles) .Motor vehicles and parts
Instruments; photographic and optical goods;watches and clocks ..
Miscellaneous manufacturing (including ord-nance)
Percentage ratio^of profits (annual rate) to stockholders'equity
1949total
1950
Total Firstquarter
Secondquarter
Thirdquarter
Fourthquarter
1951,first
quarter
Before Federal taxes
18.6
19.520.213.013.214.2
14.717.319.021.215.2
13.611.021.313.017.0
17.7
19.232.3
12.637.7
19.9
12.5
27.9
22.221.322.918.129.6
27.128.520.132.619.3
31.019.333.125.528.2
29.1
25.941.6
18.953.2
30.9
22.7
19.6
15.616.418.011.616.8
15.620.820.425.212.8
14.810.820.416.020.0
18.4
18.429.2
12.039.2
20.8
10.0
24.8
20.419.217.210.428.4
23.623.216.828.416.8
21.212.832.422.026.8
24.8
24.431.2
17.655.2
26.0
14.8
31.2
28.825. 226.026.438.0
29.228.824.036.420.4
38.025.239.226.829.2
34.0
26.841.2
19.258.8
33.2
29.6
35.6
23.624.429.623.634.4
39.240.419.240.026.8
47.628.039.636.436.4
38.0
33.662.4
26.858.4
43.2
35.6
32.8
20.820.429.622.034.0
34.444.021.640.823.2
43.222.436.432.034.8
37.6
34.847.2
19.646.0
33.6
34.8
After Federal taxes
11.6
11.812.67.67.59.1
8.210.711.413.211.9
8.76.2
13.18.1
10.0
10.4
11.613.6
7.822.1
12.1
7.2
15.4
12.311.512.710.117.5
15.216.211.517.813.9
16.910.917.715.014.3
16.0
14.120.9
10.025.3
16.7
12.3
12.0
9.210.010.86.4
10.4
8.412.812.815.610.0
9.66.4
12.410.411.6
11.2
10.817.2
7.222.8
12.8
5.2
15.6
12.412.010.45.2
18.0
15.214.49.6
17.613.2
13.67.2
20.014.816.0
15.6
14.818.4
10.432.4
16.0
8.4
17.6
16.413.214.416.422.8
16.016.414.420.814.0
22.414.822.016.015.2
19.2
14.822.0
10.028.8
18.8
16.8
16.4
11.610.814.812.018.4
20.420.89.6
17.218.0
21.615.216.019.214.0
17.6
15.625.2
12.416.8
19.2
18.4
14.8
10.09.6
14.411.617.2
16.018.410.017.214.4
18.810.816.016.013.6
17.6
15.218.4
9.217.2
14.4
16.4
Sources: Federal Trade Commission and Securities and Exchange Commission.
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TABLE B-37.—Relation of profits before and after taxe$ to sales, private manufacturing corporations,by industry group, 1949-51
Industry group
All private manufacturing corporations.
FoodTobacco manufacturers _ _Textile mill productsApparel and finished textilesLumber and wood products
Furniture and fixtures _Paper and allied productsPrinting and publishing (except newspapers).Chemicals and allied productsProducts of petroleum and coal
Rubber'products _Leather and leather productsStone, clay, and glass productsPrimary nonferrous metal industriesPrimary iron and steel industries
Fabricated metal productsMachinery (except electrical and transporta-
tion)Electrical machineryTransportation equipment (except motor
vehicles)Motor vehicles and parts
Instruments; photographic and optical goods;watches and clocks . _
Miscellaneous manufacturing (includingordnance)
All private manufacturing corporations-
Food.Tobacco manufacturesTextile mill products - . .Apparel and finished textilesLumber and wood products
Furniture and fixturesPaper and allied products.. ..Printing and publishing (except newspapers).Chemicals and allied productsProducts of petroleum and coal
Rubber products _Leather and leather products . -Stone, clay, and glass productsPrimary nonferrous metal industriesPrimary iron and steel industries
Fabricated metal productsMachinery (except electrical and transporta-
tion)Electrical machinery _ . _.Transportation equipment (except motor
vehicles)Motor vehicles and parts _ _ . ..
Instruments; photographic and optical goods;watches and clocks
Sources: Federal Trade Commission and Securities and Exchange Commission.
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TABLE B-38.—Relation of profits before and after taxes to stockholders' equity and to sales,all private manufacturing corporations, by size class, 1949-51
Assets elass(thousands of dollars)
All sizes1 to 249250 to 9991.000 to 4,9995,000 to 99,999 ._109,000 and over
All sizes1 to 249250 to 9991 000 to 4,9996,009 to 99,999 . . .100,000 and over _
All sizes .1 to 249250 to 999.1,000 to 4,9995,000 to 99,999100,000 and over .
All sizes1 to 249250 to 9991,000 to 4,999 . .5,000 to 99,999 _106,000 ana over
1949total
1950
Total Firstquarter
Secondquarter
Thirdquarter
Fourthquarter
1951,first
quarter
Ratio of profits before Federal taxes (annual rate) to stockholders' equity
18.69.8
14.115.417.726.8
27.917.123.525.227.729.5
19.68.8
13.217.218.421.6
24.815.221.221.623.627.2
31.226.430.428.831.232.0
35.616.828.432.836.836.8
32.823.628.833.234.432.0
Profits before Federal taxes in cents per dollar of sales
9.32.65.26.59.0
11.8
12.84.37.99.5
12.515.5
10.12.55.17.39.5
12.8
11.84.27.48.5
11.314.4
13.56.29.8
10.313.316.0
14.93.88.7
11.014.918.2
13.55.48.8
10.913.815.4
Ratio of profits after Federal taxes (annual rate) to stockholders' equity
11.64.97.88.9
10.913.5
15.410.513.214.015.216.4
12.04.07.2
10.011.213.6
15.69.6
12.813.214.817.2
17.619.218.816.417.217.6
16.48.0
14.016.017.616.4
14.814.414.815.615.214.4
Profits after Federal taxes in cents per dollar of sales
5.81.32.93.85.57.6
7.12.64.45.2fl.98.6
6.21.12.74.25.88.1
7.42.74.45.27.09.2
7.64.56.05.97.48.9
6.91.94.35.47.18.2
6.13.34.55.26.07.0
Sources: Federal Trade Commission and Securities and Exchange Commission.
262
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TABLE B-39.—Sources and uses of corporate funds, 1947-51l
[Billions of dollars]
Source or use of funds
Uses:Plant and equipment outlaysInventories (change in book value) _ .Change in customer receivablesCash and U. 8. Government securitiesOther current assets
Total uses
Sources:Internal:
Retained profits and depletion allowances.Depreciation allowances
Total internal sources
External:Change in trade debtChange in Federal income tax liability. --Other current liabilitiesChange in bank loansChange hi mortgagesNet new issues
Total external sources
Total sources
Discrepancy (sources less uses)
1947
15.07.17.61.0
—.1
30.6
11.66.2
16.8
4.42.31.02.6.6
4.4
15.3
32.3
1.7
1948
17.44.24.21.9
(4)
27.7
12.86.2
19.0
1.1.5
(4)1.1.8
5.9
9.4
28.4
.7
1949
16.1-4.3-.63.0
—.2
14.0
9.17.0
16.1
-2.2-2.0—.1
—1.9.7
5.3
-.2
15.9
1.9
1950
17.27.6
10.05.0.5
40.3
13.07.5
20.5
5.97.21.02.5.8
3.7
21.1
41.6
1.3
19
Firsthalf »
7.31.52.72.0
2
13.7
5.23.8
9.0
.62.0.4
-.4.3
2.3
5.2
14.2
.5
50
Secondhalf*
9.96.17.33.0.3
26.6
7.83.7
11.5
5.35.2.6
2.9.5
1.4
15.9
27.4
.8
1951,first
half2 3
10.56.53.01.0
21.0
6.54.4
10.9
2.41.6.5
2.01.02.7
10.2
21.1
.1
i Excludes banks and insurance companies.3 Not adjusted for seasonal variation.3 Preliminary estimates based on incomplete data; by Council of Economic Advisers.4 Less than 50 million dollars.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce estimates based on Securities and Exchange Commission and otherfinancial data (except as noted).
263
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TABLE B-40.— International transactions of the United States, 1948-51
[Millions of dollars]
Type of transaction
Exports of goods and services:Recorded goodsOther goods l
Total goodsServices _ _ _ _ _ _ _Income on in vestments _--
Total exports
Imports of goods and services:Recorded goodsOther goods *
Total goodsServices _ _ _Income on in vestments. __
Total imports
Surplus of exports of goodsand services:
Recorded goodsOther goods * _ _
Total goodsServicesIncome on investments. _ _
Total surplus of exports _
Means of financing surplus ofexports of goods and serv-ices: *
Liquidation of gold anddollar assets by foreigncountries , _ __„_
Dollar disbursements by:International Mone-
tary FundInternational Bank.__
United States Govern-ment sources: *
Unilateral transfers.. _Long- and short-term
loansUnited States private
sources:"RemittancfisLong- and short-term
capital 5
Total means of fi-nancing
Errors and omissions
1948total
12, 653693
13, 3462,2461,375
16,967
7,124698
7,8222,162
284
10,268
5,529-5
5,52484
1,091
6,699
780
203176
4,157
886
678
856
7,736-1, 037
1949total
12,051286
12,3372,2321,405
15,974
6,622444
7,0662,184
353
9,603
5,429-158
5,27148
1,052
6,371
-60
9938
5,321
647
522
589
7,156-785
1950
Total
10,273385
10,6582,0241,743
14, 425
8,852463
9,3152,376
437
12,128
1,421-78
1,343-3521,306
2,297
-3, 645
-2037
4,120
164
481
1,316
2,453-156
Firstquarter
2,36673
2,439455363
3,257
1,88971
1,96049476
2,530
4772
479-39287
727
-459
-1217
1,023
82
123
42
816-89
Secondquarter
2,510105
2,615526385
3,526
1,93176
2,007577125
2,709
57929
608-51260
817
-679
11
1,122
39
124
182
79918
Thirdquarter
2,45147
2,498519477
3,494
2,390143
2,53375190
3,374
61-96
-35-232
387
120
-1, 544
—82
865
37
107
836
295-175
Fourthquarter
2,947159
3,106524518
4,148
2,642173
2,815554146
3,515
305-14
291-30372
633
-963
7
1,110
6
127
256
54390
1951
Firstquarter1
3,32979
3,408590443
4,441
3,029170
3,19958983
3,871
300-91
2091
360
570
-745
-1016
1,040
57
110
186
654-84
Secondquarter 1
4,100130
4,230665455
5,350
2,950150
3,10070595
3,900
1,150-20
1,130-40360
1,450
-55
1,220
50
100
190,
1,505-55
» Estimates ba«ed on incomplete data; second quarter by Council of Economic Advisers.J Includes goods sold to or bought from other countries that have not been shipped from or into theUnited States customs area, and other adjustments.3 All figures for means of financing are on a net basis.4 For detail, see appendix table B-41.
& Excludes purchases or sales of obligations issued by the International Bank for Reconstruction andDevelopment.
Source: Department of Commerce (except as noted).
264
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TABLE B-41.—United States Government grants, other unilateral transfers, and loans to foreigncountries, 1948-51
[Millions of dollars]
Type of aid
Unilateral payments:Military aid programs:
Mutual defense assistanceprogram
Greek-Turkish aid. ..Chinese aid
EGA programs:European Recovery Program.Other
Army Civilian Supply Program *.Point Four assistancePhilippine Rehabilitation Act...Interim aid and post-UNRRA ._International Refugee Organiza-
tion and other United Nationsrelief organizations
Other
Total unilateral paymentsLess: Unilateral receipts
Equals: Net unilateral pay-ments .
Long-term loans and investments:United Kingdom loan. _.EGA programsExport-Import Bank loans _.Surplus property credits, in-
cluding ship salesRaw-materiaFcredits to occupied
areasUnited Nations building loanOther
Total long-term loans andinvestments .. _.
Less: Repayments
Equals: Net long-term loansand in vestments .
Outflow of short-term capital (net)
Total net unilateral payments,loans and investments
1948
34971
1,39796
1,468
130627
117107
4 362'205
4,157
300476454
168
639
1,416443
973
-87
5,043
1949
17144
3,73092
1,082
2032
104157
5 585264
5,321
428163
30
262012
679205
474
173
5,968
Total
516625
2,719114500
7166
84122
4 295175
4,120
163193
2
28226
414287
127
37
4,284
Firstquar-ter
5352
75445
1221
39
2339
1 06542
1,023
5650
2
6112
12751
76
6
1,105
1950
Secondquar-ter
6612
(3)
82944
1381
27
2333
1,17351
1,122
3058
2152
11697
19
20
1,161
Thirdquar-
ter
140g1
5469
1134
34
2425
90439
865
4941
131
9559
36
1
902
Fourthquar-ter
30572
59016
1271
66
1425
1 15343
1,110
2844
31
7680
—4
10
1,116
19
Firstquar-ter^
3223
(3)
595277514
1437
1 07838
1,040
3983
32
12760
67
-10
1,097
51
Secondquar-ter i
(2)(2)(3)
(2)(2)
0)(2)
(2)
(2)(2)
(2)(2)
1,220
(2)(2)
(2)
8(5)(2)
50
1,270
i Estimates based on incomplete data: second quarter by Council of Economic Advisers.» Not available.* Less than 500 thousand dollars.< Includes disbursements by EGA from funds appropriated under the Army Civilian Supply Program,Source: Department of Commerce (except as noted).
265
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TABLE B-42.—United States merchandise export surplus, by area, 1936-38 quarterly averageand 1947-51
Period
Quarterly average:1936-381947194819491950S
1949— First quarterSecond quarterThird quarterFourth quarter
1950 — First quarterSecond quarterThird quarter »Fourth quarter «
1951 — First quarter 8
Second quarter *
Quarterly average:1936-38194719481949 . .I960'
1949— First quarterSecond quarterThird quarterFourth quarter
1950 — First quarterSecond quarterThird quarter 3Fourth quarter 3
1951 — First quarter 3
Totalmer-
chandiseexportsurplus
Canada 1Other
WesternHemi-sphere
ERPcoun-tries*
OtherEurope Asia 2
Australiaand
OceaniaAfrica
Millions of dollars
1192,3961,3821,357
355
1,5491,7751,218
888
47757961
305
3001,150
2724688
10214
94188125
2
rj
5129
93(8)
-7449215114
-73
17516010912
-8723
-209-21
-219(•)
1301,150
802808405
9101,000
668656
537520265301
301(6)
27316
-13
81321
-12-10-12-17
-1(6)
-61312183238
-39
283291218160
9717
-83-189
-121(8)
1341-318
-16
20112513
-12-14-17-22
-38(fi)
151239871
-33
601127041
-38-7
-57-28
-47(8)
Percentage of total
100100100100100
100100100100
100100100100
100
22.710.36.47.53.9
6.110.610.3
• 2
-1.58.83.33.0
31.0
-5.918.715.68.4
-20.6
11.39.08.91.4
-18.24.0
-342. 6-6.9
-73.0
109.248.058.059.5
114.1
58.756.354.873.9
112.689.8
434.498.7
100.3
1.73.0.1.4
-3.7
.5
.7
.2
.1
-2.5-1.7
-19.7-5.6
-.3
-51.313.013.217.5
-11.0
18.316.417.918.0
20.32.9
-136. 1-62.0
-40.3
10.91.7-.21.3
-4.5
1.3.6
2.11.5
-2.5-2.4
-27.9-7.2
-12.7
12.65.17.15.2
-9.3
3.96.35.74.6
-8.0-1.2
-93.4-9.2
-15.7
1 Includes Newfoundland and Labrador.2 Turkey is included with ERP countries and excluded from Asia. Exports to and imports from Ger-
many are included with those of ERP countries, and, in the postwar period, relate almost wholly to tradewith the three western zones.
3 Data by area exclude, while total exports include, "special category" exports. For this reason, the exportor import surplus by area will not add to the total export surplus in these periods. For the amount of"special category" exports, see table B-43, footnote 3.
* Estimates based on incomplete data; by Council of Economic Advisers.«Not available.
NOTE.—Detail will not necessarily add to totals because of rounding. See also footnote 3.
Source: Department of Commerce (except as noted).
266
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TABLE B-43.—United States merchandise exports, including reexports, by area, 1936—38 quarterlyaverage and 1947-51
Period
Quarterly average:1936-3819471948. _ _19491950S
1949— First quarter _.Second quarterThird quarterFourth quarter
1950— First quarterSecond quarterThird quarter 3Fourth quarter 8
1951— First quarter 3Second quarter *
Quarterly average:1936-381947 -.194819491950 5
1949— First quarterSecond quarterThird quarterFourth quarter
1950— First quarterSecond quarterThird quarter 3Fourth quarter 8
1951— First quarter 3
TotalexDorts
includingreexports
Canada lOther
WesternHemi-sphere
ERPcountries2
OtherEurope Asia 2
Australiaand
OceaniaAfrica
Millions of dollars
7423,8353, 1643,0132,568
3,3383,3762,6952,643
2.3662,5102,4512,947
3,3294,100
115528486490504
472571473444
397530505583
622(5)
1361,017
841725703
837740671653
640668706797
863(5)
2821,3241,0461,019
720
1,1601,190
843884
777763587756
815(s)
31118494134.
42463539
33353733
62(5)
122561507534370
611593483448
399381334365
471(s)
2380384936
54504744
37383038
44(fi)
3220519615590
163186142130
849679
103
120(5)
Percentage of total
100100100100100
100100100100
100100100100
100
15.513.815.416.319.6
14.116.917.616.8
16.821.120.619.8
18.7
18.326.526.624.127.4
25.121.924.924.7
27.026.628.827.0
25.9
38.034.533.133.828.0
34.835.231.333.4
32.830.423.925.7
24.5
4.23.11.51.41.3
1.31.41.31.5
1.41.41.51.1
1.9
16.414.616.017.714.4
18.317.617.917.0
16.915.213.612.4
14.1
3.12.11.21.61.4
1.61.51.71.7
1.61.51.21.3
1.3
4.35.36.25.13.5
4.95.55.34.9
3.63.83.23.5
3.6
1 Includes Newfoundland and Labrador.8 Turkey is included with ERP countries and excluded from Asia. Exports to Germany are included
with those of ERP countries and, in the postwar period, relate almost wholly to exports to the three westernzones.
8 Data by area exclude, while total exports include, "special category" exports. For this reason, ex-ports by area will not add to total exports hi these periods. "Special category" exports amounted to 173million dollars in the third quarter of 1950, 272 million in the fourth quarter, and 333 million in the firstquarter of 1951.
4 Estimates based upon incomplete data; by Council of Economic Advisers.5 Not available.NOTE.—Data hi this table cover all merchandise, including reexports, shipped from the United States
customs area to foreign countries, including, in 1947 to 1951, goods destined to United States armed forcesabroad for distribution in occupied areas as civilian supplies.
Detail will not necessarily add to totals because of rounding. See also footnote 3.Source: Department of Commerce (except as noted).
267
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TABLE B—44.—Indexes of quantity and unit value of United States domestic merchandise exports,by economic class, 1936—38 quarterly average and 1947—51
[1936-38=100]
Period
Quarterly average:1936-381947194819491950
1949— First quarterSecond quarterThird quarter _.Fourth quarter
1950 — First quarterSecond quarterThird quarterFourth quarter
1951— First quarterSecond quarter 2
Quarterly average:1936-381947194819491950
1949 — First quarterSecond quarterThird quarterFourth quarter
1950 — First quarterSecond quarterThird quarterFourth quarter
1951— First quarterSecond quarter 2
Totaldomesticexports
Crudematerials
Crudefoodstuffs i
Manufac-tured
foodstuffs iSemiman-ufactures
Finishedmanufac-
tures
Quantity indexes
100275214219193
233243200201
181194184209
222261
100123100126128
12915593
125
125143112128
112(3)
1,00397362435287
495438440368
284271264325
454(3)
100478350297237
317366235271
213250224230
247(3)
100203144150127
162167144128
121126125135
131(')
100332257250225
264269236229
207220220251
277(3)
Unit value indexes
100188200186180
194188182179
177175180191
202210
100195223212220
216212212208
206212226245
263(3)
100248255225193
233233216214
196190192196
203(3)
100218223177151
191175175163
151142162169
185(3)
100169184174170
184179165164
164166168184
203(3)
100182193184179
190186181177
179175177187
195(3)
i Export indexes of crude and manufactured foodstuffs, particularly those of unit value in 1950, are in-fluenced by sales of large quantities of food products at prices considerably below market quotations.Such exports include sales from Government-owned surplus and shipments on which subsidies were paidby the Department of Agriculture.
* Estimates based on incomplete data; by Council of Economic Advisers. For unit value, April usedas indicative of entire quarter.
3 Not available.
NOTE.—The indexes of quantity are a measure of the volume of trade after the influence on value ofchanges in average prices has been eliminated. The indexes of unit value provide a measure of change inthe average prices at which trade transactions are reported in official foreign trade statistics, includingchange in average prices that result from changes in the commodity composition of trade. The indexesfor 1947 to 1951 are based on data which include goods destined to the United States armed forces abroadfor distribution to civilians hi occupied areas.
Source: Department of Commerce (except as noted).
268
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TABLE B-45.—United States general merchandise imports, by area, 1936-38 quarterly averageand 1947-51
Period
Quarterly average:1936-3819471948 _1949 .I960
1949— First quarterSecond quarterThird quarterFourth quarter
1949— First quarterSecond quarter.. ._ _Third quarter _.Fourth quarter
I960— First quarter.Second quarter..Third quarterFourth quarter
1951— First quarter
Totalgeneral
im-ports
Can-ada i
OtherWesternHemi-sphere
ERPcoun-tries
OtherEu-rope
Asia aAus-traliaand
OceaniaAfrica
Millions of dollars
6221,4391,7811,6562,213
1,7891,6011,4781,755
1,8891,9312,3902,642
3,0292,950
88282398388490
378383348442
404479503574
529<«)
143568626611776
662580562641
727645915818
1,082(«)
152174244211315
250190175228
240243322455
514(4)
3045483547
34333338
45454950
63(4)
183249324296409
328302265288
302364417554
592(<)
1039413152
34392231
49524760
82(<)
17829884
123
103747289
122103136131
167(4)
Percentage of total
100100100100100
100100100100
100100100100
100
14.119.622.323.422.1
21.123.923.525.2
21.424.821.021.7
17.5
23.039.535.136.935.1
37.036.238.036.5
38.533.438.331.0
35.7
24.412.113.712.714.2
14.011.911.813.0
12.712.613.517.2
17.0
4.83.12.72.12.1
1.92.12.22.2
2.42.32.11.9
2.1
29.417.318.217.918.5
18.318.917.916.4
16.018.917.421.0
19.5
1.62.72.31.92.3
1.92.41.51.8
2.62.72.02.3
2.7
2.75.75.55.15.6
5.84.64.95.1
6.55.35.75.0
5.5
*Includes Newfoundland and Labrador.»Turkey is included with ERP countries and excluded from Asia. Imports from Germany are included
with those of ERP countries and, in the postwar period, relate almost wholly to imports from the threewestern zones.
3 Estimates based on incomplete data; by Council of Economic Advisers.* Not available.
NOTE.—Data in this table cover all merchandise received in the United States customs area from foreigncountries. General imports include merchandise entered immediately upon arrival into merchandisingchannels, plus entries into bonded customs warehouses.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
269
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TABI*E B-46.—United States merchandise imports for consumption, by economic class, 1936-38quarterly average and 1947—51
Period
Quarterly average:1936-381947194819491950
1949 — First quarterSecond quarterThird quarterFourth quarter
1949 — First quarter -Second quarterThird quarter _._Fourth quarter
1950— First quarter _Second quarter . -Third quarterFourth quarter
1951 — First quarter
Totalimportsfor con-
sumption
Crudematerials
Crudefoodstuffs
Manufac-tured
foodstuffsSemimanu-
facturesFinishedmanufac-
tures
Millions of dollars
6151,4161,7731,6482,186
1,7571,5901,5011,744
1,8731,9082,3492,614
2,9572,850
190441537463617
503449424478
536516635781
925(2)
85254318333437
340302287403
423347516463
642(3)
95164183185224
182198194167
185213275224
256(2)
126311408355531
396336306381
417481544683
664(2)
120246327311376
336305290315
312352378462
470(2)
Percentage of total
100100100100100
100100100100
100100100100
100
30.931.130.328.128.2
28.628.228.227.4
28.627.027.029.9
31.3
13.817.917.920.220.0
19.419.019.123.1
22.618.222.017.7
21.7
15.411.610.311.210.2
10.412.512.99.6
9.9ll.fi11.78.6
8.7
20.522.023.021.524.3
22.521.120.421.8
22.325.223.226.1
22.5
19.517.418.418.917.2
19.119.219.318.1
16.718.416.117.7
15.9
* Estimates based on incomplete data; by Council of Economic Advisers.2 Not available.NOTE.—Imports for consumption include merchandise entered immediately upon arrival into merchan-
dising or consumption channels, plus withdrawals from bonded customs warehouses for consumption.Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except as noted).
270
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TABLE B-47.—Indexes of quantity and unit value of United States merchandise imports forconsumption, bv economic class, 1936—38 quarterly average and 1947—51
1949 — First quarterSecond quarter.Third quarterFourth quarter _
1950— First quarterSecond quarterThird quarterFourth quarter
1951 — First quarterSecond quarter *
Totalimports forconsump-
tion
Crudematerials
Crudefoodstuffs
Manufac-tured food-
stuffs
Semi-manufac-
tures
Finishedmanufac-
tures
Quantity indexes
100108123120146
121116111131
137136154158
163158
100129139125152
129118116136
152140156161
161(2)
10096
109119113
121116104135
12194
125111
149(2)
100839197
117
9310510088
98113143113
126(2)
100130149143219
140129130169
189213220247
225(2)
10084
103101125
1059894
106
107119125147
141(2)
Unit value indexes
100213235224243
235224220217
223229248270
295308
100180203195214
206200193185
185194215255
302(2)
100311343330454
330306324352
410433485491
508(2)
100208212202203
205199205201
199199203210
214(2)
100191217198193
225208187180
176179197220
234(2)
100245266258252
267261258249
245248253262
278(2)
i Estimates based on incomplete data; by Council of Economic Advisers. For unit value, April used asin dicative of entire quarter,
a Not available.NoTE.—The indexes of quantity are a measure of the volume of trade after the influence on value of changes
in average prices has been eliminated. The indexes of unit value provide a measure of change in the averageprices at which trade transactions arc reported in official foreign trade statistics, including changes in averageprices that result from changes in the commodity composition of trade.
Source: Department of Commerce (except as noted).
271
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B—48.—Changes in selected economic series since 1939 and 1950
Source:Ap-
pendixTableNo.
B-l....
B-3.._.
B-6
B-7- —
B-10...
B-11--
B-15...
B-16...
B-17...
B-19...
B-20...
B-21__.
B-24.,.
See foe
Economic series
Gross national product .Personal consumption expendi-
turesGross private domestic investment .Government purchases of goods
and services . .
Gross national product in first half of1951 prices _
Personal consumption expendi-tures
Gross private domestic investment -Government purchases of goods
and services... _ .
National incomeCompensation of employees
Personal incomeDisposal personable income _Personal net saving
Per capita disposable personal income:Current pricesFirst half of 1951 prices
Labor force, including armed forcesCivilian labor force
Employment _ _AgriculturalNonagri cultural. . . .
Unemployment
Average gross weekly earnings:Manufacturing
Durable goodsNondurable goods
Building construction ._
Physical production index of goodsAgriculturalNonagricultural. _