Personal Income and Its Disposition by StLouisFed

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									January 1970


   January 1970                                                       SURVEY OF CURRENT BUSINESS                                                                                                                              9

                                                              1968                          1969                                                                                 1968                        1969

                                            1968 1969'     III       IV        I       II          III   IV »                                             1968    1969' III             IV     I       II           III    IV*
                                                            Seasonally adjusted at annual rates                                                                            Seasonally adjusted at annual rates

                                                              Billions of dollars                                                                                                Billions of dollars
                                                                           l
                    Table 9.— Gross Corporate Product (1.14)                                                                Table 10.—Personal Income and Its Disposition (2.1)
                                            494.2 533.2 501.6 510.7 519.9 530.1 539.3                           Personal income                           687 9 747 1 696 1 711 2 724 4               74fl K   756 5      Tfifi 4

  Capital consumption allowances             45.9   49.1   46.2   46.7         47.7    48.6    49.6      50.5     Wage and salary disbursements           465.0   509.8   470.7    482.1      493.3   504.3    516.9      524.8
  Indirect business taxes plus transfer                                                                            Commodity-producing industries -       181.5   197.7   183.0    187.8      191.5   196.5    200.5      202.1
    payments less subsidies                  44.8   49.0   45.8   46.6         47.3    48.5    49.8      50.5        Manufacturing. _ _                   145.9   157.5   147.4    150 7      153 3   156 6    159 9      160 3
                                                                                                                   Distributive industries                109.2   119.5   110.8    113.1      115 5   118 3    121 1      123 2
  Income originating in corporate busi-                                                                            Service industries                      78.3    88 1    78.9     82 0       85 4    87 1     88 7       91 2
      ness                              403.5 435.1 409.6 417.4            425.0 433.0 439.9                       Government .                            96.0   104.5    97.9     99 2      100 8   102 4    106 6      108 4
    Compensation of employees           318.4 348.9 321.9 329.8            338.2 346.0 353.4 357.9                Other labor income       .              24.2    26.2    24.5      25 0      25 5     26 0
                                        284.3 310.9 287.4 294.7            301.3 308.5 315.1 318.9                                                                                                              26 4       26 9
      Wages and salaries.
      Supplements                        34.1 37.9 34.5 35.1                36.9 37.6 38.3 38.9                   Proprietors' income _                 63.8      66 3    64.1      64 1      64 6     66 5     67 3       66 7
                                                                                                                    Business and professional . .       49.2      50.2    49.3      49.7      49*7     50 i     50*5       50 4
    Net interest                              1.2    1.6    1.3      1.4        1.5     1.6        1.7    1.8       Farm                 -.       _. _. 14.6      16.1    14.8      14.4      14.9     16 4     16 8       16 3
    Corporate profits and inventory                                                                               Rental income of persons.               21.2    21.6    21.2      21.4      21 5     21 6     21 7       21 8
       valuation adjustment                  83.9 84.6 86.4 86.2            85.2       85.3    84.8               Dividends                               23.1    24.6    23.6      23.8      23 8     24 3     24 9       25 2
     Profits before tax      -               87.2 90.2 87.3 90.4            91.3       91.6    88.5               Personal interest income                54.1    59.3    54.8      56 7      57 6
                                             41.3 43.5 41.4 42.9           ••43.9     '44.1   '42.8                                                                                                    58 8     59 8       61 1
       Profits tax liability
       Profits after tax       - -           45.8 46.7 45.9 47.5           '47.4      '47.5   '45.7               Transfer payments                        59.2   65 5    60.1      61 6       63 6    64 9
                                             21.5 22.9 21.9 22.2            22.1       22.8    23.3                                                                                                             66 1       67 2
         Dividends                                                                                                  Old-age, survivors, disability, and
         Undistributed profits               24.3 23.8 •24.0 25.3          ••25.3     '24.7   '22.5                   health insurance benefits           30.3    33.1    30.9      31.8      32 4     32.9     33 3       33 7
     Inventory valuation adjustment..       -3.2 -5.6 -.9 -4.2             -6.1       -6.2    -3.7 -6.4             State unemployment insurance
                                             91.7          92.1   94.2 '95.1 '96.1 '95.3                              benefits .                           2.1     2.1     2.1          2.0    2.2      19 2 2              22
  Cash flow gross of dividends                      95.8                                                            Veterans benefits                      7.2     8.2     7.1          7.3    7.8      82 84               86
  Cash flow net of dividends                 70.2   72.9   70.2   72.1 '73.0 '73.3 '72.1                            Other                                  19.7   22.0    20.0      20.5      21.3     21.9 22 2           22 6
        Cross product originating In                                                                              Less: Personal contributions for
         financial Institutions              22.8   26.0   23.6   23.9         24.9    25.6    26.4                  social insurance                     22.6    26.2    22.9      23.3      25 4     25 9     26 6       27 0
                                                                                                                Less: Personal tax and nontax pay-
        Gross product originating In                                                                             ments                                    97.9 117.5 102.6 107.0              114 2 118 5 117 5 119 8
         nonfinancial corporations   471.4 507.3 478.0 486.8 495.0 504.5 512.8
                                                           44.9   45.4         46.4            48.2
                                                                                                                Equals : Disposable personal income. . .590.0 629.6 593.4 604.3 610.2 .622.0 639.0 647.1
  Capital consumption allowances             44.6   47.7                               47.3              49.1
  Indirect business taxes plus transfer                                                                         Less: Personal outlays              551.6 592.0 560.2 566.2 577.7 588.8 596.0 605 5
    payments less subsidies                  43.0   47.0   43.9   44.7         45.3    46.5    47.8      48.4    Personal consumption expenditures- 536.6 576.0 544.9 550.7 562.0 572.8 579.8 589.2
                                                                                                                 Interest paid by consumers          14.2 15.3 14.4 14.7 15.0 15.2 15.4 15.5
  Income originating in nonfinancial                                                                             Personal transfer payments to for-
      corporations                   383.8 412.5 389.2 396.7 403.3 410.7 416.9                                     eigners       .-                    .8    .7    .8    .7    .7    .7     8    .7
    Compensation of employees              300.6 328.8 303.7 311.0 318.7 326.2 333.2 337.1                      Equals : Personal saying             38.4 37 (j 33 2 38 0 32 5 33 3 43 i 41 6
     Wages and salaries                    268.6 293.3 271.5 278.2 284.2 291.1 297.3 300.8
     Supplements              -        - - 31.9 35.5 32.2 32.8 34.5 35.1 35.8 36.4
    Net interest                             10.9   12.0   11.1   11.4         11.7    11.9    12.2      12.4   Addenda:
                                                                                                                Disposable personal income :
    Corporate profits and inventory                                                                              Total, billions of 1958 dollars          497.6 509.4 498.9 502.1 502.6 506 2 514.1 514 5
       valuation adjustment. - - _           72.4 71.7 74.3 74.3            72.9       72.6    71.6              Per capita, current dollars              2 933 3 098 2 946 2 991 3 014 3 065 3 140 3 171
     Profits before tax                      75.6 77.3 75.2 78.5            79.0       78.8    75.3              Per capita, 1958 dollars                 2,474 2 507 2,477 2 485 2*482 2*494 2 526 2*521
       Profits tax liability                 35.6 37.0 35.5 37.0           '37.7      '37.7   '36.1
       Profits after tax__                   40.0 40.3 39.7 41.5           '41.3      '41.2   '39.2             Personal saving rate,' percent             6.5     6.0     5.6          6.3    5.3      5.3         6.7     6.4
         Dividends .                         20.4 21.6 20.7 20.9            20.9       21.5    22.0
         Undistributed profits ._ . _        19.6 18.7 19.0 20.6           '20.4      '19.6   '17.2
     Inventory valuation adjustment. —      -3.2 -5.6 -.9 -4.2             -6.1       -6.2    -3.7 -6.T         Table 11.—Personal Consumption Expenditures by Major Type (2.3)
  Cash flow, gross of dividends              84.6   88.1   84.7   86.9 '87.6 '88.4 '87.4
  Cash flow, net of dividends                64.2   66.4   63.9   66.0 '66.8 '66.9 '65.4                              Personal consumption expendi-
                                                                                                                       tures                        536.6 576.0 544.9 550.7 562.0 572.8 579.8 589.2
                                                            Billions of 1958 dollars                            Durable goods                             83 3    89 6    85 8      86 3      88 4    90 6      89 8      89 6
                                                                                                                  Automobiles and parts              37.0         40 3    38.6      39.0      39 4    40 0      40 8      40 9
        Gross product originating In                                                                              Furniture and household equipment. 34.2         35.9    35.0      34.6      35.5    36.8      35.8      35.6
         nonfinancial corporations   415.9 432.0 420.8 425.1 427.7 431.9 434.3                                    Other                              12.1         13 4    12.1      12.8      13 6    13 8      13 2      13 1
                                                                                                                Nondurable goods            _ ._          230.6 243.8 233.3 234.3 238 6 242.1 245.1 249.4
                                                                     Dollars
                                                                                                                  Food and beverages                      115.0 120.0 116.1 116.4 118 4 119 1 119.9 122.6
                                                                                                                  Clothing and shoes.                      46.3 49 9 47.4 47.3 48 1 50 0 50 8 50 6
        Current dollar cost per unit of                                                                           Gasoline and oil..                       19.1 21.3 19.5 19.5 20.4 21 0 21.8 22.0
         1958 dollar gross product                                                                                Other                                    50.1 52 7 50.3 51.1 51 8 52.0 52 7 54 2
         originating 2in nonfinancial
         corporations                   1.133 1.174 1.136 1.145 1.157 1.168 1.181                               Services.                                 222.8 242.5 225.8 230.1 235.0 240.1 244.9 250.2
  Capital consumption allowances             .107   .110   .107   .107         .108    .109    .111               Housing... .      _.                    77.4 83.7 77.9 79.8 81.3 82 8 84.4 86.3
  Indirect business taxes plus transfer                                                                           Household operation                     31.2 33 5 31 6 31 9 32 7 33 1 33 9 34 2
    payments less subsidies                  .103   .109   .104   .105         .106    .108    .110               Transportation..                        16.1 17.5 16.3 16.5 17.1 17.3 17.7 17.9
  Compensation of employees-                 .723   .761   .722   .732         .745    .755    .767               Other                                   98.1 107 8 100 0 101 8 103 9 106 9 108 8 111 8
  Net interest                               .026   .028   .026   .027         .027    .028    .028
  Corporate profits and inventory valu-                                                                         Table 12. — Foreign Transactions in the National Income and
   ation adjustment                     .174        .166   .177   .175 .170 .168 .165
         Profits tax liability          .086        .086   .084   .087 '.088 '.087 '.083                                            Product Accounts (4.1)
         Profits after tax plus inven-                                     r
           tory valuation adjustment.. .088         .080   .092   .088         .082 '.081 ''. 082
                                                                                                                  Receipts from foreigners...             50.6    55.4    53.4      50.6      47.6    57.1      57.8      59.1
   1. Excludes gross product originating in the rest of the world.                                              Exports of goods and services             50.6    55.4    53.4      50.6      47.6    57.1      57.8      59.1
   2. This is equal to the deflator for gross product of nonfinancial corporations, with the decimal
  point shifted two places to the left.                                                                           Payments to foreigners                  50.6    55.4    53.4      50.6      47.6    57.1      57.8      59.1
   3. Personal saving as a percentage of disposable personal income.
                                                                                                                Imports of goods and services ...         48.1    53.3    49.7      49.4      46.1    55.5      55.2      56.4
    v Preliminary.
    ' Revised due to repeal of investment tax credit.                                                           Transfers to foreigners                    2.9     2.6     3.1          3.1    2.4     2.8          2.6    2.7
                                                                                                                  Personal                                  .8      .7      .8           .7     .7      .7           .8     .7
                                                                                                                  Government                               2.1     1.9     2.3          2.4    1.7     2.1          1.8    2.0
                                                                                                                Net foreign investment.. _                -.3     -.6       .6 -1.9 -1.0 -1.2                        .0   -.1
February 1970



   10                                                               SURVEY OF CURRENT BUSINESS                                                                                                      February 1970


                                                             1968                          1969                                                                                1968                        1969

                                            1968 1969*    III    IV           I       II      III       IV                                              1968    1969     III      IV         I       13[          III     IV

                                                           Seasonally adjusted at annual rates                                                                           Seasonally adjusted at annual rates

                                                             Billions of dollars                                                                                               Billions of dollars
                                                                          l
                    Table 9.—Gross Corporate Product (1.14)                                                              Table 10.—Personal Income and Its Disposition (2.1)
         Gross corporate product ... .     494.2 533.1 501.6 510.7 519.9 530.1 539.3                           Personal income                          687.9 747.2 696 1 711 2 724 4 740 5 756 5                       7fi7 A.

   Capital consumption allowances           45.9   49.1 46.2     46.7         47.7   48.6     49.6      50.5     Wage and salary disbursements          465.0   509.9   470.7    482.1      493.3   504.3 516.9 525.0
   Indirect business taxes plus transfer                                                                          Commodity-producing industries. _     181.5   197.7   183.0    187.8      191.5   196.5 200.5 202.3
     payments less subsidies                44.8   49.0   45.8   46.6         47.3   48.5     49.8      50.5        Manufacturing          _            145.9   157 6   147.4    150 7      153 3   156 6 159 9 160 5
                                                                                                                  Distributive industries               109.2   119 5   110 8    113 1      115 5   110 Q 191 i    190 1
   Income originating in corporate busi-                                                                          Service industries                     78.3    88 1    78.9     82 0       85 4    87 1 88 7 91 2
       ness                              403.5 434.9 409.6 417.4 425.0 433.0 439.9                                Government                             96.0   104 5    97 9     99 2      100 8   102 4 1flfi fi 108 4.
     Compensation of employees       _   318.4 348.9 321.9 329.8 338.2 346.0 353.4 358.0                         Other labor income                     24 2    26 2    24 5 25 0           25 5 26 0         2ft A.     net n
       Wages and salaries                284.3 311.0 287.4 294.7 301.3 308.5 315.1 319.1
       Supplements                        34.1 37.9 34.5 35.1 36.9 37.6 38.3 38.9                                Proprietors' income....                63.8 66 3 64 1 64 1 64 6                     66 5 67 3           fift 7
                                                                                                                   Business and professional            49 2 50 2 49 3 49 7 49 7                     en 1     50 5       Kf| A
    Net interest                             1.2    1.6    1.3      1.4        1.5    1.6         1.7    1.8       Farm                                 14 6 16 1 14 8 14 4 14 9                     16 4     16 8       Ifi ^


    Corporate profits and inventory                                                                              Rental income of persons               21 2 21 6       21 2      21 4 21 5 21 6 21 7                    91 ft
       valuation adjustment. _              83.9    84.4 86.4 86.2 85.2               85.3    84.8               Dividends          . .                 23.1 24 ft      23 6      23 8 23 8 24 3 24 9                    OK 0
     Profits before tax                     87.2    89.9 87.3 90.4 91.3               91.6    88.5               Personal interest income               54.1 59.4       54 g      56 7 57 6 58 8 59 8                    61 3
       Profits tax liability                41.3    43.4 41.4 42.9 43.9               44.1    42.8
       Profits after tax     __             45.8    46.5 45.9 47.5 47.4               47.5    45.7               Transfer payments        ._ ...       59.2 65 5 60 1 61 6                   63 6    64 9     66 1       R7 2
         Dividends                          21.5    22.9 21.9 22.2 22.1               22.8    23.3                 Old-age, survivors, disability, and
         Undistributed profits              24.3    23.6 24.0 25.3 25.3               24.7    22.5                   health insurance benefits         30 3 33 1 30 9 31 8                   32 4    32 9     33 3       oo 7
     Inventory valuation adjustment..      -3.2    -5.6 -.9 -4.2 -6.1                -6.2    -3.7 -6.2             State unemployment insurance
                                                                                                                     benefits      ..                   2.1 2 1 2.1 2 0                       2 2 19 2 2                  22
   Cashflow,gross of dividends .            91.7   95.6   92.1 94.2           95.1   96.1 95.3                     Veterans benefits        .           7.2 8.2 7.1 7.3                       78 82 84                    86
   Cash flow net of dividends               70.2   72.7   70.2 72.1           73.0   73.3 72.1                     Other                             — 19.7 22.0 20.0 20.5                   21.3 21 9 22 2              22 7
         Gross product originating in                                                                            Less: Personal contributions     for
          financial institutions            22.8 26.0 23.6 23.9 24.9                 25.6     26.4                  social insurance                    22 6    26 2    22 9      23 3       25 4    25 9     26 6       27 0
                                                                                                               Less: Personal tax and nontax pay-
        Gross product originating in                                                                            ments                                   97 9 117 5 102 6 107 0 114 2 118 5 117 5 119 9
         nonfinancial corporations.  471.4 507.0 478.0 486.8 495.0 504.5 512.8
                                                                                                               Equals : Disposable personal income. . .
                                                                                                                                                      590.0 629.7 593.4 604.3 610.2 622.0 639.0 647.5
  Capital consumption allowances . _        44.6   47.7   44.9   45.4         46.4   47.3 48.2          49.1
  Indirect business taxes plus transfer                                                                        Less: Personal outlays               551 6 592 0 560 2 566 2 577 7 588 8 596 0 605 8
    payments less subsidies                 43.0   47.0   43.9   44.7         45.3   46.5     47.8      48.5    Personal consumption expenditures- 536.6 576.0 544.9 550.7 562.0 572.8 579.8 589.5
                                                                                                                Interest paid by consumers           14.2 15.3 14.4 14.7 15.0 15.2 15 4 15 5
  Income originating in nonfinancial                                                                            Personal* transfer payments to for-
      corporations _                 383.8 412.3 389.2 396.7 403.3 410.7 416.9                                    eigners                              .8    .8    .8    .7    .7    .7     g     g
    Compensation of employees              300.6 328.8 303.7 311.0 318.7 326.2 333.2 337.3                     Equals: Personal saving                  38.4    37 6    33 2      38 0       32 5 33 3        43 i        41 7
     Wages and salaries                    268.6 293.4 271.5 278.2 284.2 291.1 297.3 300.9
     Supplements                            31.9 35.5 32.2 32.8 34.5 35.1 35.8 36.4
    Net interest                            10.9   12.0   11.1 11.4           11.7   11.9     12.2      12.4   Addenda:
                                                                                                               Disposable personal income :
    Corporate profits and inventory                                                                             Total, billions of 1958 dollars         497.6 509.5 498.9 502.1 502.6 506.2 514.1 514.8
       valuation adjustment. . _ _ _        72.4 71.4 74.3 74.3            72.9       72.6 71.6                 Per capita, current dollars             2,933 3 099 2 946 2 991 3 014 3 065 3 140 3 172
     Profits before tax                     75.6 77.0 75.2 78.5            79.0       78.8 75.3                 Per capita, 1958 dollars.               2,474 2 507 2 477 2,485 2*482 2*494 2 526 2,522
       Profits tax liability                35.6 36.8 35.5 37.0            37.7       37.7 36.1
       Profits after tax                    40.0 40.2 39.7 41.5            41.3       41.2 39.2                Personal saving rate,1 percent            6.5     6.0     5.6          6.3     5.3     5.3         6.7      6.4
         Dividends .                        20.4 21.7 20.7 20.9            20.9       21.5 22.0
         Undistributed profits              19.6 18.5 19.0 20.6            20.4       19.6 17.2
     Inventory valuation adjustment...     -3.2 -5.6 -.9 -4.2             -6.1       -6.2 -3.7 -6.2            Table 11.—Personal Consumption Expenditures by Major Type (2.3)
  Cash flow, gross of dividends             84.6   87.9   84.7 86.9           87.6   88.4     87.4
  Cash flow, net of dividends               64.2   66.2   63.9 66.0           66.8   66.9     65.4                   Personal consumption expendi-
                                                                                                                      tures                        536.6 576.0 544.9 550.7 562.0 572.8 579.8 589.5
                                                           Billions of 1958 dollars                            Durable goods                            83.3 89.8       85.8      86.3       88.4    90.6     89.8       90.4
                                                                                                                 Automobiles and parts              37.0 40.4           38.6      39.0       39.4    40.0     40.8       41.3
         Gross product originating in                                                                            Furniture and household equipment. 34.2 36.0           35.0      34.6       35.5    36.8     35.8       35.8
          nonfinancial corporations.  415.9 431.8 420.8 425.1 427.7 431.9 434.3                                  Other                     .        12.1 13.5           12.1      12.8       13.6    13.8     13.2       13.3
                                                                                                               Nondurable goods.                        230.6 243.6 233.3 234.3 238.6 242.1 245.1 248.7
                                                                    Dollars
                                                                                                                 Food and beverages. ._ _.              115.0 119.8 116.1 116.4 118.4 119.1 119.9 121.7
                                                                                                                 Clothing and shoes.                     46.3 49.9 47.4 47.3 48.1 50.0 50.8 50.8
         Current dollar cost per unit of                                                                         Gasoline and oil. -_ _                  19.1 21.3 19.5 19.5 20.4 21.0 21.8 32,0
          1958 dollar gross product                                                                              Other                                   50.1 52.7 50.3 51.1 51.8 52.0 52.7 54.2
          originating Jin nonfinancial
          corporations                   1.133 1.174 1.136 1.145 1.157 1.168 1.181                             Serrices..            _ _ _              222.8 242.6 225.8 230.1 235.0 240.1 244.9 250. 3
  Capital consumption allowances            .107   .111 .107 .107             .108   .109     .111               Housing...                             77.4 83 7 77.9 79.8 81.3 82.8 84.4 86.4
  Indirect business taxes plus transfer                                                                          Household operation .                  31.2 33.5 31.6 31.9 32.7 33.1 33.9 34.1
    payments less subsidies                 .103 .109     .104   .105 .106           .108     .110               Transportation                         16.1 17.5 16.3 16.5 17.1 17.3 17.7 17.9
  Compensation of employees                 .723 .762     .722   .732 .745           .755     .767               Other                                  98.1 107.9 100.0 101.8 103.9 106.9 108.8 111.9
  Net interest                              .026 .028     .026   .027 .027           .028     .028
  Corporate profits and inventory valu-                                                                        Table 12.—Foreign Transactions in the National Income and
   ation adjustment            _        .174       .165   .177   .175         .170   .168     .165
         Profits tax liability          .086       .085   .084   .087         .088   .087     .083                                Product Accounts (4.1)
         Profits after tax plus inven-
           tory valuation adjustment— .088         .080   .092   .088         .082   .081     .082               Receipts from foreigners               50 6    55.3    53.4      50.6      47.6     57.1 57.8           58.6
    1. Excludes gross product originating in the rest of the world.                                            Exports of goods and services...         50.6    55.3    53.4      50.6      47.6     57.1     57.8       f,8. 6
    2 Th s s e ualto the de at r
     ; ^) P                fl o for gross product of nonfinancial corporations, with the decimal                                                                55.3    53.4      50.6      47.6     57.1     57.8       58.6
   point shifted two places to the left.                                                                         Payments to foreigners                 50.6
    3. Personal saving as a percentage of disposable personal income.                                                                                                                                         55.2       55.9
                                                                                                               Imports of goods and services            48.1    53 2    49.7 49.4           46.1     55.5
    * Corporate profits (and related components and totals) for 1969 total are preliminary and                                                                                                                    2.6     3.0
  subject to revision next month.                                                                              Transfers to foreigners.                  2.9     2.7     3.1          3.1    2.4      2.8
                                                                                                                Personal        -            ._....       .8      .8      .8           .7     .7       .7          .8      .8
                                                                                                                 Government                        .     2.1     2.0     2.3          2.4    1.7      2.1         1.8     2.2
                                                                                                               Net foreign investment                   —.3     — 6       .6 —1.9 -1.0 -1.2                       .0     -.3
March 1970
 10                                                                 SUEVEY OF CUERENT BUSINESS                                                                                                          March 1970


                                                            1968                       1969                                                                                  1968                       1969

                                           1968 1969*    III     IV      I        II      III       IV*                                                 1968   1969    III       IV        I       II          III    IV

                                                          Seasonally adjusted at annual rates                                                                          Seasonally adjusted at annual rates

                                                            Billions of dollars                                                                                              Billions of dollars

                  Table 9.— Gross Corporate Product * (1.14)                                                          Table 10.—Personal Income and Its Disposition (2.1)

      Gross corporate product         - 494.2 532.9 501.6 510.7 519.9 530.1 539.3 542.2                    Personal income                             687.9 747.2    696 1 711 2 724 4 740 5 756 5 767 4
                                          45.9    49.1   46.2   46.7     47.7   48.6      49.6      50.5                                                     |
Capital consumption allowances                                                                               Wage and salary disbursements             465.0  509.9   470.7    482.1      493.3   504.3   516.9      525.0
Indirect business taxes plus transfer                                                                         Commodity-producing industries ..        181.5  197.7   183.0    187.8      191.5   196.5   200.5      202.3
  payments less subsidies                 44.8    49.0   45.8   46.6     47.3   48.5      49.8      50.5        Manufacturi n g_                       145.9  157.6   147.4    150.7      153.3   156 6   159 9      160 5
                                                                                                              Distributive industries                  109.2  119.5   110.8    113.1      115.5   118 3   121 1      123 1
Income originating in corporate busi-                                                                         Service industries _ .                    78.3   88.1    78.9     82.0       85 4    87 1    88 7       91 2
    ness                      - - - - 403.5 434.8 409.6 417.4 425.0 433.0 439.9 441.2                         Government                                96.0  104.5    97.9     99.2      100.8   102 4   106 6      108 4
  Compensation of employees.          318.4 348.9 321.9 329.8 338.2 346.0 353.4 358.0                        Other labor income           __            24.2   26.2   24.5      25.0      25 5    26 0     26 4      26 9
    Wages and salaries.               284.3 311.0 287.4 294.7 301.3 308.5 315. 1 319.1
    Supplements       -                34.1 37.9 34.5 35.1 36.9 37.6 38.3 38.9                               Proprietors' income .                      63.8   66.3   64.1      64.1      64 6    66 5     67 3      66 7
                                                                                                               Business and professional                49.2   50.2   49.3      49.7      49.7    50 1     50 5      504
  Net interest                             1.2     1.6    1.3      1.4    1.5     1.6         1.7    1.8       Farm                                     14.6   16 1   14 8      14 4      14 9    16 4     16 8      16 3
  Corporate profits and inventory                                                                            Rental income of persons.. . . .           21.2   21.6   21.2      21.4      21.5    21 6     21.7      21 8
     valuation adjustment                 83.9 84.2      86.4 86.2 85.2 85.3 84.8 81.4                       Dividends                                  23.1   24.6   23.6      23.8      23 8    24 3     24 9      25 2
   Profits before tax                     87.2 89.7      87.3 90.4 91.3 91.6 88.5 87.6                       Personal interest income _                 54.1   59.4   54.8      56.7      57.6    58 8     59 8      61 3
     Profits tax liability                41.3 43.3      41.4 42.9 43.9 44.1 42.8 42.5
     Profits after tax                    45.8 46.4      45.9 47.5 47.4 47.5 45.7 45.1                       Transfer payments..                        59.2   65.5   60.1      61.6      63.6    64 9     66 1      67 2
       Dividends           -              21.5 22.9      21.9 22.2 22.1 22.8 23.3 23.6                         Old-age, survivors, disability, and
       Undistributed profits              24.3 23.5      24.0 25.3 25.3 24.7 22.5 21.5                           health insurance benefits              30.3   33.1   30.9      31.8      32.4    32 9     33 3      33 7
   Inventory valuation adjustment..      -3.2 -5.6       -.9 -4.2 -6.1 -6.2 -3.7 -6.2                          State unemployment insurance
                                                                                                                 benefits                                2.1    21     2.1       2.0       2.2     19       2 2       22
Cash flow gross of dividends .            91.7    95.5   92.1   94.2     95.1   96.1      95.3      95.7       Veterans benefits                         7.2    8.2    7.1       7.3       7.8     82       8 4       86
Cash flow, net of dividends               70.2    72.6   70.2   72.1     73.0   73.3      72.1      72.1       Other                                    19.7   22.0   20.0      20.5      21.3    21.9     22 2      22 7
      Gross product originating in                                                                           Less: Personal contributions for
       financial institutions             22.8    26.0   23.6   23.9     24.9   25.6      26.4      26.9        social insurance                        22.6   26.2   22.9      23.3      25.4    25.9     26.6      27.0
                                                                                                           Less: Personal tax and nontax pay-
      Gross product originating in                                                                          ments __                                    97.9 117.5 102.6 107.0 114.2 118.5 117.5 119 9
       no n financial corporations 471.4 506.9 478.0 486.8 495.0 504.5 512.8 515.3
                                                                                                           Equals : Disposable personal income. . -590.0 629.7 593.4 604.3 610.2 622.0 639.0 647.5
Capital consumption allowances _          44.6    47.7   44.9   45.4     46.4   47.3     48.2       49.1
Indirect business taxes plus transfer                                                                      Less: Personal outlays _ _ _ .   _ 551.6 592.0 560.2 566.2 577.7 588.8 596.0 605.8
  payments less subsidies                 43.0    47.0   43.9   44.7     45.3   46.5     47.8       48.5    Personal consumption expenditures- 536.6 576.0 544.9 550.7 562.0 572.8 579.8 589.5
                                                                                                            Interest paid by consumers _        14.2 15.3 14.4 14.7 15.0 15.2 15.4 15.5
Income originating in nonfinancial                                                                          Personal transfer payments to for-
    corporations _ _ . __ __       383.8 412.2 389.2 396.7 403.3 410.7 416.9 417.7                            eigners .                           .8    .8    .8    .7    .7    .7    .8    .8
 Compensation of employees.              300.6 328.8 303.7 311.0 318.7 326.2 333.2 337.3                   Equals: Personal saving.                    38.4    37.6   33.2      38.0      32.5    33.3     43.1      41.7
  Wages and salaries                     268.6 293.4 271.5 278.2 284.2 291.1 297.3 300.9
  Supplements                             31.9 35.5 32.2 32.8 34.5 35.1 35.8 36.4
 Net interest                             10.9    12.0   11.1   11.4     11.7   11.9     12.2       12.4   Addenda:
                                                                                                           Disposable personal income :
 Corporate profits and inventory                                                                            Total, billions of 1958 dollars.. _        497.6 509.5 498.9 502.1 502.6 506.2 514.1 514 8
    valuation adjustment.                 72.4 71.3      74.3 74.3 72.9 72.6 71.6 68.1                       Per capita, current dollars.. _           2,933 3,099 2,946 2,991 3 014 3 065 3 140 3,172
  Profits before tax      _               75.6 76.8      75.2 78.5 79.0 78.8 75.3 74.3                      Per capita, 1958 dollars                   2,474 2,507 2,477 2,485 2,482 2 494 2,526 2,522
    Profits tax liability                 35.6 36.8      35.5 37.0 37.7 37.7 36.1 35.6
    Profits after tax                     40.0 40.1      39.7 41.5 41.3 41.2 39.2 38.7                     Personal saving rate,8 percent         ._    6.5     6.0    5.6          6.3    5.3     5.3         6.7    6.4
      Dividends                           20.4 21.7      20.7 20.9 20.9 21.5 22.0 22.3
      Undistributed profits               19.6 18.4      19.0 20.6 20.4 19.6 17.2 16.4
  Inventory valuation adjustment. __     -3.2 -5.6       -.9 -4.2 -6.1 -6.2 -3.7 -6.2                      Table 11.—Personal Consumption Expenditures by Major Type (2.3)
Cash flow, gross of dividends..           84.6    87.8   84.7   86.9     87.6   88.4     87.4       87.8
Cash flow, net of dividends _             64.2    66.1   63.9   66.0     66.8   66.9     65.4       65.5         Personal consumption expendi-
                                                                                                                  tures _.         _ _ _ _ _   536.6 576.0 544.9 550.7 562.0 572.8 579.8 589.5
                                                          Billions of 1958 dollars                         Durable goods.                               83 3   89 8   85 8      86 3      88 4    90 6     89 8      90 4
                                                                                                             Automobiles and parts. _        _ 37.0 40.4              38.6      39.0      39.4    40.0     40.8      41.3
      Gross product originating in                                                                           Furniture and household equipment- 34.2 36.0             35.0      34.6      35.5    36.8     35.8      35.8
       nonfinancial corporations   415.9 431.7 420.8 425.1 427.7 431.9 434.3 432.6                           Other                              12 1 13 5             12 1      12.8      13 6    13 8     13 2      13 3
                                                                                                           Nondurable goods                            230 6 243.6 233 3 234 3 238 6 242.1 245.1 248.7
                                                                   Dollars
                                                                                                             Food and beverages                        115 0 119 8 116.1 116 4 118 4 119 1 119 9 121.7
                                                                                                             Clothing and shoes. _ _                    46.3 49.9 47.4 47.3 48.1 50 0 50.8 50.8
      Current dollar cost per unit of                                                                        Gasoline and oil. _                        19.1 21 3 19.5 19.5 20.4 21 0 21.8 22.0
       1958 dollar gross product                                                                             Other                                      50.1 52 7 50 3 51.1 51 8 52.0 52 7 54.2
       originating 2in nonfinancial
       corporations                   1.133 1.174 1.136 1.145 1.157 1.168 1.181 1.191                      Services                                    222 8 242 6 225 8 230 1 235 0 240 1 244.9 250.3
Capital consumption allowances             .107   .111   .107   .107     .108   .109      .111      .114     Housing                                    77 4 83 7 77 9 79 8 81 3 82 8                      84 4 86 4
Indirect business taxes plus transfer                                                                        Household operation                        31.2 33.5 31.6 31.9 32.7 33! 1                     33.9 34.1
  payments less subsidies                  .103   .109   .104   .105     .106   .108      .110      .112     Transportation .                           16 1 17 5 16 3 16.5 17.1 17.3                      17.7 17.9
Compensation of employees                  .723   .762   .722   .732     .745   .755      .767      .780     Other                                      98 1 107 9 100 0 101 8 103 9 106 9                108 8 111 9
Net interest.. .                           .026   .028   .026   .027     .027   .028      .028      .029
Corporate profits and inventory valu-                                                                      Table 12.—Foreign Transactions in the National Income and
 ation adjustment               __    .174        .165   .177   .175     .170   .168      .165      .157
       Profits tax liability          .086        .085   .084   .087     .088   .087      .083      .082                      Product Accounts (4.1)
       Profits after tax plus inven-
         tory valuation adjustment- _ .088        .080   .092   .088     .082   .081      .082      .075
                                                                                                             Receipts from foreigners                   50.6   55.3   53.4      50.6      47.6    57.1     57.8      58.6

 1. Excludes gross product originating in the rest of the world.                                           Exports of goods and services                50 6   55 3   53 4      50 6      47.6    57.1     57.8      58.6
 2. This is equal to the deflator for gross product of nonfinancial corporations, with the decimal
point shifted two places to the left.                                                                        Payments to foreigners                     50.6   55.3   53.4      50.6      47.6    57.1     57.8      58.6
 3. Personal saving as a percentage of disposable personal income.
                                                                                                           Imports of goods and services                48.1   53 2   49.7      49.4      46.1    55 5     55.2      55.9
  * Corporate profits (and related components and totals) for 1969 total are preliminary and
subject to revision next month.                                                                            Transfers to foreigners                       2.9    27     3.1          3.1    2.4     2 8         2.6    3.0
                                                                                                             Personal                                      g      g      g            7     .7      .7           g     .8
                                                                                                             Government                                  21     2 0    2 3          24     1.7     21          1.8    2.2
                                                                                                           Net foreign investment..                     —.3    — 6      .6 —1.9 —1.0 —1.2                       .0    -.3
 April 1970


April 1970                                                         SURVEY OF CURRENT BUSINESS

                                                        1968                 1969                1970                                                               1968                  1969                 1970

                                         1968 1969       IV    I        II          III   IV     IP                                                  1968    1969   IV       I      II           III    IV     IP

                                                         Seasonally adjusted at annual rates                                                                         Seasonally adjusted at annual rates

                                                           Billions of dollars                                                                                           Billions of dollars

                   Table 9.—Gross Corporate Product1 (1.14)                                                         Table 10.—Personal Income and Its Disposition (2.1)

       Gross corporate product          494.2 532.8 510.7 519.9 530.1 539.3 542.1                       Personal income                              687.9 747.2 711.2 724.4 740.5 756.5 767.4                778.5
Capital consumption allowances           45.9   49.1 46.7      47.7    48.6     49.6      50.5   51.5     Wage and salary disbursements      465.0         509.9 482.1 493.3 504.3 516.9 525.0                532.4
Indirect business taxes plus transfer                                                                      Commodity-producing industries .. 181.5         197.7 187.8 191.5 196.5 200.5 202.3                201.8
  payments less subsidies                44.8   49.0    46.6   47.3    48.5     49.8      50.5   51.4        Manufacturing.                  145.9         157.6 150.7 153.3 156.6 159.9 160.5                159.7
                                                                                                           D istributi ve industries         109.2         119.5 113.1 115.5 118.3 121.1 123.1                126.2
Income originating in corporate busi-                                                                      Service industries                 78.3          88.1 82.0 85.4 87.1 88.7 91.2                      94.3
    ness                       -- -   403.5     434.7 417.4 425.0 433.0 439.9 441.0                        Government _.              .       96.0         104.5 99.2 100.8 102.4 106.6 108.4                 110.1
  Compensation of employees           318.4     348.9 329.8 338.2 346.0 353.4 358.0 361.5                 Other labor income       .                 24.2    26.2   25.0    25.5   26.0      26.4      26.9   27.5
    Wages and salaries..              284.3     311.0 294.7 301.3 308.5 315. 1 319.1 322.1
    Supplements _                      34.1      37.9 35.1 36.9 37.6 38.3 38.9 39.4                       Proprietors' income                         63.8   66.3 64.1 64.6        66 5 67.3           66.7   66.8
                                          1.2    1.6     1.4
                                                                                                            Business and professional .               49.2   50.2 49.7 49.7        50 1 50.5           50.4   50.3
 Net interest              -                                    1.5     1.6         1.7    1.8    1.8       Farm               . __ .                 14.6   16.1 14.4 14.9        16.4 16.8           16.3   16.5
 Corporate profits and inventory                                                                          Rental income of persons                   21.2    21.6   21.4    21.5   21.6 21.7           21.8   22.0
    valuation adjustment      -          83.9    84.2    86.2 85.2 85.3 84.8               81.3           Dividends             . __                 23.1    24.6   23.8    23.8   24.3 24.9           25.2   25.2
  Profits before tax                     87.2    89.7    90.4 91.3 91.6 88.5               87.4           Personal interest income                   54.1    59.4   56.7    57.6   58 8 59.8           61.3   62.4
    Profits tax liability . _            41.3    43.3    42.9 43.9 44.1 42.8               42.4
    Profits after tax                    45.8    46.4    47.5 47.4 47.5 45.7               45.1           Transfer payments.. _ ... _ __ 59.2 65.5 61.6 63.6 64.9                            66.1      67.2   70.0
      Dividends                          21.5    22.9    22.2 22.1 22.8 23.3               23.6             Old-age, survivors, disability, and
      Undistributed profits              24.3    23.5    25.3 25.3 24.7 22.5               21.5               health insurance benefits          30.3 33.1 31.8 32.4 32.9                    33.3      33.7   34.5
  Inventory valuation adjustment..      -3.2    -5.6    -4.2 -6.1 -6.2 -3.7               -6.2 -5.9         State unemployment insurance
                                                                                                              benefits ._ . _                     2.1 2.1 2.0 2.2 1.9                         2.2       2.2    2.9
Cash flow, gross of dividends..          91.7   95.5    94.2   95.1    96.1     95.3 95.6                   Veterans benefits.                _. 7.2 8.2 7.3 7.8 8.2                          8.4       8.6    9.0
Cash flow, net of dividends.             70.2   72.6    72.1   73.0    73.3     72.1 72.0                   Other                                19.7 22.0 20.5 21.3 21.9                    22.2      22.7   23.7
       Gross product originating in                                                                       Less: Personal contributions         for
        financial institutions           22.8   26.0    23.9   24.9    25.6     26.4      26.9               social insurance                        22.6    26.2   23.3    25.4   25.9      26.6      27.0   27.7

      Gross product originating In                                                                      Less: Personal tax and nontax pay-
        nonfinancial corporations..- _ 471.4 506.9 486.8 495.0 504.5
                                                                                                         ments _.        ...   __ _ _ _ __ 97.9 117.5 107.0        114.2 118.5 117.5 119.9 118.6
                                                                               512.8 515.2
Capital consumption allowances           44.6 47.7 45.4 46.4 47.3                                       Equals : Disposable personal income. _ . 590.0 629.7 604.3 610.2 622.0 639.0 647.5 659.9
                                                                                48.2      49.1   50.0
Indirect business taxes plus transfer                                                                   Less: Personal outlays                   551.6 592.0 566.2 577.7 588.8 596.0 605.8 617.1
  payments less subsidies.               43.0 47.0 44.7 45.3 46.5               47.8      48.5   49.3    Personal consumption expenditures- 536.6 576.0 550.7 562.0 572.8 579.8 589.5 600.6
Income originating in nonfinancial                                                                       Interest paid by consumers               14.2 15.3 14.7 15.0 15.2 15.4 15.5 15.7
    corporations           __        _. 383.8 412.1 396.7 403.3 410.7                                    Personal transfer payments to for-
                                                                               416.9 417.6                 eigners                                  .8    .8    .7    .7    .7    .8    .8    .8
  Compensation of employees __ __ __ 300.6 328.8 311.0 318.7 326.2          333.2 337.3 340.3           Equals: Personal saving                      38.4    37.6   38.0    32.5   33.3      43.1      41.7   42.8
    Wages and salaries                  268.6 293.4 278.2 284.2 291.1       297.3 300.9 303.5
    Supplements                          31.9 35.5 32.8 34.5 35.1            35.8 36.4 36.8
  Net interest                           10.9    12.0   11.4   11.7    11.9 12.2 12.4 12.7              Addenda:
                                                                                                        Disposable personal income :
  Corporate profits and inventory                                                                        Total, billions of 1958 dollars             497.6 509.5 502.1 502.6 506.2 514.1 514.8 518.5
     valuation adjustment.               72.4 71.3 74.3 72.9           72.6 71.6           67.9          Per capita, current dollars                 2,933 3 099 2,991 3 014 3 065 3,140 3,172 3 226
   Profits before tax. _ _               75.6 76.8 78.5 79.0           78.8 75.3           74.1          Per capita, 1958 dollars                    2,474 2 507 2,485 2 482 2 494 2,526 2,522 2,535
     Profits tax liability               35.6 36.7 37.0 37.7           37.7 36.1           35.5
     Profits after tax..                 40.0 40.1 41.5 41.3           41.2 39.2           38.6         Personal saving rate,8 percent                6.5     6.0    6.3     5.3    5.3          6.7    6.4    6.5
       Dividends                ..       20.4 21.7 20.9 20.9           21.5 22.0           22.3
       Undistributed profits             19.6 18.4 20.6 20.4           19.6 17.2           16.3
   Inventory valuation adjustment...    -3.2 -5.6 -4.2 -6.1           -6.2 -3.7           -6.2 -5.9     Table 11.—Personal Consumption Expenditures by Major Type (2.3)
Cash flow, gross of dividends            84.6   87.8 86.9      87.6    88.4     87.4      87.7
Cash flow, net of dividends              64.2   66.1 66.0      66.8    66.9     65.4      65.4               Personal consumption expendi-
                                                                                                               tures .                     536.6 576.0 550.7 562.0 572.8 579.8 589.5 600.6
                                                         Billions of 1058 dollars                       Durable goods                       83.3 89.8 86.3 88.4 90.6 89.8 90.4 89.7
                                                                                                          Automobiles and parts              37.0 40.4 39.0 39.4 40 0 40.8                             41.3   38.6
       Gross product originating In                                                                       Furniture and household equipment. 34.2 36.0 34.6 35.5 36.8 35.8                             35.8   37.2
        nonfinancial corporations   415.9 431.6 425.1 427.7 431.9 434.3 432.5                             Other.. . . . .                    12.1 13.5 12.8 13.6 13 8 13.2                             13.3   13.9
                                                                                                        Nondurable goods               __ ..         230.6 243.6 234.3 238.6 242.1 245.1 248.7 255.3
                                                                   Dollars
                                                                                                          Food and beverages                         115.0 119.8 116.4 118.4 119.1 119.9 121.7 126.0
                                                                                                          Clothing and shoes.                         46.3 49 9 47.3 48.1 50 0 50.8 50.8 50.9
      Current dollar cost per unit of                                                                     Gasoline and oil                            19.1 21.3 19.5 20.4 21.0 21.8 22.0 22.7
        1958 dollar gross product                                                                         Other..                                     50.1 52 7 51.1 51.8 52.0 52.7 54.2 55.8
        originating 2in nonfinancial
        corporations                  1.133     1.174 1.145 1.157 1.168 1.181 1.191                     Services.                                    222.8 242 6 230.1 235.0 240.1 244.9 250.3 255.6
Capital consumption allowances         .107      .111 .107 .108 .109 .111 .114                            Housing...                                 77.4     83 7 79.8 81.3 82 8 84.4 86.4 88.3
Indirect business taxes plus transfer                                                                     Household operation..           _          31.2     33.5 31.9 32.7 33.1 33.9 34.1 35.0
  payments less subsidies              .103      .109 .105 .106 .108 .110 .112                            Transportation .                           16 1     17 5 16 5 17.1 17.3 17.7 17 9 18 4
Compensation of employees              .723      .762 .732 .745 .755 .767 .780                            Other                                      98 1    107 9 101 8 103 9 106 9 108 8 111 9 113 9
Net interest                           .026      .028 .027 .027 .028 .028 .029
Corporate profits and inventory valu-                                                                   Table 12.—Foreign Transactions in the National Income and
 ation adjustment                     .174 .165 .175 .170              .168     .165      .157
       Profits tax liability          .086 .085 .087 .088              .087     .083      .082                             Product Accounts (4.1)
       Profits after tax plus inven-
         tory valuation adjustment- . .088 .080 .088 .082              .081     .082      .075            Receipts from foreigners...                50.6 55.3      50.6    47.6   57.1      57.8      58.6   60.7
  1. Excludes gross product originating in the rest of the world                                        Exports of goods and services. .             50.6    55 3   50 6    47.6   57 1      57 8      58 6   60.7
                                                                                                          Payments to foreigners                     50.6 55.3      50.6    47.6   57.1      57.8      58.6   60.7
  3.
                                                                                                        Imports of goods and services          .     48.1 53 2      49.4    46.1   55 5      55.2      55.9   57.0
  v Preliminary.
                                                                                                        Transfers to foreigners                       2.9     27    3.1      24     28           2.6   30      27
                                                                                                          Personal          _ _                        .8       8    .7       .7     .7           .8    .8      .8
                                                                                                          Government                                  2.1     2.0   2.4      1.7    21           1.8   2.2     1.9
                                                                                                        Net foreign investment..                      —.3    — 6 —1.9 —1.0 — 1 2                  .0   —.3     1.0

380-168   O - 70 - 2
  May 1970


 May 1970                                                           SUKVEY OF CURRENT BUSINESS                                                                                                                      11

                                                       1968                     1969                1970                                                              1968                    1969                 1970


                                         1968   1969   IV       I          II      III       IV      I*                                                1968   1969     IV        I       II      III        IV       I

                                                        Seasonally adjusted at annual rates                                                                             Seasonally adjusted at annual rates

                                                            Billions of dollars                                                                                              Billions of dollars

                                                                      l
                 Table 9.— Gross Corporate Product (1.14)                                                              Table 10.—Personal Income and Its Disposition (2.1)

      Gross corporate product           494.2 532.8 510.7 519.9 530.1 539.3 542.1                   541.7   Personal income                  _ ._     687.9 747.2 711.2 724.4 740.5 756.5 767.4                    778.6
Capital consumption allowances           45.9   49.1   46.7    47.7       48.6     49.6      50.5    51.5     Wage and salary disbursements           465.0   509.9   482.1    493.3   504.3    516.9      525.0   532.4
Indirect business taxes plus transfer                                                                          Commodity-producing industries -_      181.5   197.7   187.8    191.5   196.5    200.5      202.3   202.0
  payments less subsidies                44.8   49.0   46.6    47.3       48.5     49.8      50.5    51.4        M anuf acturi n g_                   145.9   157.6   150.7    153.3   156.6    159.9      160.5   159.9
                                                                                                               Distributive industries                109.2   119.5   113.1    115.5   118.3    121.1      123.1   126.2
Income originating in corporate busi-                                                                          Service industries                      78.3    88.1    82.0     85.4    87.1     88.7       91.2    94.1
    ness                              403.5 434.7 417.4 425.0 433.0 439.9 441.0                     438.7      Government              . .             96.0   104.5    99.2    100.8   102.4    106.6      108.4   110.1
  Compensation of employees             318.4 348.9 329.8 338.2 346.0 353.4 358.0                   361.6     Other labor income                       24.2   26.2    25.0      25.5    26.0     26.4      26.9     27.5
   Wages and salaries.                  284.3 311.0 294.7 301.3 308.5 315.1 319.1                   322.2
   Supplements                     _ __ 34.1 37.9 35.1 36.9 37.6 38.3 38.9                           39.4     Proprietors' income                      63.8   66.3    64.1      64.6    66.5     67.3      66.7     66.6
                                                                                                                Business and professional              49.2   50.2    49.7      49.7    50.1     50.5      50.4     50.1
  Net interest        -    _ _      .     1.2    1.6    1.4     1.5        1.6         1.7    1.8     1.8       Farm . ..          ._               .. 14.6   16.1    14.4      14.9    16.4     16.8      16.3     16.5
  Corporate profits and inventory                                                                             Rental income of persons                 21.2   21.6    21.4      21.5    21.6     21.7      21.8     22.0
     valuation adjustment                83.9 84.2 86.2 85.2 85.3 84.8 81.3                          75.3     Dividends                                23.1   24.6    23.8      23.8    24.3     24.9      25.2     25.2
   Profits before tax. ._                87.2 89.7 90.4 91.3 91.6 88.5 87.4                          81.3     Personal interest income              .. 54.1   59.4    56.7      57.6    58.8     59.8      61.3     62.5
     Profits tax liability .             41.3 43.3 42.9 43.9 44.1 42.8 42.4                          39.1
     Profits after tax                   45.8 46.4 47.5 47.4 47.5 45.7 45.1                          42.2     Transfer payments __                     59.2   65.5    61.6      63.6    64.9     66.1      67.2     70.1
       Dividends .                       21.5 22.9 22.2 22.1 22.8 23.3 23.6                          23.6       Old-age, survivors, disability, and
       Undistributed profits.            24.3 23.5 25.3 25.3 24.7 22.5 21.5                          18.6         health insurance benefits            30.3   33.1    31.8      32.4    32.9     33.3      33.7     34.3
   Inventory valuation adjustment..     -3.2 -5.6 -4.2 -6.1 -6.2 -3.7 -6.2                          -5.9        State unemployment insurance
                                                                                                                  benefits                              2.1    2.1     2.0       2.2     1.9      2.2       2.2      2.9
Cash flow, gross of dividends            91.7   95.5   94.2    95.1       96.1     95.3      95.6    93.7       Veterans benefits                       7.2    8.2     7.3       7.8     8.2      8.4       8.6      9.0
Cashflow,net of dividends .              70.2   72.6   72.1    73.0       73.3     72.1      72.0    70.0       Other                                  19.7   22.0    20.5      21.3    21.9     22.2      22.7     23.9
      Gross product originating in                                                                            Less: Personal contributions for
       financial institutions            22.8   26.0   23.9    24.9       25.6     26.4      26.9    27.0        social insurance          __          22.6   26.2    23.3      25.4    25.9     26.6      27.0     27.7
                                                                                                            Less: Personal tax and nontax pay-
      Gross product originating in                                                                           ments                                     97.9 117.5 107.0 114.2 118.5 117.5 119.9                     118.2
       nonfinancial corporations   471.4 506.9 486.8 495.0 504.5 512.8 515.2                        514.7
                                                                                                            Equals : Disposable personal income. . .590.0 629.7 604.3 610.2 622.0 639.0 647.5                      660.4
Capital consumption allowances _ _ _ . 44.6     47.7   45.4    46.4       47.3    48.2       49.1    50.0
Indirect business taxes plus transfer                                                                       Less: Personal outlays              551.6 592.0 566.2 577.7 588.8 596.0 605.8                          616.9
  payments less subsidies _            43.0     47.0   44.7    45.3       46.5    47.8       48.5    49.3    Personal consumption expenditures- 536.6 576.0 550.7 562.0 572.8 579.8 589.5                          600.4
                                                                                                             Interest paid by consumers   .      14.2 15.3 14.7 15.0 15.2 15.4 15.5                                 15.7
Income originating in nonfinancial                                                                           Personal transfer payments to for-
    corporations                   383.8 412.1 396.7 403.3 410.7 416.9 417.6                        415.3      eigners             .       . .     .8    .8    .7    .7    .7    .8    .8                              .8
  Compensation of employees.            300.6 328.8 311.0 318.7 326.2 333.2 337.3                   340.5   Equals: Personal saying.                   38.4   37.6    38.0      32.5    33.3     43.1      41.7     43.5
   Wages and salaries                   268.6 293.4 278.2 284.2 291.1 297.3 300.9                   303.7
   Supplements                           31.9 35.5 32.8 34.5 35.1 35.8 36.4                          36.8
  Net interest   ..                      10.9   12.0   11.4    11.7       11.9    12.2       12.4    12.7   Addenda:
                                                                                                            Disposable personal income :
  Corporate profits and inventory                                                                            Total, billions of 1958 dollars          497.6 509.5 502.1 502.6 506.2 514.1 514.8                    518.8
     valuation adjustment                72.4 71.3 74.3 72.9 72.6 71.6 67.9                          62.2    Per capita, current dollars .            2,933 3,099 2,991 3 014 3 065 3,140 3,172                    3,228
   Profits before tax . _                75.6 76.8 78.5 79.0 78.8 75.3 74.1                                  Per capita, 1958 dollars.                2,474 2,507 2,485 2 482 2,494 2,526 2,522                    2,536
                                                                                                     68.1
     Profits tax liability               35.6 36.7 37.0 37.7 37.7 36.1 35.5                          32.2
     Profits after tax                   40.0 40.1 41.5 41.3 41.2 39.2 38.6                          35.8   Personal saving rate,2 percent              6.5    6.0     6.3       5.3     5.3         6.7    6.4      6.6
       Dividends                         20.4 21.7 20.9 20.9 21.5 22.0 22.3                          22.3
       Undistributed profits             19.6 18.4 20.6 20.4 19.6 17.2 16.3                          13.5
   Inventory valuation adjustment- __   -3.2 -5.6 -4.2 -6.1 -6.2 -3.7 -6.2                          -5.9    Table 11.—Personal Consumption Expenditures by Major Type (2.3)
Cash flow, gross of dividends           84.6    87.8   86.9    87.6       88.4    87.4       87.7    85.9
Cash flow, net of dividends             64.2    66.1   66.0    66.8       66.9    65.4       65.4    63.6         Personal consumption expendi-
                                                                                                                   tures                        536.6 576.0 550.7 562.0 572.8 579.8 589.5                          600.4
                                                        Billions of 1958 dollars                            Durable goods                _ __         83.3    89.8    86.3     88.4     90.6    89.8       90.4     89.4
                                                                                                              Automobiles and parts              37.0 40.4            39.0     39.4     40 0    40.8       41.3     38.3
      Gross product originating in                                                                            Furniture and household equipment. 34.2 36.0            34.6     35.5     36.8    35.8       35.8     37.3
       nonfi nancial corporations  415.9 431.6 425.1 427.7 431.9 434.3 432.5                        427.0     Other                              12.1 13 5            12.8     13.6     13 8    13.2       13.3     13.9
                                                                                                            Nondurable goods                          230.6 243.6 234.3 238.6 242.1 245.1 248.7                    255.4
                                                                 Dollars
                                                                                                              Food and beverages                      115. 0 119 8 116.4 118.4 119 1 119.9 121.7                   125.9
                                                                                                              Clothing and shoes. __                   46.3 49.9 47.3 48.1 50.0 50.8 50.8                           51.0
      Current dollar cost per unit of                                                                         Gasoline and oil. .                      19.1 21 3 19.5 20.4 21 0 21.8 22.0                           22.8
        1958 dollar gross product                                                                             Other                                    50.1 52.7 51.1 51.8 52.0 52.7 54.2                           55.7
        originating 2in nonfinancial
        corporations                  1.133 1.174 1.145 1.157 1.168 1.181 1.191                     1.205   Services                                  222.8 242 6 230 1 235.0 240.1 244.9 250.3                    255.6
Capital consumption allowances         .107 .111 .107 .108 .109 .111 .114                           .117      Housing-                                77.4 83 7 79.8 81.3 82 8 84.4 86 4                            88.3
Indirect business taxes plus transfer                                                                         Household operation _                   31.2 33 5 31.9 32.7 33.1 33.9 34.1                            35.0
  payments less subsidies...           .103 .109 .105 .106 .108 .110 .112                           .116      Transportation                          16.1 17.5 16.5 17.1 17.3 17.7 17.9                            18.4
Compensation of employees. .           .723 .762 .732 .745 .755 .767 .780                           .797      Other                                   98.1 107 9 101.8 103.9 106 9 108 8 111.9                     113.9
Net interest                           .026 .028 .027 .027 .028 .028 .029                           .030
Corporate profits and inventory valu-                                                                       Table 12.—Foreign Transactions in the National Income and
  ation adjustment..                   .174 .165 .175 .170 .168 .165 .157                           .146
        Profits tax liability          .086 .085 .087 .088 .087 .083 .082                                                        Product Accounts (4.1)
        Profits after tax plus inven-                                                               .075
          tory valuation adjustment.. .088 .080 .088 .082 .081 .082 .075                            .070      Receipts from foreigners                50.6    55.3    50.6     47.6    57.1 57.8 58.6              61.6
 1. Excludes gross product originating in the rest of the world.                                            Exports of goods and services             50.6    55.3    50.6     47.6    57.1 57.8 58.6               60.8
 oi?&"wo^                                                                                                   Capital grants received by the United
 3. Personal saving as a percentage of disposable personal income.                                           States                                     .0      .0      .0       .0      .0          .0     .0        .9
                                                                    and                                      Payments to foreigners                   50.6    55.3    50.6     47.6    57.1 57.8 58.6              61.6
                                                                           ***> are prelhninary
                                                                                                            Imports of goods and services             48.1    53.2    49.4     46.1    55.5 55.2 55.9              57.8
                                                                                                            Transfers to foreigners      _             2.9     2.7    3.1       2.4     2.8      2.6       3.0      2.7
                                                                                                             Personal                        __         .8      .8     .7        .7      .7       .8        .8       .8
                                                                                                              Government                               2.1     2.0    2.4       1.7     2.1      1.8       2.2      1.9
                                                                                                            Net foreign investment                    -.3     -.6 -1.9        -1.0     -1.2          .0    -.3      1.2
   June 1970



June 1970                                                               SURVEY OF CUEEENT BUSINESS                                                                                                                          13

                                                          1968                      1969                1970                                                                    1968                   1969                 1970

                                           1968 1969       IV       I          II      III       IV       I                                                      1968   1969     IV       I      II       III        IV       I

                                                           Seasonally adjusted at annual rates                                                                                    Seasonally adjusted at annual rates

                                                                Billions of dollars                                                                                                   Billions of dollars

                                                                          l
                  Table 9.—Gross Corporate Product (1.14)                                                                       Table 10.—Personal Income and Its Disposition (2.1)

      Gross corporate product . .         494.2 532.8 510.7 519.9 530.1 539.3 542.1                     541.8       Personal income                             687.9 747.2 711.2 724.4 740.5 756.5 767.4                   778.6
Capital consumption allowances             45.9    49.1   46.7     47.7       48.6     49.6      50.5    51. 5        Wage and salary disbursements     465.0           509.9   482.1   493.3   504.3    516.9      525.0   532.4
Indirect business taxes plus transfer                                                                                  Commodity-producing industries- . 181.5          197.7   187.8   191.5   196.5    200.5      202.3   202.0
  payments less subsidies                  44.8    49.0   46.6     47.3       48.5     49.8      50.5    51. 4           Manufacturing                   145.9          157.6   150.7   153.3   156.6    159.9      160.5   159.9
                                                                                                                       Distributive industries .         109.2          119.5   113.1   115.5   118.3    121.1      123.1   126.2
Income originating in corporate busi-                                                                                  Service industries                 78.3           88.1    82.0    85.4    87.1     88.7       91.2    94.1
    ness                        -     403.5 434.7 417.4 425.0 433.0 439.9 441.0                         438. 9         Government                         96.0          104.5    99.2   100.8   102.4    106.6      108.4   110.1
  Compensation of employees           318.4 348.9 329.8 338.2 346.0 353.4 358.0                         361. 6
                                                                                                        322.2         Other labor income      .                  24.2   26.2    25.0     25.5   26.0      26.4       26.9    27.5
    Wages and salaries                284.3 311.0 294.7 301.3 308.5 315.1 319.1
    Supplements                        34.1 37.9 35.1 36.9 37.6 38.3 38.9                                39. 4        Proprietors' income                        63.8   66.3    64.1     64.6   66.5      67.3       66.7    66.6
                                                                                                                        Business and professional                49.2   50.2    49.7     49.7   50.1      50.5       50.4    50.1
  Net interest                     _         1.2    1.6    1.4      1.5        1.6         1.7    1.8      1.8          Farm                                     14.6   16.1    14.4     14.9   16.4      16.8       16.3    16.5
  Corporate profits and inventory                                                                                     Rental income of persons                   21.2   21.6    21.4     21.5   21.6      21.7       21.8    22.0
     valuation adjustment                   83.9    84.2 86.2 85.2 85.3 84.8 81.3                       75. 4         Dividends                                  23.1   24.6    23.8     23.8   24.3      24.9       25.2    25.2
   Profits before tax                       87.2    89.7 90.4 91.3 91.6 88.5 87.4                       81. 4         Personal interest income                   54.1   59.4    56.7     57.6   58.8      59.8       61.3    62.5
     Profits tax liability                  41.3    43.3 42.9 43.9 44.1 42.8 42.4                       39. 1
     Profits after tax                      45.8    46.4 47.5 47.4 47.5 45.7 45.1                       42. 2         Transfer payments                          59.2   65.5    61.6     63.6   64.9      66.1       67.2    70.1
       Dividends ._                         21.5    22.9 22.2 22.1 22.8 23.3 23.6                       23. 5           Old-age, survivors, disability, and
       Undistributed profits. _.            24.3    23.5 25.3 25.3 24.7 22.5 21.5                       18. 8             health insurance benefits              30.3   33.1    31.8     32.4   32.9      33.3      33.7     34.3
   Inventory valuation adjustment..        -3.2    -5.6 -4.2 -6.1 -6.2 -3.7 -6.2                        —5.9            State unemployment insurance
                                                                                                                          benefits                                2.1    2.1     2.0      2.2    1.9      2.2        2.2      2.9
Cash flow, gross of dividends              91.7    95.5   94.2     95.1       96.1     95.3      95.6    93.7           Veterans benefits                         7.2    8.2     7.3      7.8    8.2      8.4        8.6      9.0
Cash flow, net of dividends                70.2    72.6   72.1     73.0       73.3     72.1      72.0    70. 3          Other                                    19.7   22.0    20.5     21.3   21.9     22.2       22.7     23.9
      Gross product originating in                                                                                    Less: Personal contributions for
       financial institutions..            22.8 26.0 23.9          24.9       25.6     26.4      26.9    27 . 0           social insurance                       22.6   26.2    23.3     25.4   25.9     26.6       27.0     27.7
                                                                                                                    Less: Personal tax and nontax pay-
      Gross product originating In                                                                                   ments         ...                           97.9 117.5 107.0 114.2 118.5 117.5 119.9                   118.2
       nonfinancial corporations.  471.4 506.9 486.8 495.0 504.5 512.8 515.2                            514.8
                                                                                                                    Equals : Disposable personal income. . .590.0 629.7 604.3 610.2 622.0 639.0 647.5                       660.4
C api tal consumpti on allowances          44.6    47.7   45.4     46.4       47.3    48.2       49.1    50. 0
Indirect business taxes plus transfer                                                                               Less: Personal outlays              551.6 592.0 566.2 577.7 588.8 596.0 605.8                           616.9
  payments less subsidies         __       43.0    47.0   44.7     45.3       46.5    47.8       48.5    49. 3       Personal consumption expenditures- 536.6 576.0 550.7 562.0 572.8 579.8 589.5                           600.4
                                                                                                                     Interest paid by consumers _ .      14.2 15.3 14.7 15.0 15.2 15.4 15.5                                  15.7
Income originating in nonfinancial                                                                                   Personal transfer payments to for-
    corporations. .                383.8 412.1 396.7 403.3 410.7 416.9 417.6                            415. 4         eigners                             .8    .8    .7    .7    .7    .8    .8                              .8
  Compensation of employees               300.6 328.8 311.0 318.7 326.2 333.2 337.3                     340.5
                                                                                                        303.7       Equals: Personal saving
                                                                                                                                  aisavmg                       38.4    37.6    38.0     32.5   33.3      43.1      41.7     43.5
   Wages and salaries                     268.6 293.4 278.2 284.2 291.1 297.3 300.9
                                           31.9 35.5 32.8 34.5 35.1 35.8 36.4
  Net interest    ..                       10.9    12.0   11.4     11.7       11.9    12.2       12.4    19
                                                                                                         1Z
                                                                                                                -   Addenda:
                                                                                                               -'   Disposable personal income :
  Corporate profits and inventory                                                                                    Total, billions of 1958 dollars            497.6 509.5 502.1 502.6 506.2 514.1 514.8                   518.8
     valuation adjustment                  72.4 71.3       74.3 72.9 72.6 71.6 67.9                      Rf)    „    Per capita, current dollars                2,933 3,099 2,991 3, 014 3,065 3,140 3,172                  3,228
   Profits before tax                      75.6 76.8       78.5 79.0 78.8 75.3 74.1                                  Per capita 1958 dollars                    2,474 2,507 2,485 2,482 2,494 2,526 2,522                   2,536
     Profits tax liability                 35.6 36.7       37.0 37.7 37.7 36.1 35.5                      ngg        Personal saving rate,8 percent               6.5     6.0     6.3      5.3                 6.7    6.4      6.6
     Profits after tax                     40.0 40.1       41.5 41.3 41.2 39.2 38.6                                                                                                              5.3
       Dividends                           20.4 21.7       20.9 20.9 21.5 22.0 22.3                      ™' 0

       Undistributed profits               19.6 18.4       20.6 20.4 19.6 17.2 16.3
   Inventory valuation adjustment- _.     -3.2 -5.6       -4.2 -6.1 -6.2 -3.7 -6.2                      _5* 9       Table 11.—Personal Consumption Expenditures by Major Type (2.3)
Cash flow, gross of dividends...           84.6    87.8   86.9     87.6       88.4    87.4       87.7    85 9
Cash flow, net of dividends                64.2    66.1   66.0     66.8       66.9    65.4       65.4    63*7             Personal consumption expendi-
                                                                                                                           tures                        536.6 576.0 550.7 562.0 572.8 579.8 589.5                           600.4
                                                           Billions of 1958 dollars                                 Durable goods.                              83.3    89.8    86.3     88.4   90.6     89.8       90.4     89.4
                                                                                                                      Automobiles and parts.             37.0           40.4    39.0     39.4   40.0     40.8       41.3     38.3
      Gross product originating in                                                                                    Furniture and household equipment. 34.2           36.0    34.6     35.5   36.8     35.8       35.8     37.3
       nonfinancial corporations   415.9 431.6 425.1 427.7 431.9 434.3 432.5                            427 0         Other.                             12.1           13.5    12.8     13.6   13.8     13.2       13.3     13.9
                                                                                                                                                                230.6 243.6 234.3 238.6 242.1 245.1 248.7                   255.4
                                                                     Dollars                                          _, , , .
                                                                                                                      Food and beverages. __                    115.0 119.8 116.4 118.4 119.1 119.9 121.7                   125.9
                                                                                                                      uiotmng ana snoes                          46.3 49.9 47.3 48.1 50.0 50.8 50.8                          51.0
      Current dollar cost per unit of                                                                                 Gasoline and oil    .. _.                  19.1 21.3 19.5 20.4 21.0 21.8 22.0                          22.8
        1958 dollar gross product                                                                                     Other                                      50.1 52.7 51.1 51.8 52.0 52.7 54.2                          55.7
        originating in nonfinancial
        corporations *                 1.133 1.174 1.145 1.157 1.168 1.181 1.191                        1 206       Services         .                          222.8 242.6 230.1 235.0 240.1 244.9 250.3                   255.6
Capital consumption allowances          .107 .111 .107 .108 .109 .111 .114                                H7          Housing                                   77.4 83.7 79.8 81.3 82.8 84.4 86.4                           88.3
Indirect business taxes plus transfer                                                                                 Household operation                       31.2 33.5 31.9 32.7 33.1 33.9 34.1                           35.0
  payments less subsidies                                                                                 11 c        Transportation..                          16.1 17.5 16.5 17.1 17.3 17.7 17.9                           18.4
Compensation of employees
Net interest
                                        .103 .109 .105 .106 .108 .110 .112
                                        .723 .762 .732 .745 .755 .767 .780                               •J1S         other..                 :        :::_:_   98.1 107.9 101.8 103.9 106.9 108.8 111.9                    113.9
                                        .026 .028 .027 .027 .028 .028 .029                                nsn
Corporate profits and inventory valu-                                                                               Table 12. — Foreign Transactions in the National Income and
  ation adjustment                      .174 .165 .175 .170 .168 .165 .157                               •146                            Product Accounts (4.1)
        Profits tax liability           .086 .085 .087 .088 .087 .083 .082                               . 076
        Profits after tax plus inven-
          tory valuation adjustment. _ .088 .080 .088 .082 .081 .082 .075                               .070          Receipts from foreigners                  50.6    55.3    50.6     47.6                       58.6     61.6
                                                                                                                                                                                                57.1     57.8

  1. Excludes gross product originating in the rest of the world.                                                   Exports of goods and services...            50.6    55.3    50.6     47.6   57.1     57.8       58.6     60.8
 2. This is equal to the deflator for gross product of nonfinancial corporations, with the dejcimal                 Capital grants received by the United
point shifted two places to the left.                                                                                States. ...
 3. Personal saving as a percentage of disposable personal income.                                                                                                .0      .0      .0       .0     .0          .0      .0      .9
                                                                                                                     Payments to foreigners                     50.6    55.3    50.6     47.6   57.1     57.8       58.6    61.6
                                                                                                                    Imports of goods and services               48.1    53.2    49.4     46.1   55.5     55.2       55.9    57.8
                                                                                                                    Transfers to foreigners                      2.9     2.7     3.1      2.4    2.8      2.6        3.0     2.7
                                                                                                                      Personal                                    .8      .8      .7       .7     .7       .8         .8      .8
                                                                                                                      Government .                               2.1     2.0     2.4      1.7    2.1      1.8        2.2     1.9
                                                                                                                    Net foreign investment                      -.3     -.6 -1.9 -1.0 -1.2                    .0    -.3      1.2
July 1970



  10                                                              SUKVEY OF CUEEENT BUSINESS                                                                                                               July 1970


                                                                       1969                  1970                                                                                     1969                       1970

                                         1968    1969    I       II      III     IV      I      II"                                                        1968    1969     i | ii         III      IV       I        HP

                                                        Seasonally adjusted at annual rates                                                                                 Seasonally adjusted at annual rates

                                                             Billions of dollars                                                                                              Billions of dollars

                                                                          1
                    Table 9.—Gross Corporate Product                          (1.14)                                Table 10.—Personal Income and Its Disposition (2.1)
       Gross corporate product           92.8 531.2 518.5 528.9 537.7 539.7 539.7
                                                                                                           Personal income                                688 7 748 9 725 g 741 1 758 1 770 5 782 3                   801 5
 Capital consumption allowances          46.5    49.8   48.5    49.3     50.1    51.0   52.0        52.9
 Indirect business taxes plus transfer                                                                      Wage and salary disbursements    464.8                509.0   491.6   502.9   516.4    525.3   531.9 539.8
   payments less subsidies ..            44.8    48.6   46.9    48.1     49.3    49.9   50.7        51.6     Commodity-producing industries . 181.5               197.5   191.5   196.0   199.9    202.5   202.7 201.5
                                                                                                               M anuf acturing                145 9               157 5   153 2   156 4   159 7    160 8   160 7 159 6
 Income originating in corporate busi-                                                                       Distributive industries          109.2               119 8   115 5   118 5   121 3    123 8   195 9 127 2
     ness                              401.5 432.9 423.0 431.4 438.2 438.8 437.1                             Service industries                78.4                87.7    84.5    86 7    88 7     90 9    93 9  95 5
   Compensation of employees           319.2 349.7 338.7 346.6 354.1 359.5 363.2                363.9        Government..                      95 7               104 1   100 0   101 7   106 5    108 1   109 3 115 6
     Wages and salaries                284.3 310.8 300.9 308.0 314.7 319.6 322.6                322.9
     Supplements                        34.9 38.9 37.8 38.5 39.4 39.9 40.6                       41.0       Other labor income                            24.9    27.6    26.7    27 3    27.9     28.5     29 3        30 0
   Net interest          -                 .9     1.9    1.5     1.8      2.0     2.1   2.3         2.4     Proprietor's income _ . .                     64.1    66.8    66.0    66 7    67 5     67 2     67 6        67 8
                                                                                                              Business and professional.                  49.1    50.5    49.9    50 5    50 9     50 6     50 6        51 2
   Corporate profits and inventory                                                                            Farm _. .                                   15 0    16 4    16 2    16 2    16 6     16 6     17 0        16 5
      valuation adjustment                81.5 81.3 82.8 83.1 82.2 77.3 71.6
    Profits before tax                    84.8 86.8 88.7 89.1 85.3 83.8 77.4                                Rental income of persons.. -                  21.3    22.0    21.6    22 0    22 1     22 3     22 5        22 6
      Profits tax liability               40.6 42.7 43.5 43.8 42.1 41.4 38.0                                Dividends. ..                                 23 3    24 7    24 1    24 4    25 0     25 2     25 2        25 1
      Profits after tax                   44.2 44.1 45.3 45.4 43.3 42.4 39.4                                Personal interest income                      54.0    59 7    57.7    59 0    60 1     61 9     63 4        64 6
        Dividends                         21.8 23.0 22.5 22.9 23.3 23.5 23.3
        Undistributed profits             22.4 21.0 22.8 22.5 19.9 18.9 16.2                                Transfer payments                             59 0     65 1    63 3    64 5   65 5     67 0     69 8        79 4
    Inventory valuation adjustment ._    -3.3 -5.4 -5.9 -6.0 -3.2 -6.5 -5.8                     -4.4          Old age, survivors, disability, and
                                                                                                                health insurance benefits. _              30.3     33.0    32.3    32 9   33 1     33 5     34 2        41 5
 Cash flow cross of dividends            90.7    93.8   93.8    94.7     93.4    93.4   91.4                  State unemployment insurance
 Cash flow net of dividends              68.9    70.8   71.3    71.8     70.1    69.9   68.2                    benefits -                                  2.1     21      21      19      2 2      23      2 9         37
                                                                                                              Veterans benefits                             7.2     8.3     7.9     8.4     8.3      87      9 0         9 5
       Gross product originating in                                                                           Other                                        19 5    21 6    21 0    21 4    21 8     22 4    23 8        24 8
        financial institutions           22.5    24.7   24.0    24.6     24.9    25.1   25.3
                                                                                                            Less: Personal contributions for
       Gross product originating in                                                                          social insurance                              22.8    26.0    25.2    25 8    26 4     26 8    27 4        27 7
        nonfinancial corporations   470.2 506.5 494.5 504.3 612.8 514.6 514.4
                                                                                                           Less: Personal tax and nontax pay-
 Capital consumption allowances          45.1    48.3   47.1    47.9     48.6    49.5   50.4        51.3    ments.                                         97.5 117.3 113.8 118.1 117 5 119 9 117 0                   117 5
 Indirect business taxes plus transfer
   payments less subsidies               42.9    46.5   44.9    46.0     47.2    47.7   48.4        49.3   Equals: Disposable personal income.. 591.2 631.6 612.0 623.0 640.6 650.6 665.3                             684.0
 Income originating in nonfinancial                                                                        Less: Personal outlays.  - - - - - - - 550.8 593.9 577.7 589.7 598.7 609.6 620.5                           631.9
     corporations                    382.2 411.8 402.5 410.4 417.0 417.4 415.5                              Personal consumption expenditures _ 535.8 577.5 561.8 573.3 582.1 592.6 603.1                             614.2
   Compensation of employees         301.2 329.9 319.4 326.9 334.1 339.1 342. 3                 343.6       Interest paid by consumers             14.3 15.7 15.3 15.6 15.8 16 1 16 4                                  16 8
     Wages and salaries      - - - - 268.6 293.5 284.0 290.9 297.3 301.8 304.4                  304.7       Personal transfer payments to for-
     Supplements        -             32.6 36.3 35.3 36.0 36.8 37.3 37.9                         38.3         eigners                                .7    .8    .7    .8     9     8     9                              10
   Net interest                  - -     10.5    12.6   11.8    12.4     12.9    13.3   13.6        13.9   Equals: Personal saving          .              40.4    37.6    34.3    33.3    42.0     41.1    44.8        52.1
   Corporate profits and inventory
      valuation adjustment                70.4 69.4 71.3 71.1 70.0 65.1 59.6                               Addenda:
    Profits before tax                    73.7 74.8 77.2 77.2 73.2 71.6 65.4                               Disposable personal income:
      Profits tax liability               34.7 36.1 37.2 37.2 35.3 34.6 31.1                                Total, billions of 1958 dollars               499.0 511.5 504.7 507.5 515.9 517.8 522.9                   531.8
      Profits after tax                   39.0 38.7 40.0 40.0 37.8 37.0 34.3                                Per capita, current dollars           .       2,939 3,108 3,023 3,070 3,148 3,188 3,252                   3,335
        Dividends                         20.6 21.6 21.1 21.5 21.9 22.0 21.8                                Per capita, 1958 dollars                      2,480 2,517 2,493 2,501 2,535 2,537 2,556                   2,593
        Undistributed profits             18.4 17.1 18.8 18.4 15.9 15.1 12.5
    Inventory valuation adjustment _.    -3.3 -5.4 -5.9 -6.0 -3.2 -6.5 -5.8                     -4.4       Personal saving rate,3 percent         - - -    6.8      6.0     5.6     5.3      6.5    6.3      6.7         7.6
 Cash flow gross of dividends            84.1    87.0   87.1    87.8     86.5    86.5   84.7
 Cash flow net of dividends              63.5    65.3   65.9    66.3     64.6    64.5   62.9
                                                                                                           Table 11.—Personal Consumption Expenditures by Major Type (2.3)
                                                             Billions of 1958 dollars
                                                                                                                 Personal consumption expendi-
       Gross product originating in                                                                               tures     -.                 535.8 577.5 561.8 573.3 582.1 592.6 603.1                              614.2
        nonfinancial corporations   415.1 432.5 428.5 432.9 435.6 433.0 428.4
                                                                                                           Durable goods .     ...                         84.0    90.0    89.1    90.6    89.5     90.8    89.1        91.8
                                                                       Dollars                               Automobiles and parts . -          37.2               40.3    39.8    40.0    40.2     41.1    37.7        39.5
                                                                                                             Furniture and household equipment. 34.6               36.7    35.8    37.2    36.7     36.9    38.3        38.9
                                                                                                             Other .            ...             12.3               13.1    13.5    13.4    12.6     12.7    13.1        13.5
       Current dollar cost per unit of                                                                                                                    230.2 245.8 239.2 244.0 248.1 252.0 258.8                   262.1
        1958 dollar gross product                                                                          Nondurable goods
        originating 2in nonfinancial                                                                                                                      115.1 121.7 119.1 120.8 122.4 124.6 128.8                     130.3
        corporations                   1.133 1.171 1.154 1.165 1.177 1.188 1.201                             Food and beverages _ . . . . .
                                                                                                             Clothing and shoes...                         46.1 49.9 47.9 50.0 50.7 50.9 51.3                            52.1
 Capital consumption allowances           .109   .112   .110     .111    .112    .114   .118                 Gasoline and oil. -.                          19.0 21.1 20.3 20.8 21.5 21.7 22.4                            22.8
 Indirect business taxes plus transfer                                                                       Other                                         50.0 53.2 52.0 52.4 53.5 54.9 56.3                            57.0
   payments less subsidies                .108   .107   .105     .106    .108    .110   .113
 Compensation of employees                .726   .763   .745     .755    .767    .783   .799               Services. ..                                   221.6 241.6 233.5 238.7 244.5 249.8 255.2                     260.2
 Net interest                   -         .025   .029   .028     .029    .030    .031   .032
                                                                                                             Housing                                       77.4 84.0 81.4 83.0 84.7 87.0 89.0                            90.9
 Corporate profits and inventory valu-                                                                       Household operation            -..            31.2 33.9 32.7 33.3 34.5 34.8 35.2                            35.8
  ation adjustment                        .170   .160   .166     .164    .161    .150   .139                 Transportation                                15.6 16.7 16.2 16.5 16.8 17.1 17.7                            17.9
      Profits tax liability               .084   .083   .087     .086    .081    .C80   .073                 Other                                         97.5 107.1 103.2 105.9 108.5 110.9 113.3                     115.7
      Profits after tax plus inven-
        tory valuation adjustment         .086   .077   .079     .078     .080   .070   .067
                                                                                                           Table 12.—Foreign Transactions in the National Income and
    * Preliminary.                                                                                                           Product Accounts (4.1)
    1. Excludes gross product originating in the rest of the world.
    2. This is equal to the deflator for gross product of nonfinancial corporations, with the
  decimal point shifted two places to the left.                                                                                                                                                             62.0         63.4
    3. Personal saving as a percentage of disposable personal income.                                        Receipts from foreigners                      50.6    55.5    47.8    57.2    58.3     58.8
                                                                                                           Exports of goods and services                   50.6    55.5    47.8    57.2    58.3     58.8    61.1         62.5
                                                                                                           Capital grants received by the United
                                                                                                            States                                                                                               .9        .9
                                                                                                             Payments to foreigners                     50.6       55.5 47.8 57.2          58.3     58.8 62.0            63.4
                                                                                                           Imports of goods and services                48.1       53.6 46.5 55.9          55.6     56.2 57.6            58.7
                                                                                                           Transfers to foreigners                       2.8        2.8  2.4  3.2           2.8      2.9  2.8             3.1
                                                                                                             Personal      -. -                       -   .7         .8   .7   .8            .9       .8   .9             1.0
                                                                                                             Government                                  2.1        2.1  1.8 2.5            1.9      2.1 1.9              2.1
                                                                                                           Net foreign investment                       -.3        —.9 —1.1 -2.0           —.1      -.3 1.6               1.6
July 1970




 26                                                                      SUEVEY OF CURRENT BUSINESS                                                                                                                                                               July 1970


2.—Personal Income and Outlay
                                                                    Table 2.1.—-Personal Income and Its Disposition

                                                                                                                             1966                                          1967                                       1968                                     1969
                                                    1966          1967       1968            1969
                                                                                                               I       II           III      IV         I            II           III       IV        I        II             III      IV         I      II            III     IV

                                                                Millions of dollars                                                                 Billions of dollars, seasonally adjusted at annual rates

Personal income                                   587,216 629,335 688,737 748,874 570.3 580.7 592.9 605.0 614.2                                                622.1          634.7 646.3 664.0 680.9 697.6 712.5 725.8 741.1 758.1                                            770.5
  Wage and salary disbursements. _                394,499       423,075    464,817        509,034 380.4 390.3 400.0 407.4 412.3  417.4 426.4                                              436.2     447.9    458.9       471.0        481.4    491.6    502.9         516.4    525.3
   Commodity-producing industries                 159, 330      166, 541   181, 458       197, 480 153.8 158.2 161.3 164.1 164.0 164.1 167.5                                              170.6     175.2    179.3       183.2        188.1    191.5    196.0         199.9    202.5
     Manufacturing                          .     128, 069      134, 165   145, 874       157, 520 123.1 127.0 129.9 132.2 132.3 132.3 134.7                                              137.4     141.0    144.1       147.4        150.9    153.2    156.4         159.7    160.8
   Distributive industries                         93, 816      100, 256   109, 237       119, 772 91.1 92.9 94.9 96.4 97.8 99.3 101.1                                                    102.8     105.2    107.7       110.9        113.1    115.5    118.5         121.3    123.8
   Service industries                              63,655        70, 525    78,428          87,683 61.3 62.9 64.7 65.7 67.7 69.7 71.5                                                      73.2      75.6     77.6         79.2        81.3     84.5     86.7          88.7     90.9
   Government       -.. _                          77, 698       85, 753    95, 694       104, 099 74.3 76.3 79.1 81.2 82.7 84.3 86.3                                                      89.7      92.0     94.3        97.6         98.9    100.0    101.7         106.5    108.1
  Other labor income                               20,711        22,296     24,927          27,611       20.0        20.5           20.9     21.4     21.8      21.9              22.5     23.0      23.8     24.6           25.3     26.0      26.7    27.3          27.9      28.5
  Proprietors' income                              61,299        62,147     64,088          66,846           62.1    61.2           61.1     60.8     60.9      62.0              62.9     62.9      62.9     63.8           64.4      65.2     66.0    66.7          67.5     67.2
    Business and professional                      45, 214       47, 315    49,068          50,453           44.7    45.0           45.4     45.8     46.5      47.1              47.9     47.7      48.5     49.2           49.2      49.4     49.9    50.5          50.9     50.6
    Farm.                                          16, 085       14, 832    15, 020         16, 393          17.4    16.2           15.7     15.0     14.4      14.8              14.9     15.2      14.4     14.6           15.3      15.8     16.2    16.2          16.6     16.6
  Rental income of persons                         19,955        21,091     21,302          21,989       19.6        19.8           20.1     20.3     20.7      21.1              21.3     21.3      21.3     21.3           21.3     21.3      21.6    22.0          22.1      22.3
  Dividends-                                       20,797        21,385     23,312          24,667       21.2        21.0           20.7     20.2     21.1      21.6              21.9     21.0      22.3     23.1           23.8     24.1      24.1    24.4          25.0      25.2
  Personal interest income             ....        43,635        48,009     54,035          59,682       41.3        43.0           44.2     46.0     46.6      47.1              48.4     49.8      51.5     53.2           54.8     56.6      57.7    59.0          60.1      61.9
  Transfer payments                                44,061        51,818     59,030          65,084           42.5    42.1           44.1     47.5     50.7      51.5              52.1     53.1      56.1     58.6           60.0     61.4      63.3    64.5          65.5      67.0
    Old-age, survivors, disability, and health
      insurance benefits                           20, 803       25, 662    30, 279         32,963           19.4     19.6          21.0     23.2     24.5      25.8              26.0     26.4      28.2     30.3           30.9     31.8      32.3    32.9          33.1      33.5
    State unemployment insurance benefits           1,797         2,116      2,060           2,149            2.0      1.6           1.8      1.8      2.1       2.1               2.2      2.0       2.2      1.9            2.1      2.0       2.1     1.9           2.2       2.3
    Veterans benefits                               5,737         6,575      7,225           8,329            5.9      5.4           5.4      6.3      6.5       6.5               6.5      6.8                                                          8.4           8.3       8.7
    Other                                          15,724        17, 465    19, 466         21,643           15.3     15.5          15.9     16.3     17.6      17.0              17.4     17.9      18.7      19.2           19.8     20.2     21.0    21.4          21.8      22.4
  Less: Personal contributions for social in-
   surance.. -.                                    17,741        20,486     22,774          26,039           16.9     17.2          18.3     18.6     19.8      20.4              20.7     21.1      21.9     22.6           23.1      23.5     25.2     25.8         26.4     26.8
Less: Personal tax and nontax payments             75,364        82,994     97,538 117,305                   70.4     74.7          76.9     79.4     80.8      80.8              84.0     86.3      89.1     92.6           102.1 106.5       113.8 118.1 117.5               119.9
Equals: Disposable personal income                511,852 546,341 591,199 631,569 499.9 506.0 515.9 525.6 533.4 541.3                                                         550.7 559.9 574.9 588.4 595.6 606.0 612.0                                 623.0 640.6            650.6
Less: Personal outlays                            479,325 505,975 550,834 593,928 470.3 474.8 484.3 487.8 494.2 503.7 509.4 516.6                                                                   534.1 543.8 559.1 566.4 577.7 589.7 598.7                                  609.6
  Personal consumption expenditures .. .          466, 334 492, 066 535,834 577, 458 457.8 461.9 471.2 474.5 480.7 489.6 495.5 502.5 519.7 529.1 543.8 550.8 561.8 573.3 582.1                                                                                                 592.6
  Interest paid by consumer                        12,435 13, 183 14, 285 15,686 12.0 12.3 12.6 12.8 12.9 13.0 13.2 13.5 13.8 14.1 14.5 14.9 15.3 15.6 15.8                                                                                                                     16.1
  Personal transfer payments to foreigners             556      726     715      784     6     6     6     6     6   11      7     6     7     7     8     7    .7    .8    .9                                                                                                    .8
Equals : Personal saving. _               _.       32,527        40,366     40,365          37,641 29.6               31.2          31.6     37.7     39.3          37.6          41.3     43.3      40.8      44.6           36.5     39.6     34.3     33.3          42.0     41.1


Addenda:
Disposable personal income:
Total, billions of 1958 dollars                     458.9         477.5      499.0           511.5 453.5 454.7 461.2                        466.1    470.8 475.8 479.7 483.9 492.3 498.6 501.2 504.0 504.7 507.5 515.9                                                         517.8
  Per capita, current dollars                       2,599         2,744      2,939           3,108 2,549 2,574 2,616 2,656 2,689 2,722 2,761 2,800 2,868 2,928 2,956 2,999 3,023 3,070 3,148                                                                                   3,188
  Per capita, 1958 dollars                          2,331         2,398      2,480           2,517 2,313 2,313 2,339 2,356 2,373 2,393 2,405 2,419 2,456 2,482 2,488 2,495 2,493 2,501 2,535                                                                                   2,537
  Personal saving as a percentage of disposable
    personal income                                      6.4         7.4            6.8         6.0            5.9      6.2           6.1      7.2      7.4           7.0           7.5      7.7       7.1         7.6         6.1       6.5      5.6     5.3            6.5      6.3



                                     Table 2.2.—Personal Income: Seasonally Adjusted Monthly Totals at Annual Rates
                                                                                                                [Billions of dollars]

                                                   Wage and salary disbursements                                                                       Proprietors'
                                                                                                                                                         income
                                                                                                                                                                                                                                  Less:
                                                                                                                                        Other                                             Rental             Personal Transfer personal Nonagri-
   Year and month        Personal                 Commodity                                                                             labor                                             income       Divi- interest   pay-   contribu- cultural
                         income                    producing                                                                           income        Business                                of        dends income    ments tions for income
                                      All in-                               Distrib-            Service             Govern-                          and pro-              Farm           persons                                social
                                     dustries                                utive                                   ment                            fessional                                                                 insurance
                                                 Total          Manu-
                                                               facturing

   1966                     587.2      394.5      159.3           128.1             93.8              63.7              77.7                20.7             45.2            16.1             20.0          20.8               43.6            44.1            17.7            566.3
 January                    565.3      377.2      151.6           121.5             90.7              61.0              73.8                19.9             44.2            17.0             19.5          21.3               40.8            42.2        16.8                543.7
 February. ._               570.8      380.5      154.0           123.3             91.1              61.1              74.3                20.0             44.6            17.8             19.6          21.3               41.4            42.4        16.8                548.2
 March                      574.9      383.3      155.6           124.4             91.4              61.7              74.7                20.2             45.2            17.4             19.7          21.2               41.9            42.9        17.0                552.7
 April..                    577.8      387.1      157.1           126.2             92.3              62.2              75.5                20.4             45.0            16.6             19.8          21.1               42.4            42.6        17.1                556.5
 May                        579.6      389.9      157.8           126.8             92.9              63.0              76.2                20.5             44.8            16.2             19.8          21.0               43.0            41.6        17.2                558.7
 June...                    584.7      393.9      159.8           128.1             93.5              63.5              77.1                20.7             45.2            15.9             19.9          21.0               43.5            42.0        17.4                563.9
 July                       588.4      397.7      160.0           128.5             94.9              64.4              78.4                20.8             45.1            15.9             20.0          20.7               43.9            42.5        18.2                567.8
 August                     593.1      400.5      161.6           130.1             94.9              64.9              79.1                20.9             45.5            15.7             20.1          20.7               44.2            43.9        18.3                572.5
 September.. _              597.0      401.8      162.2           130.7             94.9              64.9              79.7                20.9             45.5            15.6             20.2          20.8               44.6            46.0        18.3                576.5
 October...                 601.6      405.1      163.4           132.0             96.0              65.1              80.5                21.2             45.7            15.1             20.2          20.8               45.3            46.7        18.5                581.6
 November                   605.6      407.4      164.2           132.5             96.4              65.6              81.2                21.4             45.8            15.0             20.3          20.9               46.0            47.4        18.6                585.6
 December. _                607.8      409.6      164.7           132.5             96.8              66.3              81.9                21.6             45.9            14.8             20.4          18.9               46.7            48.4        18.6                587.8

   1967                      629.3     423.1      166.5           134.2             100.3             70.5              85.8                22.3             47.3            14.8             21.1          21.4               48.0            51.8            20.5            609.4
 January                     612.2     411.6      165.0           133.0              97.4             66.9              82.3                21.7             46.3            14.7             20.5          20.8               46.7            49.6            19.7            592.5
 February                    613.7     411.8      163.5           131.7              97.8             67.8              82.7                21.8             46.4            14.2             20.7          21.0               46.6            50.9            19.7            594.5
 March.                      616.8     413.4      163.6           132.1              98.3             68.3              83.1                21.8             46.7            14.4             20.8          21.3               46.6            51.5            19.8            597.4
 April...                    618.7     415.4      163.8           132.2              98.8             69.2              83.7                21.9             46.7            14.8             20.9          21.5               46.8            51.0            20.3            599.0
 May.                        621.2     416.2      163.7           131.9              99.1             69.3              84.2                21.9             47.1            14.8             21.1          21.6               47.1            51.6            20.3            601.3
 June                        626.5     420.5      164.9           132.9             100.1             70.6              84.9                22.0             47.6            14.8             21.3          21.5               47.4            51.8            20.5            606.7
 July                        630.7     423.7      166.3           133.3             100.5             71.2              85.7                22.2             47.8            14.8             21.3          21.8               47.9            52.0            20.7            610.8
 August                      635.5     427.1      168.3           135.7             100.8             71.6              86.4                22.5             48.0            14.9             21.3          22.0               48.4            52.2            20.8            615.5
 September                   637.9     428.5      167.8           135.1             101.9             71.8              87.0                22.8             48.1            15.0             21.3          21.9               49.0            52.0            20.7            617.7
  October _                  639.9     429.8      167.8           135.0             102.0             72.4              87.5                22.9             47.7            15.1             21.3          21.8               49.4            52.8            20.9            619.7
 November                    646.1     435.3      171.2           137.8             102.8             73.1              88.2                23.0             47.7            15.2             21.3          21.8               49.8            53.0            21.1            625.6
  December                   652.7     443.5      172.7           139.3             103.5             74.0              93.3                23.2             47.8            15.2             21.3          19.5               50.2            53.4            21.4            632.2
August 1970



    10                                                              SURVEY OF CUKEENT BUSINESS                                                                                                         August 1970


                                                                          1969                 1970                                                                                   1969                         1970

                                            1968   1969    I       II       III    IV      I      II*                                                   1968   1969      I       II      III          IV       I          II

                                                          Seasonally adjusted at annual rates                                                                            Seasonally adjusted at annual rates

                                                               Billions of dollars                                                                                           Billions of dollars

                      Table 9.-—Gross Corporate Product * (1.14)                                                        Table 10.—Personal Income and Its Disposition (2.1)

         Gross corporate product           492.8 531.2 518.5 528.9 537.7 539.7 539.7              543.8
                                                                                                             Personal income                           688.7 748.9 725.8 741.1 758.1 770.5 782.3                      801.3
   Capital consumption allowances          46.5    49.8   48.5    49.3      50.1   51.0   52.0        53.0
   Indirect business taxes plus transfer                                                                       Wage and salary disbursements           464.8   509.0   491.6   502.9    516.4        525.3   531.9    539.5
     payments less subsidies               44.8    48.6   46.9    48.1      49.3   49.9   50.7        51.7      Commodity-producing industries.        181.5   197.5   191.5   196.0    199.9        202.5   202.7    201.5
                                                                                                                  M anuf acturing                      145.9   157.5   153.2   156.4    159.7        160.8   160 7    159.6
   Income originating in corporate busi-                                                                        Distributive industries                109.2   119.8   115.5   118.5    121.3        123.8   125.9    127.0
       ness                              401.5 432.9 423.0 431.4 438.2 438.8 437.1                439.0         Service industries                      78.4    87.7    84.5    86.7     88.7         90.9    93.9     95.5
     Compensation of employees           319.2 349.7 338.7 346.6 354.1 359.5 363.2                363.8         Government.. . -                        95.7   104.1   100.0   101.7    106.5        108.1   109.3    115.5
       Wages and salaries        -       284.3 310.8 300.9 308.0 314.7 319.6 322.6                322.8
       Supplements                        34.9 38.9 37.8 38.5 39.4 39.9 40.6                       41.0        Other labor income                       24.9   27.6    26.7     27.3     27.9        28.5    29.3         30.0
     Net interest                            .9     1.9    1.5      1.8      2.0    2.1    2.3         2.4     Proprietor's income                      64.1   66.8    66.0     66.7     67.5        67.2    67.6         67.8
                                                                                                                 Business and professional              49.1   50.5    49.9     50.5     50.9        50.6    50.6         51.2
     Corporate profits and inventory                                                                             Farm                                   15.0   16.4    16.2     16.2     16.6        16.6    17.0         16.5
        valuation adjustment                81.5 81.3 82.8 83.1 82.2 77.3 71.6                     72.8
      Profits before tax                    84.8 86.8 88.7 89.1 85.3 83.8 77.4                     77.3        Rental income of persons                 21.3   22.0    21.6     22.0     22.1        22.3    22.5         22.6
        Profits tax liability .             40.6 42.7 43.5 43.8 42.1 41.4 38.0                     38.0        Dividends                                23.3   24.7    24.1     24.4     25.0        25.2    25.2         25.1
        Profits after tax _ .               44.2 44.1 45.3 45.4 43.3 42.4 39.4                     39.3        Personal interest income                 54.0   59.7    57.7     59.0     60.1        61.9    63.4         64.5
          Dividends                         21.8 23.0 22.5 22.9 23.3 23.5 23.3                     23.2
          Undistributed profits.            22.4 21.0 22.8 22.5 19.9 18.9 16.2                     16.1        Transfer payments                        59.0    65.1   63.3     64.5     65.5        67.0     69.8        79.4
      Inventory valuation adjustment ..    -3.3 -5.4 -5.9 -6.0 -3.2 -6.5 -5.8                     -4.5           Old age, survivors, disability, and
                                                                                                                   health insurance benefits            30.3    33.0   32.3     32.9     33.1         33.5    34.2        41.5
   Cash flow, gross of dividends           90.7    93.8   93.8    94.7      93.4   93.4   91.4        92.3       State unemployment insurance
   Cash flow, net of dividends     .       68.9    70.8   71.3    71.8      70.1   69.9   68.2        69.1         benefits                              2.1     2.1     2.1     1.9      2.2          2.3     2.9         3.6
                                                                                                                 Veterans benefits     - -- --- -        7.2     8.3     7.9     8.4      8.3          8.7     9.0         9.5
         Gross product originating in                                                                            Other                                  19.5    21.6    21.0    21.4     21.8         22.4    23.8        24.9
          financial institutions           22.5    24.7   24.0    24.6      24.9   25.1   25.3        25.6
                                                                                                               Less: Personal contributions for
         Gross product originating in                                                                           social insurance                        22.8    26.0   25.2     25.8     26.4         26.8    27.4        27.7
          nonfinancial corporations   470.2 566.5 494.5 504.3 512.8 514.6 514.4                   518.2
                                                                                                             Less: Personal tax and nontax pay-
   Capital consumption allowances          45.1    48.3   47.1    47.9      48.6   49.5   50.4        51.4    ments.             --   - -               97.5 117.3 113.8 118.1 117.5 119.9 117.0                      117.7
   Indirect business taxes plus transfer
     payments less subsidies               42.9    46.5   44.9    46.0      47.2   47.7   48.4        49.4   Equals: Disposable personal income.-. 591.2 631.6 612.0 623.0 640.6 650.6 665.3                          683.6
   Income originating in nonfinancial                                                                        Less : Personal outlays             550.8 593.9 577.7 589.7 598.7 609.6 620.5                            632.1
       corporations                   382.2 411.8 402.5 410.4 417.0 417.4 415.5                   417.3       Personal consumption expenditures. 535.8 577.5 561.8 573.3 582.1 592.6 603.1                            614.4
     Compensation of employees        301.2 329.9 319.4 326.9 334.1 339.1 342.3                   342. 9      Interest paid by consumers          14.3 15.7 15.3 15.6 15.8 16.1 16.4                                   16.8
       Wages and salaries      ..-    268.6 293.5 284.0 290.9 297.3 301.8 304.4                   304.6       Personal transfer payments to for-
       Supplements                     32.6 36.3 35.3 36.0 36.8 37.3 37.9                          38.3         eigners                             .7    .8    .7    .8    .9    .8    .9                                 1.0
     Net interest    ._                    10.5    12.6   11.8    12.4      12.9   13.3   13.6        13.9   Equals : Personal saving .                 40.4   37.6    34.3     33.3     42.0        41.1    44.8         51.5
     Corporate profits and inventory
        valuation adjustment                70.4 69.4 71.3 71.1 70.0 65.1 59.6                     60.5      Addenda:
      Profits before tax                    73.7 74.8 77.2 77.2 73.2 71.6 65.4                     65.0      Disposable personal income:
        Profits tax liability. .            34.7 36.1 37.2 37.2 35.3 34.6 31.1                     30.9       Total, billions of 1958 dollars            499.0 511.5 504.7 507.5 515.9 517.8 52?. 9 532.0
        Profits after tax                   39.0 38.7 40.0 40.0 37.8 37.0 34.3                     34.1       Per capita, current dollars                2,939 3,108 3, 023 3,070 3,148 3,188 3,252 3,333
          Dividends                         20.6 21.6 21.1 21.5 21.9 22.0 21.8                     21.8       Per capita, 1958 dollars                 ^ 2, 480 2, 517 2,493 2, 501 2, 535 2,537 2,556 2,591
          Undistributed profits.            18.4 17.1 18.8 18.4 15.9 15.1 12.5                     12.3
      Inventory valuation adjustment _ .   -3.3 -5.4 -5.9 -6.0 -3.2 -6.5 -5.8                     -4.5       Personal saving rate,3 percent              6.8    6.0     5.6      5.3         6.5 ;    6.3      6.7         7.5
   Cash flow, gross of dividends           84.1    87.0   87.1    87.8      86.5   86.5   84.7        85.5
   Cash flow , net of dividends            63.5    65.3   65.9    66.3      64.6   64.5   62.9        63.7
                                                                                                             Table 11.—Personal Consumption Expenditures by Major Type (2.3)
                                                               Billions of 1958 dollars
                                                                                                                   Personal consumption expendi-
         Gross product originating in                                                                               tures                        535.8 577.5 561.8 573.3 582.1 592.6 603.1                            614.
          nonfinancial corporations   415.1 432.5 428.5 432.9 435.6 433. 0 428.4                  427.3
                                                                                                             Durable goods            -                 84.0   90.0    89.1     90.6     89.5        90.8    89.1         91.

                                                                        Dollars                                Automobiles and parts..       .. - 37.2         40.3    39.8     40.0     40.2        41.1    37.7         39.
                                                                                                               Furniture and household equipment. 34.6         36.7    35.8     37.2     36.7        36.9    38.3         38.
                                                                                                               Other                              12.3         13.1    13.5     13.4     12.6        12.7    13.1         13.
         Current dollar cost per unit of
          1958 dollar gross product                                                                          Nondurable goods                          230.2 245.8 239.2 244.0 248.1 252.0 258.8                      262.
          originating 2in nonfinancial
          corporations -                 1.133 1.171 1.154 1.165 1.177 1.188 1.201                1.212        Food and beverages                      115.1 121.7 119.1 120.8 122.4 124.6 128.8                      131.
                                                                                                               Clothing and shoes                       46.1 49.9 47.9 50.0 50.7 50.9 51.3                             51.
   Capital consumption allowances           .109   .112   .110    .111      .112   .114   .118        .120     Gasoline and oil                         19.0 21.1 20.3 20.8 21.5 21.7 22.4                             22.
   Indirect business taxes plus transfer                                                                       Other                                    50.0 53.2 52.0 52.4 53.5 54.9 56.3                             56.
     payments less subsidies                .103   .107   .105    .106      .108   .110   .113
   Compensation of employees                .726   .763   .745    .755      .767   .783   .799        !802   Services                             - - 221.6 241.6 233.5 238.7 244.5 249.8 255.2                       259.
   Net interest                             .025   .029   .028    .029      .030   .031   .032        .033
                                                                                                               Housing                                 77.4 84.0 81.4 83.0 84.7 87.0 89.0                              90.
   Corporate profits and inventory valu-                                                                       Household operation                     31.2 33.9 32.7 33.3 34.5 34.8 35.2                              35.
    ation adjustment                        .170   .160   .166    .164      .161   .150   .139        .141     Transportation                          15.6 16.7 16.2 16.5 16.8 17.1 17.7                              17.
        Profits tax liability. _    . .     .084   .083   .087    .086      .081   .C80   .073        .072     Other                                   97.5 107.1 103.2 105.9 108.5 110.9 113.3                       115.
        Profits after tax plus inven-
          tory valuation adjustment        .086    .077   .079    .078      .080   .070   .067        .069
                                                                                                                        12.—Foreign                              in the National
     *Second quarter 1970 corporate profits (and related components and totals) are preliminary                                               Product Accounts (4.1)
   and subject to revision next month.
     1. Excludes gross product originating in the rest of the world.
     2. This is equal to the deflator for gross product of nonfinancial corporations, with the
   decimal point shifted two places to the left.                                                               Receipts from foreigners                 50.6   55.5    47.8     57.2     58.3        58.8    62.0         63.7
     3. Personal saving as a percentage of disposable personal income.
                                                                                                             Exports of goods and services              50.6   55.5    47.8     57.2     58.3        58.8    61.1         62.8
                                                                                                             Capital grants received by the United
                                                                                                              States                                                                                           .9           .9
                                                                                                               Payments to foreigners                   50.6   55.5  47.8 57.2           58.3 58.8           62.0         63.7
                                                                                                             Imports of goods and services              48.1   53.6  46.5 55.9           55.6 56.2           57.6         58.7
                                                                                                             Transfers to foreigners                     2.8    2.8   2.4  3.2            2.8  2.9            2.8          3.0
                                                                                                               Personal                                   .7     .8    .7   .8             .9   .8             .9          1.0
                                                                                                               Government              -                 2.1    2.1   1.8  2.5            1.9  2.1            1.9          2.0
                                                                                                             Net foreign investment                     -.3       g -1.1 -2.0            -.1 -.3              1.6          2.0
September 1970


 September 1970                                                     SURVEY OF CUKKENT BUSINESS                                                                                                                                13

                                                                        1969                  1970                                                                                          1969                       1970

                                           1968   1969    I       II      III     IV      I          II                                                       1968    1969     I       II      III        IV       I          II

                                                         Seasonally adjusted at annual rates                                                                                   Seasonally adjusted at annual rates

                                                              Billions of dollars                                                                                                  Billions of dollars

                   Table 9.—Gross Corporate Product * (1.14)                                                           Table 10.—Personal Income and Its Disposition (2.1)
      Gross corporate product             492.8 531.2 518.5 528.9 537.7 539.7 539.7              544.0
                                                                                                            Personal income                                  688.7 748.9 725.8 741 1 758 1 770 5 782 3                    801 3
Capital consumption allowances            46.5    49.8   48.5    49.3     50.1    51.0   52.0        53.0
Indirect business taxes plus transfer                                                                         Wage and salary disbursements                  464.8   509.0   491.6   502.9    516.4      525.3   531.9    539.5
  payments less subsidies                 44.8    48.6   46.9    48.1     49.3    49.9   50.7        51.7      Commodity-producing industries.               181.5   197.5   191.5   196.0    199.9      202.5   202.7    201.5
                                                                                                                 Manufacturing.. .                           145.9   157.5   153.2   156 4    159 7      160 8   160 7    159 6
Income originating in corporate busi-                                                                          Distributive industries _ _                   109.2   119.8   115.5   118.5    121 3      123 8   125 9    127 0
    ness    .                         401.5 432.9 423.0 431.4 438.2 438.8 437.1                  439.3         Service industries                             78.4    87.7    84.5    86.7     88.7       90 9    93 9     95 5
  Compensation of employees           319.2 349.7 338.7 346.6 354.1 359.5 363.2                  363.8         Government-                                    95.7   104 1   100 0   101 7    106 5      108 1   109 3    115 5
    Wages and salaries                284.3 310.8 300.9 308.0 314.7 319.6 322.6                  322.8
    Supplements -     - -- -           34.9 38.9 37.8 38.5 39.4 39.9 40.6                         41.0        Other labor income       -.. .-                24.9    27.6    26.7     27.3     27.9      28.5    29 3         30 0
 Net interest                               .9     1.9    1.5     1.8      2.0     2.1    2.3         2.4     Proprietor's income                            64.1    66.8    66.0     66 7     67 5      67 2    67 6         67 8
                                                                                                                Business and professional           ,. . .   49.1    50.5    49.9     50 5     50 9      50 6    50 6         51 2
 Corporate profits and inventory                                                                                Farm                                         15 0    16 4    16 2     16 2     16 6      16 6    17 0         16* 5
    valuation adjustment                   81.5 81.3 82.8 83.1 82.2 77.3 71.6                     73.0
  Profits before tax . .                   84.8 86.8 88.7 89.1 85.3 83.8 77.4                     77.5        Rental income of persons .             . .. 21.3       22.0    21.6     22.0     22 1      22 3    22 5         22 6
    Profits tax liability                  40.6 42.7 43.5 43.8 42.1 41.4 38.0                     38.1        Dividends                                   23.3       24.7    24.1     24.4     25.0      25 2    25 2         25 1
    Profits after tax                      44.2 44.1 45.3 45.4 43.3 42.4 39.4                     39.5        Personal interest income                    54.0       59 7    57 7     59 0     60 1      61 9    63 4         64 5
      Dividends                            21.8 23.0 22.5 22.9 23.3 23.5 23.3                     23.4
      Undistributed profits                22.4 21.0 22.8 22.5 19.9 18.9 16.2                     16.0        Transfer payments _ _ . . -                    59.0     65.1    63.3    64 5     65 5       67 0    69 8        79 4
  Inventory valuation adjustment..        -3.3 -5.4 -5.9 -6.0 -3.2 -6.5 -5.8                     -4.5           Old age, survivors, disability, and
                                                                                                                  health insurance benefits                   30.3    33.0    32 3    32 9     33 1       33 5    34 2        41 5
Cash flow gross of dividends              90.7    93.8   93.8    94.7     93.4    93.4   91.4        92.5       State unemployment insurance
Cash flow, net of dividends _ --          68.9    70.8   71.3    71.8     70.1    69.9   68.2        69.0         benefits           ....                      2.1     2.1     2.1      1.9        2.2     2 3     2 9         36
                                                                                                                Veterans benefits                              7.2     8.3     7.9      8.4        8.3     8.7     9.0         9.5
     Gross product originating in                                                                               Other. . .                                    19.5    21.6    21.0     21 4    21 8       22 4    23 8        24 9
      financial institutions              22.5    24.7   24.0    24.6     24.9    25.1   25.3        25.6
                                                                                                              Less: Personal contributions for
     Gross product originating in                                                                              social insurance                               22.8    26.0    25.2     25 8    26 4       26 8    27 4        27 7
      nonfinancial corporations   470.2 566.5 494.5 504.3 512.8 514.6 514.4                      518.4
                                                                                                            Less: Personal tax and nontax pay-
Capital consumption allowances             45.1   48.3   47.1    47.9     48.6    49.5   50.4        51.4    ments                                            97.5 117.3 113 8 118 1 117 5 119 9 117 0                    117 7
Indirect business taxes plus transfer
  payments less subsidies                 42.9    46.5   44.9    46.0     47.2    47.7   48.4        49.4   Equals: Disposable personal income... 591.2 631.6 612.0 623.0 640.6 650.6 665.3                               683.6
Income originating in nonfinancial                                                                          Less : Personal outlays              550.8 593.9 577.7 589.7 598.7 609 6 620 5                                632.1
    corporations        - -        382.2 411.8 402.5 410.4 417.0 417.4 415.5                     417.5        Personal consumption expenditures. 535.8 577.5 561.8 573.3 582.1 592.6 603.1                                614.4
  Compensation of employees        301.2 329.9 319.4 326.9 334.1 339.1 342.3                     342.9       Interest paid by consumers _         14.3 15.7 15.3 15.6 15.8 16.1 16.4                                       16.8
    Wages and salaries             268.6 293.5 284.0 290.9 297.3 301.8 304.4                     304.6        Personal transfer payments to for-
    Supplements              --     32.6 36.3 35.3 36.0 36.8 37.3 37.9                            38.3         eigners                              .7    .8    .7    .8    .9     8     9                                     1.0
 Net interest.                             10.5   12.6   11.8    12.4     12.9    13.3   13.6        13.9   Equals: Personal saving .                        40.4    37.6     34.3    33.3     42.0       41.1   44.8         51.5
  Corporate profits and inventory
     valuation adjustment             70.4 69.4 71.3 71.1 70.0 65.1 59.6                          60.7      Addenda:
   Profits before tax                 73.7 74.8 77.2 77.2 73.2 71.6 65.4                          65.2      Disposable personal income:
     Profits tax liability..!         34.7 36.1 37.2 37.2 35.3 34.6 31.1                          31.0       Total, billions of 1958 dollars                 499.0 511.5 504.7 507.5 515.9 517.8 522.9                    532.0
     Profits after tax                39.0 38.7 40.0 40.0 37.8 37.0 34.3                          34.2       Per capita, current dollars                     2,939 3,108 3,023 3,070 3,148 3,188 3,252                    3,333
       Dividends                      20.6 21.6 21.1 21.5 21.9 22.0 21.8                          22.0       Per capita, 1958 dollars                        2,480 2,517 2,493 2,501 2,535 2,537 2,556                    2,594
       Undistributed profits. _       18.4 17.1 18.8 18.4 15.9 15.1 12.5                          12.3
   Inventory valuation adjustment. . -3.3 -5.4 -5.9 -6.0 -3.2 -6.5 -5.8                          -4.5       Personal saving rate,3 percent                    6.8     6.0     5.6      5.3         6.5    6.3     6.7          7.5
Cash flow gross of dividends               84.1   87.0   87.1    87.8     86.5    86.5   84.7        85.6
Cashflow,net of dividends          . ..    63.5   65.3   65.9    66.3     64.6    64.5   62.9        63.7
                                                                                                            Table 11.—Personal Consumption Expenditures by Major Type (2.3)
                                                              Billions of 1958 dollars

                                                                                                                  Personal consumption expendi-
      Gross product originating in                                                                                 tures                        535.8 577.5 561.8 573.3 582.1 592.6 603.1                                 614.4
       nonfinancial corporations   415.1 432.5 428.5 432.9 435.6 433.0 428.4                     427.7
                                                                                                            Durable goods                                    84.0     90.0    89.1     90.6    89.5       90.8    89.1        91.9
                                                                        Dollars                               Automobiles and parts              37.2                 40.3    39.8     40.0    40.2       41.1    37.7        39.4
                                                                                                              Furniture and household equipment- 34.6                 36.7    35.8     37.2    36.7       36.9    38.3        38.9
                                                                                                              Other                              12.3                 13.1    13.5     13.4    12.6       12.7    13.1        13.6
      Current dollar cost per unit of
       1958 dollar gross product                                                                            Nondurable goods                                 230.2 245.8 239.2 244.0 248.1 252.0 258.8                    262.6
       originating in nonfinancial
       corporations ^                 1.133 1.171 1.154 1.165 1.177 1.188 1.201                  1.212        Food and beverages                         115.1 121.7 119.1 120.8 122.4 124.6 128.8                        131.2
                                                                                                              Clothing and shoes                          46.1 49.9 47.9 50.0 50.7 50.9 51.3                               51.8
Capital consumption allowances             .109   .112   .110    .111     .112    .114   .118        .120     Gasoline and oil                            19.0 21.1 20.3 20.8 21.5 21.7 22.4                               22.7
Indirect business taxes plus transfer                                                                         Other                                 . . . 50.0 53.2 52.0 52.4 53.5 54.9 56.3                               56.9
  payments less subsidies                  .103   .107   .105    .106     .108    .110 .113          .116
Compensation of employees                  .726   .763   .745    .755     .767    .783 .799          .802   Services                                         221.6 241.6 233.5 238.7 244.5 249.8 255.2                    259.9
Net interest. .                            .025   .029   .028    .029     .030    .031 .032          .033
                                                                                                              Housing                                     77.4 84.0 81.4 83.0 84.7 87.0 89.0                               90.8
Corporate profits and inventory valu-                                                                         Household operation                         31.2 33.9 32.7 33.3 34.5 34.8 35.2                               35.9
 ation adjustment                          .170   .160   .166    .164     .161    .150   .139        .142     Transportation                        _ . _ 15.6 16.7 16.2 16.5 16.8 17.1 17.7                               17.9
     Profits tax liability                 .084   .083   .087    .086     .081    .C80   .073        .072     Other                                 .     97.5 107.1 103.2 105.9 108.5 110.9 113.3                        115.4
     Profits after tax plus inven-
       tory valuation adjustment           .086   .077   .079    .078     .080    .070   .067        .069

  1. Excludes gross product originating in the rest of the world.                                           Table 12.—Foreign Transactions in the National Income and
  2. This is equal to the deflator for gross product of nonfinancial corporations, with the                                   Product Accounts (4.1)
decimal point shifted two places to the left.
  3. Personal saving as a percentage of disposable personal income.
                                                                                                             Receipts from foreigners        -    50.6 55.5 47.8 57.2 58.3 58.8 62.0                                          63.7
                                                                                                            Exports of goods and services         50.6 55.5 47.8 57.2 58.3 58.8 61.1                                          62.8
                                                                                                            Capital grants received by the United
                                                                                                             States                                                               .9                                            .9
                                                                                                              Payments to foreigners            .            50.6    55.5    47.8     57.2     58.3 58.8         62.0         63.7
                                                                                                            Imports of goods and services               -- 48.1 53.6 46.5 55.9                 55.6 56.2         57.6         58.7
                                                                                                            Transfers to foreigners                           2.8     2.8 2.4  3.2              2.8  2.9          2.8          3.0
                                                                                                              Personal                                         .7      .8   .7   .8              .9   .8           .9          1.0
                                                                                                              Government                                      2.1     2.1  1.8  2.5             1.9  2.1          1.9          2.0
                                                                                                            Net foreign investment                  . ..     -.3     -.9 -1.1 -2.0             -.1 -.3            1.6          2.0
October 1970


 10                                                                SURVEY OF CURRENT BUSINESS                                                                                                October 1970


                                                                 1969                     1970                                                                               1969                   1970

                                          1968    1969   II      III       IV       I      II    III P                                             1968    1969     II       III     IV        I     II     III*

                                                         Seasonally adjusted at annual rates                                                                        Seasonally adjusted at annual rates

                                                              Billions of dollars                                                                                        Billions of dollars

                                                                            l
                    Table 9.—Gross Corporate Product (1.14)                                                         Table 10.—Personal Income and Its Disposition (2.1)
      Gross corporate product             492.8 531.2 528.9 537.7 539.7 539.7 544.0
                                                                                                         Personal income                          688.7 748 9 741 1 758 1 770 5 782 3 801 3                 807 1
 Capital consumption allowances     . . 46.5      49.8   49.3    50.1      51.0    52.0   53.0    54.0
 Indirect business taxes plus transfer                                                                    Wage and salary disbursements     464.8         509.0    502.9   516.4    525.3   531.9   539.5   543.8
   payments less subsidies              44.8      48.6   48.1    49.3      49.9    50.7 .51.7     52.8     Commodity-producing industries . 181.5         197.5    196.0   199.9    202.5   202.7   201.5   202.0
                                                                                                             Manufacturing         .        145.9         157.5    156.4   159 7    160 8   160 7   159 6   159 9
Income originating in corporate busi-                                                                      D istributi ve industries - -    109.2         119.8    118.5   121.3    123 8   125 9   127 0   129 6
    ness                              401.5 432.9 431.4 438.2 438.8 437.1 439.3                            Service industries                78 4          87 7     86 7    88 7     90 9    93 9    95 5    97 3
  Compensation of employees           319.2 349. 7 346.6 354.1 359.5 363.2 363.8                 368.2     Government.. .                    95.7         104. 1   101 7   106 5    108 1   109 3   115 5   114 9
    Wages and salaries                284.3 310.8 308.0 314.7 319.6 322.6 322.8                  326.2
    Supplements                        34.9 38.9 38.5 39.4 39.9 40.6 41.0                         42.0    Other labor income                       24.9    27 6    27 3     27 9    28 5    29 3    30 0     30 8
  Net interest                              .9     1.9    1.8     2.0       2.1    2.3     2.4     2.5    Proprietor's income _ . . . . . .        64.1    66.8    66.7     67.5    67.2    67 6    67.6     67 8
                                                                                                            Business and professional              49 1    50 5    50 5     50 9    50 6    50 6    51 2     51 7
  Corporate profits and inventory                                                                           Farm _                                 15.0    16.4    16.2     16 6    16 6    17 0    16 5     16 1
     valuation adjustment                  81.5 81.3 83.1 82.2 77.3 71.6 73.0
   Profits before tax                      84.8 86.8 89.1 85.3 83.8 77.4 77.5                             Rental income of persons                 21 3    22 0    22 0     22 1    22 3    22 5    22 6     22 7
     Profits tax liability                 40.6 42.7 43.8 42.1 41.4 38.0 38.1                             Dividends.. .                            23.3    24.7    24.4     25 0    25 2    25 2    25 1     25 t
     Profits after tax                     44.2 44.1 45.4 43.3 42.4 39.4 39.5                             Personal interest income                 54.0    59.7    59.0     60.1    61 9    63 4    64 5     66 0
       Dividends •                         21 8 23 0 22 9 23 3 23 5 23 3 23.4
       Undistributed profits               22.4 21 0 22.5 19.9 18.9 16.2 16.0                             Transfer payments. .                     59.0    65.1     64.5    65.5    67 0    69 8    79 4     78 7
   Inventory valuation adjustment- -      -3.3 -5.4 -6.0 -3.2 -6.5 -5.8 —4.5                     —5.8       Old age, survivors, disability, and
                                                                                                              health insurance benefits            30 3    33 0     32 9    33 1    33 5    34 2    41 5     39 0
 Cash flow gross of dividends             90.7    93.8   94.7    93.4      93.4    91.4   92.5              State unemployment insurance
 Cash flow net of dividends               68.9    70.8   71.8    70. 1     69.9    68.2   69.0                benefits . .         -                2.1     2.1      1.9      2.2     2.3     2 9    36       4 3
                                                                                                            Veterans benefits                       7 2     83       8 4      83      87      9 0    9 5      9 6
      Gross product originating in                                                                          Other... _                             19.5    21.6     21.4     21.8    22 4    23 8   24 9     25 7
       financial institutions             22 5    24 7   24.6    24.9      25.1    25 3   25.6
                                                                                                          Less: Personal contributions for
      Gross product originating in                                                                         social insurance                        22.8    26.0     25.8     26.4    26 8   27 4    27 7     28 0
       nonfinancial corporations   470.2 506.5 504.3 512.8 514.6 514.4 518.4
                                                                                                         Less: Personal tax and nontax pay-
 Capital consumption allowances           45.1    48.3   47.9    48.6      49.5    50.4   51.4    52.3    ments- -                                 97.5 117.3 118.1 117.5 119.9 117 0 117.7                 114.1
 Indirect business taxes plus transfer
   payments less subsidies                42.9    46.5   46.0    47.2      47.7    48.4   49.4    50.5   Equals: Disposable personal income,      591.2 631.6 623.0 640.6 650.6 665.3 683.6                 693.0
 Income originating in nonfinancial                                                                      Less : Personal outlays               550.8 593.9 589.7 598.7 609 6 620 5 632 1                    640 5
     corporations                   382.2 411.8 410.4 417.0 417.4 415.5 417.5                              Personal consumption expenditures _ 535.8 577.5 573.3 582.1 592.6 603.1 614.4                    622.4
   Compensation of employees        301.2 329.9 326.9 334.1 339.1 342.3 342.9                    346.8    Interest paid by consumers            14.3 15.7 15.6 15.8 16.1 16 4 16 8                           17 2
     Wages and salaries             268.6 293.5 290.9 297.3 301.8 304.4 304.6                    307.7     Personal transfer payments to for-
     Supplements                     32.6 36.3 36.0 36.8 37.3 37.9 38.3                           39.2      eigners                               .7    .8    .8    .9     8     9   10                       10
   Net interest                            10.5   12.6   12.4    12.9      13.3    13.6   13.9    14.2   Equals : Personal saving                  40.4    37.6     33.3    42.0    41.1    44.8    51.5     52.5
   Corporate profits and inventory
      valuation adjustment                 70 4 69 4 71 1 70 0 65 1 59 6 60. 7                           Addenda :
    Profits before tax. _        ...       73.7 74.8 77.2 73.2 71.6 65.4 65.2                            Disposable personal income:
      Profits tax liability                34.7 36.1 37.2 35.3 34.6 31.1 31.0                             Total, billions of 1958 dollars             499.0 511.5 507.5 515.9 517.8 522.9 532.0             534.7
      Profits after tax                    39.0 38.7 40.0 37.8 37.0 34.3 34.2                              Per capita, current dollars                2,939 3,108 3,070 3,148 3,188 3,252 3,333             3,369
        Dividends                          20 6 21.6 21.5 21.9 22.0 21 8 22.0                             Per capita, 1958 dollars .      - - - - - - 2,480 2,517 2,501 2,535 2,537 2,558 2,594             2,599
        Undistributed profits              18.4 17.1 18.4 15.9 15.1 12.5 12.3
    Inventory valuation adjustment- -     -3.3 -5.4 -6.0 -3.2 -6.5 -5.8 —4.5                     -5.8    Personal saving rate,3 percent             6.8     6.0     5.3      6.5     6.3     6.7     7.5      7.6
 Cash flow, gross of dividends             84.1   87.0   87.8    86.5      86.5    84.7   85.6
 Cash flo\v , net of dividends   - - - . - 63.5   65.3   66.3    64.6      64.5    62.9   63.7
                                                                                                         Table 11.—Personal Consumption Expenditures by Major Type (2.3)
                                                              Billions of 1958 dollars
                                                                                                               Personal consumption expendi-
       Gross product originating     in                                                                         tures                        535.8 577.5 573.3 582.1 592.6 603.1 614.4                      622.
        nonfinancial corporations         415.1 432.5 432.9 435.6 433. 0 428.4 427.7
                                                                                                         Durable goods                             84.0    90.0     90.6     89.5    90.8    89.1    91.9    91. <
                                                                         Dollars                          Automobiles and parts               37.2         40.3     40.0     40.2    41.1   37.7    39.4     39.,
                                                                                                          Furniture and household equipment . 34.6         36.7     37.2     36.7    36.9   38.3    38.9     38.
                                                                                                          Other                               12.3         13.1     13.4     12.6    12.7   13.1    13.6     13
       Current dollar cost per unit of
        1958 dollar gross product                                                                        Nondurable goods                         230.2 245.8 244.0 248.1 252.0 258.8 262.6                 265.,
        originating 2 in nonfinancial
        corporations                   1.133 1.171 1.165 1.177 1.188 1.201 1.212                           Food and beverages                      115.1 121.7 120.8 122.4 124.6 128.8 131.2                132.
                                                                                                           Clothing and shoes.. . .       . . ._ - 46.1 49.9 50.0 50.7 50.9 51.3 51.8                        52.,
 Capital consumption allowances            .109   .112   .111    .112      .114    .118   .120             Gasoline and oil                         19.0 21. 1 20.8 21.5 21.7 22.4 22.7                      ?,3 (
 Indirect business taxes plus transfer                                                                     Other .                                  50.0 53.2 52.4 53.5 54.9 58.3 56.9                       58.
   payments less subsidies                 .103   . 107 .106     .108      .110    .113   .116
 Compensation of employees                  726     763 .755     .767       783     799    802           Services                                 221.6 241.6 238.7 244.5 249.8 255.2 259.9                 265. ^
 Net interest                              .025    029 .029      ,030      .031    .032    033
                                                                                                           Housing                                 77.4 84.0 83.0 84.7 87.0 89.0 90.8                        92.
 Corporate profits and inventory valu-                                                                     Household operation                     31.2 33.9 33.3 34.5 34.8 35.2 35.2                        36.
  ation adjustment                         .170    160   . 164 . 161 .150          .139    142             Transportation                          15.6 16.7 16.5 16.8 17.1 17.7 17.9                        18.
      Profits tax liability                .084   .083   .086 .081 .C80            .073    072             Other                                   97.5 107.1 105.9 108.5 110.9 113.3 115 4                 117.
      Profits after tax plus inven-
        tory valuation adjustment          .086   .077   .078    .080      .070    .067   .069

   1. Excludes gross product originating in the rest of the world.                                       Table 12. — Foreign Transactions in the National Income                                             and
   2. This is equal to the deflator for gross product of nonfinancial corporations, with the                                 Product Accounts (4 1)
                                                                                                                                               v
 decimal point shifted two places to the left.                                                                                                   *'
   p Preliminary.
                                                                                                          Receipts from foreigners                 50.6    55.5     57.2     58.3    58.8    62.0    63.7    64.3
                                                                                                         Exports of goods and services             50.6    55.5     57.2     58.3    58.8    61.1    62.8    63.5
                                                                                                         Capital grants received by the United
                                                                                                          States                                                                               .9      .9       .9
                                                                                                           Payments to foreigners                  50.6    55.5 57.2         58.3    58.8    62.0   63.7     64.3
                                                                                                         Imports of goods and services             48.1    53.6 55.9         55.6    56.2    57.6   58.7     58.8
                                                                                                         Transfers to foreigners                    2.8     2.8  3.2          2.8     2.9     2.8    3.0      2.9
                                                                                                           Personal                                  .7      .8   .8           .9      .8      .9    1.0      1.0
                                                                                                           Government..                             2.1     2.1  2.5          1.9     2.1     1.9    1.9      1.9
                                                                                                         Net foreign investment                    -.3     -.9 -2.0          -.1     -.3      1.6    2.0      2.7
November 1970

    12                                                                SURVEY OF CTJRKENT BUSINESS                                                                                              November 197Q


                                                                   1969                    1970                                                                                 1969                   1970

                                            1968   1969    II       III      IV       I     II    III*                                                1968    1969      II     III      IV       I      II     III

                                                           Seasonally adjusted at annual rates                                                                          Seasonally adjusted at annual rates

                                                                Billions of dollars                                                                                       Billions of dollars

                       Table 9.—Gross Corporate Product1 (1.14)                                                        Table 10.—Personal Income and Its Disposition (2.1)
          Gross corporate product -        492.8 531.2    528.9 537.7 539.7 539.7 544.0           552.0
                                                                                                             Personal income           -. .          688.7 748.9 741.1 758.1 770.5 782.3 801.3                 807.2
  Capital consumption allowances           46.5    49.8   49.3     50.1     51.0    52.0   53.0    54.0
  Indirect business taxes plus transfer                                                                        Wage and salary disbursements         464.8    509.0   502.9   516.4    525.3   531.9   539.5   543.8
    payments less subsidies. ,. . _ .. 44.8        48.6   48.1     49.3     49.9    50.7   51.7    52.9         Commodity-producing industries-      181.5    197.5   196.0   199.9    202.5   202.7   201.5   201.9
                                                                                                                  Manufacturing                      145.9    157.5   156.4   159.7    160.8   160.7   159.6   159.7
  Income originating in corporate busi-                                                                         Distributive industries              109.2    119.8   118.5   121.3    123.8   125.9   127.0   129.7
                                           401.5 432.9 431.4 438.2 438.8 437.1 439.3              445 i         Service industries                    78.4     87.7    86.7    88.7     90.9    93.9    95.5    97.3
    P        Qflt'rvn nf  nlnvp            319.2 349.7 346.6 354.1 359.5 363.2 363.8              368 1         Government                            95.7    104.1   101.7   106.5    108.1   109.3   115.5   114.9
        Wages and salaries                 284.3 310.8 308.0 314.7 319.6 322.6 322.8              326.1
         PP                                 34.9 38.9 38.5 39.4 39.9 40.6 41.0                     42 0        Other labor income                     24.9    27.6    27.3    27.9     28.5     29.3   30.0     30.8
                                             .9     1.9    1.8      2.0      2.1     2.3    2.4     2 5        Proprietor's income.        _          64.1    66.8    66.7    67.5     67.2     67.6   67.6     67.8
                                                                                                                 Business and professional            49.1    50.5    50.5    50.9     50.6     50.6   51.2     51.7
    Corporate profits and inventory                                                                              Farm                ... .            15.0    16.4    16.2    16.6     16.6     17.0   16.5     16.1
       valuation adjustment                81.5 81.3 83.1 82.2 77.3 71.6 73.0                     74.4
     Profits before tax                    84.8 86.8 89.1 85.3 83.8 77.4 77.5                     804          Rental income of persons               21.3    22.0    22.0    22.1     22.3     22.5   22.6     22.7
       Profits tax liability               40.6 42.7 43.8 42.1 41.4 38.0 38.1                     39 e         Dividends                              23.3    24.7    24.4    25.0     25.2     25.2   25.1     25.4
       Profits after tax                   44.2 44.1 45.4 43.3 42.4 39.4 39.5                     40 8         Personal interest income               54.0    59.7    59.0    60.1     61.9     63.4   64.5     66.0
         Dividends                         21.8 23.0 22.9 23.3 23.5 23.3 23.4                     23.7
                                           22.4 21.0 22.5 19.9 18.9 16.2 16.0                      17 i        Transfer payments                ... -. 59.0   65.1    64.5    65.5     67.0     69.8   79.4     78.7
        Inventory valuation adjustment .. -3.3 -5.4 -6.0 -3.2 -6.5 -5.8 -4.5                      —5. 9          Old age, survivors, disability, and
                                                                                                                   health insurance benefits           30.3   33.0    32.9     33.1    33.5     34.2   41.5     39.0
   Cash flow, gross of dividends           90.7    93.8   94.7     93.4     93.4    91.4   92.5    94.8          State unemployment insurance
                                           68.9    70.8   71.8     70.1     69.9    68.2   69.0    71.1            benefits                             2.1     2.1     1.9     2.2      2.3     2.9     3.6     4.3
                                                                                                                 Veterans benefits                      7.2     8.3     8.4     8.3      8.7     9.0     9.5     9.7
          Gross product originating in                                                                           Other. .                              19.5    21.6    21.4    21.8     22.4    23.8    24.9    25.8
           financial institutions          22.5    24.7   24.6     24.9     25.1    25.3   25.6
                                                                                                               Less: Personal contributions for
          Gross product originating in                                                                          social insurance                      22.8    26.0     25.8    26.4     26.8    27.4    27.7    28.0
           nonfinancial corporations   470.2 506.5 504.3 512.8             514.6 514.4 518.4      525.6
                                                                                                             Less: Personal tax and nontax pay-
                                           45.1    48.3   47.9     48.6     49.5    50.4   51.4    52 3       ments                                   97.5 117.3 118.1 117.5 119.9             117.0 117.7     114.2
  Indirect business taxes plus transfer
    payments less subsidies                42.9    46.5   46.0     47.2     47.7    48.4   49.4    50. 6     Equals : Disposable personal income. - .591.2    631.6 623.0 640.6 650.6 665.3 683.6              693.0

   Income originating in nonfinancial                                                                        Less : Personal outlays      . . . . 550.8 593.9 589.7 598.7 609.6 620.5 632.1                    640.2
       corporations                   382.2 411.8 410.4 417.0 417.4 415.5 417.5                   422. 6       Personal consumption expenditures _ 535.8 577.5 573.3 582.1 592.6 603.1 614.4                   622.1
                                      301.2 329.9 326.9 334.1 339.1 342.3 342.9                   346 8       Interest paid by consumers            14.3 15.7 15.6 15.8 16.1 16.4 16.8                          17.2
       Wages and salaries . . .       268.6 293.5 290.9 297.3 301.8 304.4 304.6                   307. 6      Personal transfer payments to for-
                                       32.6 36.3 36.0 36.8 37.3 37.9 38.3                          39 2          eigners                              .7    .8    .8    .9    .8    .9   1.0                     1.0
    Net interest                            10.5   12.6    12.4    12.9     13.3    13.6   13.9    14. 2     Equals: Personal saving                  40.4    37.6    33.3     42.0    41.1     44.8   51.5     52.7
    Corporate profits and inventory
       valuation adjustment                 70.4 69.4 71.1 70.0 65.1 59.6 60.7                    61.6       Addenda:
     Profits before tax                     73.7 74.8 77.2 73.2 71.6 65.4 65.2                     67 6
                                                                                                    -        Disposable personal income:
       Profits tax liability . . . .        34.7 36.1 37.2 35.3 34.6 31.1 31.0                    32. 1        Total billions of 1958 dollars        499.0 511.5 507.5 515.9 517.8 522.9 532.0                 534.2
       Profits after tax                    39.0 38.7 40.0 37.8 37.0 34.3 34.2                    35. 5        p^ capita current dollars             2,939 3,108 3,070 3,148 3,188 3,252 3,333                 3,369
         Dividends                          20.6 21.6 21.5 21.9 22.0 21.8 22.0                    22. 2        per capita 1958 dollars               2,480 2,517 2,501 2,535 2,537 2,556 2,594                 2,597
         Undistributed profits              18.4 17.1 18.4 15.9 15.1 12.5 12.3                    13. 3
     Inventory valuation adjustment- .     -3.3 -5.4 -6.0 -3.2 -6.5 -5.8 -4.5                     —5.9       Personal saving rate,3 percent            6.8      6.0     5.3     6.5     6.3      6.7    7.5      7.6
   Cash flow, gross of dividends           84.1    87.0    87.8    86.5     86.5    84.7   85.6
   Cash flow, net of dividends        . .- 63.5    65.3    66.3    64.6     64.5    62.9   63.7    65.6
                                                                                                                                                     ption Expenditures by Major Type (2.3)
                                                                Billions of 1958 dollars
                                                                                                                   Personal consumption expendi-
          Gross product originating in                                                                              tures _                      535.8 577.5 573.3 582.1 592.6 603.1 614.4                     622.1
           nonfinancial corporations   415.1 432.5 432.9 435.6 433.0 428.4 427.7                  428.9
                                                                                                             Durable goods                            84.0     90.0    90.6    89.5     90.8    89.1    91.9    91.2
                                                                          Dollars                              Automobiles and parts                  37.2     40.3    40.0    40.2     41.1    37.7    39.4    39.2
                                                                                                                                                      34.6     36.7    37.2    36.7     36.9    38.3    38.9    38.1
                                                                                                               Other                                  12.3     13.1    13.4    12.6     12.7    13.1    13.6    13.9
          Current dollar cost per unit of
           1958 dollar gross product                                                                         Nondurable goods                        230.2 245.8 244.0 248.1 252.0 258.8 262.6                 265.8
           originating 2in nonfinancial
           corporations                   1.133 1.171 1.165 1.177 1.188 1.201 1.212               1.226        Food and beverages                    115.1 121.7 120.8 122.4 124.6 128.8 131.2                 132.3
                                                                                                               Clothing and shoes                     46.1 49.9 50.0 50.7 50.9 51.3 51.8                        52.3
   Capital consumption allowances           .109   .112    .111    .112     .114    .118   .120    . \.£i&     Gasoline and oil                       19.0 21.1 20.8 21.5 21.7 22.4 22.7                        23.0
   Indirect business taxes plus transfer                                                                       Other , . ...              -.          50.0 53.2 52.4 53.5 54.9 56.3 56.9                        58.3
     payments less subsidies _ _ - . . .    .103   .107    .106    .108     .110    .113   .116    .118               "
   Compensation of employees                .726   .763    .755    .767     .783    .799   .802    .809      services
                                                                                                             aervices                                221.6 241.6 238.7 244.5 249.8 255.2 259.9                 265.1
   Net interest                             .025   .029    .029    .030     .031    .032   .033    .033
                                                                                                               Housing. _ .                       ... 77.4 84.0 83.0 84.7 87.0 89.0 90.8                        92.6
   Corporate profits and inventory valu-                                                                       Household operation                    31.2 33.9 33.3 34.5 34.8 35.2 35.9                        36.9
    ation adjustment                        .170   .160    .164    .161     .150    .139   .142                                                       15.6 16.7 16.5 16.8 17.1 17.7 17.9                        18.2
        Profits tax liability               .084   .083    .086    .081     .C80    .073   .072    • °75       OtherP                                 97.5 107.1 105.9 108.5 110.9 113.3 115.4                 117.4
        Profits after tax plus inven-
               y              j             .086   .077    .078    .080     .070    .067   .069

     1. Excludes gross product originating in the rest of the world.                                         Table 12.—Foreign Transactions in the National Income and
     2. This is equal to the deflator for gross product of nonfinancial corporations, with the                                  Product Accounts (4.1)
   decimal point shifted two places to the left.
     3. Personal saving as a percentage of disposable personal income.
     * Third quarter 1970 corporate profits (and related components and totals) are preliminary                                                                                                                 63.7
   and subject to revision next month.                                                                        Receipts from foreigners                50.6     55.5    57.2    58.3     58.8    62.0    63.7
                                                                                                             Exports of goods and services            50.6     55.5    57.2    58.3     58.8    61.1    62.8    62.8
                                                                                                             Capital grants received by the United
                                                                                                              States                                                                              .9      .9         .9

                                                                                                               Payments to foreigners                 50.6     55.5 57.2       58.3 58.8        62.0    63.7    63.7
                                                                                                             Imports of goods and services            48.1     53.6 55.9       55.6 56.2        57.6    58.7    58.6
                                                                                                             Transfers to foreigners                   2.8      2.8  3.2        2.8  2.9         2.8     3.0     2.9
                                                                                                               Personal                                 .7       .8    .8        .9   .8          .9     1.0     1.0
                                                                                                               Government                              2.1      2.1   2.5       1.9  2.1         1.9     1.9     1.9
                                                                                                             Net foreign investment _                 -.3      -.9  -2.0       -.1 — 3           1.6     2.0     2.1
December 1970


   10                                                                SURVEY OF CURRENT BUSINESS                                                                                              December 1970


                                                                    1969                   1970                                                                                1969                   1970

                                            1968   1969    II       III      IV       I     II    III                                                 1968   1969     II       III     IV        I     II     III

                                                          Seasonally adjusted at annual rates                                                                          Seasonally adjusted at annual rates

                                                                Billions of dollars                                                                                        Billions of dollars

                     Table 9.—Gross Corporate Product1 (1.14)                                                        Table 10.—Personal Income and Its Disposition (2.1)
        Gross corporate product            492.8 531.2 528.9 537.7 539.7 539.7 544.0              550.7
                                                                                                          Personal income .                          688.7 748.9 741.1 758.1 770.5 782.3 801.3                807.2
  Capital consumption allowances            46.5   49.8   49.3      50.1    51.0    52.0   53.0    54.0
  Indirect business taxes plus transfer                                                                     Wage and salary disbursements    464.8           509.0   502.9   516.4    525.3   531.9   539.5   543.8
    payments less subsidies. .-.            44.8   48.6   48.1     49.3     49.9    50.7   51.7    52.9      Commodity-producing industries . 181.5          197.5   196.0   199.9    202.5   202.7   201.5   201.9
                                                                                                               Manufacturing                  145.9          157.5   156.4   159.7    160.8   160.7   159.6   159.7
  Income originating in corporate busi-                                                                      Distributive industries . .      109.2          119.8   118.5   121.3    123.8   125.9   127.0   129.7
      ness                 -            401.5 432.9 431.4 438.2 438.8 437.1 439.3                 443.8      Service industries                78.4           87.7    86.7    88.7     90.9    93.9    95.5    97.3
    Compensation of employees           319.2 349.7 346.6 354.1 359.5 363.2 363.8                 368.1      Government .                      95.7          104 1   101.7   106.5    108 1   109 3   115 5   114 9
      Wages and salaries                284.3 310.8 308.0 314.7 319.6 322.6 322.8                 326.1
      Supplements.                       34.9 38.9 38.5 39.4 39.9 40.6 41.0                        42.0     Other labor income                        24.9   27.6    27.3     27.9    28.5    29.3    30.0     30.8
   Net interest.                              .9    1.9    1.8      2.0      2.1     2.3    2.4     2.5     Proprietor's income                       64.1   66.8    66.7     67.5    67.2    67.6    67.6     67.8
                                                                                                              Business and professional _             49.1   50.5    50.5     50.9    50.6    50.6    51.2     51.7
    Corporate profits and inventory                                                                           Farm                                    15 0   16 4    16 2     16 6    16 6    17 0    16 5     16 1
       valuation adjustment                 81.5 81.3 83.1 82.2 77.3 71.6 73.0                     73.2
     Profits before tax .                   84.8 86.8 89.1 85.3 83.8 77.4 77.5                     79.1     Rental income of persons. .           ... 21.3   22.0    22.0     22.1    22.3    22.5    22.6     22.7
       Profits tax liability                40.6 42.7 43.8 42.1 41.4 38.0 38.1                     38.9     Dividends                                 23.3   24.7    24.4     25.0    25.2    25.2    25.1     25.4
       Profits after tax                    44.2 44.1 45.4 43.3 42.4 39.4 39.5                     40.2     Personal interest income                  54.0   59.7    59.0     60.1    61.9    63.4    64.5     66.0
         Dividends                          21.8 23.0 22.9 23.3 23.5 23.3 23.4                     23.5
         Undistributed profits. . . .       22.4 21.0 22.5 19.9 18.9 16.2 16.0                     16.8     Transfer payments                       59.0     65.1    64.5     65 5    67 0    69 8    79.4     78.7
     Inventory valuation adjustment- -     -3.3 -5.4 -6.0 -3.2 -6.5 -5.8 -4.5                     -5.9        Old age, survivors, disability, and
                                                                                                                health insurance benefits _         30.3     33.0    32.9     33.1    33.5    34.2    41.5     39.0
  Cash flow, gross of dividends             90.7   93.8   94.7     93.4     93.4    91.4   92.5    94.2       State unemployment insurance
  Cash flow, net of dividends               68.9   70.8   71.8     70.1     69.9    68.2   69.0    70.7         benefits                             2.1      2.1     1.9      2.2      2.3    2.9     3.6      4.3
                                                                                                              Veterans benefits      .          . . 7.2       8.3     8.4      8.3      8.7    9.0     9.5      9.7
        Gross product originating in                                                                          Other...                              19.5     21.6    21.4     21.8     22.4   23.8    24.9     25.8
         financial institutions             22.5   24.7   24.6     24.9     25.1    25.3   25.6    26.5
                                                                                                            Less: Personal contributions for
        Gross product originating in                                                                         social insurance ... .                   22.8   26.0    25.8     26.4    26.8    27.4    27.7     28.0
         nonfinancial corporations   470.2 506.5 504.3 512.8 514.6 514.4 518.4                    524.2
                                                                                                          Less: Personal tax and nontax pay-
  Capital consumption allowances        - 45.1     48.3   47.9     48.6     49.5    50.4   51.4    52.3    ments. -                                   97.5 117.3 118.1 117.5 119.9 117.0 117.7                114.2
  Indirect business taxes plus transfer
    payments less subsidies               42.9     46.5   46.0     47.2     47.7    48.4   49.4    50.6   Equals: Disposable personal income.. . 591.2 631.6 623.0 640.6 650.6 665.3 683.6                    693.0
  Income originating in nonfinancial                                                                      Less : Personal outlays              550.8 593.9 589.7 598.7 609.6 620.5 632.1                      640.2
      corporations                   382.2 411.8 410.4 417.0 417.4 415.5 417.5                    421.3    Personal consumption expenditures. 535.8 577.5 573.3 582.1 592.6 603.1 614.4                       622.1
    Compensation of employees        301.2 329.9 326.9 334.1 339.1 342.3 342.9                    346.8    Interest paid by consumers           14.3 15.7 15.6 15.8 16.1 16.4 16.8                             17.2
      Wages and salaries             268.6 293.5 290.9 297.3 301.8 304.4 304.6                    307.6     Personal transfer payments to for-
      Supplements                     32.6 36.3 36.0 36.8 37.3 37.9 38.3                           39.2       eigners                             .7    .8    .8    .9    .8    .9   1.0                        1.0
    Net interest                            10.5   12.6   12.4     12.9     13.3    13.6   13.9    14.2   Equals : Personal saving .         .-       40.4   37.6    33.3     42.0    41.1    44.8    51.5     52.7
    Corporate profits and inventory
       valuation adjustment            70.4         69.4 71.1 70.0 65.1 59.6 60.7                  60.3   Addenda:
     Profits before tax                73.7         74.8 77.2 73.2 71.6 65.4 65.2                  66.2   Disposable personal income:
       Profits tax liability           34.7         36.1 37.2 35.3 34.6 31.1 31.0                  31.5    Total, billions of 1958 dollars           499.0 511.5 507.5 515.9 517.8 522.9 532.0                534.2
       Profits after tax     ..-     - 39.0         38.7 40.0 37.8 37.0 34.3 34.2                  34.7    Per capita, current dollars               2,939 3,108 3,070 3,148 3,188 3,252 3,333                3,369
         Dividends                     20.6         21.6 21.5 21.9 22.0 21.8 22.0                  21.8    Per capita, 1958 dollars .                2,480 2,517 2,501 2,535 2,537 2,556 2,594                2,597
         Undistributed profits. _ . . 18.4          17.1 18.4 15.9 15.1 12.5 12.3                  12.9
     Inventory valuation adjustment-- -3.3         -5.4 -6.0 -3.2 -6.5 -5.8 -4.5                  -5.9    Personal saving rate,3 percent               6.8    6.0     5.3      6.5     6.3     6.7     7.5      7.6
  Cash flow, gross of dividends           - 84.1   87.0   87.8     86.5     86.5    84.7   85.6    87.1
  Cash flow, net of dividends               63.5   65.3   66.3     64.6     64.5    62.9   63.7    65.3
                                                                                                          Table 11.—Personal Consumption Expenditures by Major Type (2.3)
                                                                Billions of 1958 dollars
                                                                                                                Personal consumption expendi-
        Gross product originating in                                                                             tures     --                 535.8 577.5 573.3 582.1 592.6 603.1 614.4                       622.
         nonfinancial corporations   415.1 432.5 432.9 435.6 433.0 428.4 427.7                    427.7
                                                                                                          Durable goods                               84.0   90.0    90.6     89.5    90.8    89.1    91.9     91.
                                                                          Dollars                           Automobiles and parts              37.2          40.3    40.0     40.2    41.1    37.7    39.4     39.
                                                                                                            Furniture and household equipment. 34.6          36.7    37.2     36.7    36.9    38.3    38.9     38.
                                                                                                            Other                              12.3          13.1    13.4     12.6    12.7    13.1    13.6     13.
        Current dollar cost per unit of
         1958 dollar gross product                                                                        Nondurable goods                           230.2 245.8 244.0 248.1 252.0 258.8 262.6                265.
         originating 2in nonfinancial
         corporations                   1.133 1.171 1.165 1.177 1.188 1.201 1.212                 1.226     Food and beverages                      115.1 121.7 120.8 122.4 124.6 128.8 131.2                 132.
                                                                                                            Clothing and shoes                       46.1 49.9 50.0 50.7 50.9 51.3 51.8                        52.
  Capital consumption allowances            .109   .112   .111     .112     .114    .118   .120    .122     Gasoline and oil                         19.0 21.1 20.8 21.5 21.7 22.4 22.7                        23.
  Indirect business taxes plus transfer                                                                     Other .          .-       _ _ - - - . - 50.0 53.2 52.4 53.5 54.9 56.3 56.9                         58.,
    payments less subsidies . . . .         .103   .107   .106     .108     .110    .113   .116    .118
  Compensation of employees                 .726   .763   .755     .767     .783    .799   .802    .811   Services                                   221.6 241.6 238.7 244.5 249.8 255.2 259.9                265.
  Net interest                              .025   .029   .029     .030     .031    .032   .033    .033
                                                                                                            Housing            -                      77.4 84.0 83.0 84.7              87.0 89.0 90.8          92. (
  Corporate profits and inventory valu-                                                                     Household operation                       31.2 33.9 33.3 34.5              34.8 35.2 35.9          36.'
   ation adjustment                         .170   .160   .164     .161     .150    .139   .142   .141      Transportation                            15.6 16.7 16.5 16.8              17.1 17.7 17.9          18.1
       Profits tax liability                .084   .083   .086     .081     .C80    .073   .072   .074      Other                                     97.5 107.1 105.9 108.5          110.9 113.3 115.4       117. <
       Profits after tax plus inven-
         tory valuation adjustment          .086   .077   .078     .080     .070    .067   .069   .067

    1. Excludes gross product originating in the rest of the world.                                       Table 12.—Foreign Transactions in the National Income and
    2. This is equal to the deflator for gross product of nonfinancial corporations, with the                                Product Accounts (4.1)
  decimal point shifted two places to the left.
    3. Personal saving as a percentage of disposable personal income.
                                                                                                           Receipts from foreigners                   50.6   55.5    57.2     58.3    58.8    62.0    63.7     63.7
                                                                                                          Exports of goods and services               50.6   55.5    57.2     58.3    58.8    61.1    62.8     62.8
                                                                                                          Capital grants received by the United
                                                                                                           States                                                                                .9     .9       .9
                                                                                                            Payments to foreigners.                   50.6   55.5 57.2        58.3 58.8       62.0    63.7    63.7
                                                                                                          Imports of goods and services . _ -         48.1   53.6 55.9        55.6 56.2       67.6    58.7    58.6
                                                                                                          Transfers to foreigners                      2.8    2.8  3.2         2.8  2.9        2.8     3.0     2.9
                                                                                                            Personal                                    .7     .8   .8          .9   .8         .9     1.0     1.0
                                                                                                            Government                                 2.1    2.1 2.5          1.9  2.1        1.9     1.9     1.9
                                                                                                          Net foreign investment                      —.3    -.9 -2.0         -.1 -.3          1.6     2.0     2.1
 January 1971



 January 1971                                                        SURVEY OF CURRENT BUSINESS                                                                                                                            11

                                                            1969                       1970                                                                                     1969                         1970

                                          1969   1970P   III       IV        I        II      III     IVp                                                1969   1970P    III           IV       I      II       III        IVp

                                                         Seasonally adjusted at annual rates                                                                              Seasonally adjusted at annual rates

                                                                Billions of dollars                                                                                         Billions of dollars
                                                                             l
                   Table 9.—Gross Corporate Product (1.14)                                                              Table 10.—Personal Income and Its Disposition (2.1)
      Gross corporate product            531.2 546.0 537.7 539.7 539.7 544.0                  550.7
                                                                                                            Personal income                             748.9 801.0 758.1 770.5 782.3 801.3                     807.2 813.4
Capital consumption allowances            49.8   53.5    50.1      51.0     52.0    53.0       54.0 55.0
Indirect business taxes plus transfer                                                                         Wage and salary disbursements    509.0            540.1   516.4     525.3      531.9   539.5      543.8 545.4
  payments less subsidies                 48.6   52.1    49.3      49.9     50.7    51.7       52.9 53.2       Commodity-producing industries . 197.5           201.2   199.9     202.5      202.7   201.5      201.9 198.7
                                                                                                                 Manufacturing .                157.5           158.9   159.7     160.8      160.7   159.6      159.7 155.8
Income originating in corporate busi-                                                                          Distributive industries .. .... 119.8            128.4   121.3     123.8      125.9   127.0      129.7 131.0
    ness                              432.9 440.3 438.2 438.8 437.1 439.3                     443.8            Service industries                87.7            96.6    88.7      90.9       93.9    95.5       97.3 99.5
  Compensation of employees           349.7 365.6 354.1 359.5 363.2 363.8                     368.1 367.3      Government                       104.1           114.0   106.5     108.1      109.3   115.5      114.9 116.1
    Wages and salaries                310.8 324.1 314.7 319.6 322.6 322.8                     326.1 324.9
    Supplements                        38.9 41.5 39.4 39.9 40.6 41.0                           42.0 42.4      Other labor income                         27.6   30.4     27.9      28.5       29.3    30.0          30.8 31.5
  Net interest.                            1.9    2.5     2.0       2.1     2.3      2.4        2.5   2.6     Proprietor's income.. .- .                 66.8   67.6     67.5      67.2       67.6    67.8          67.8 67.4
                                                                                                                Business and professional            ... 50.5   51.4     50.9      50.6       50.6    51.2          51.7 52.0
  Corporate profits and inventory                                                                               Farm                                     16.4   16.2     16.6      16.6       17.0    16.5          16.1 15.3
     valuation adjustment _               81.3 72.3 82.2 77.3 71.6 73.0                        73.2
   Profits before tax                     86.8 77.2 85.3 83.8 77.4 77.5                        79.1           Rental income of persons..                 22.0   22.7     22.1      22.3       22.5    22.6          22.7 23.0
     Profits tax liability                42.7 37.9 42.1 41.4 38.0 38.1                        38.9           Dividends                                  24.7   25.2     25.0      25.2       25.2    25.1          25.1 25.1
     Profits after tax     . .. .         44.1 39.2 43.3 42.4 39.4 39.5                        40.2           Personal interest income                   59.7   65.3     60.1      61.9       63.4    64.5          66.0 67.1
       Dividends                          23.0 23.3 23.3 23.5 23.3 23.4                        23.5
       Undistributed profits              21.0 15.9 19.9 18.9 16.2 16.0                        16.8           Transfer payments                          65.1    77.5    65.5      67.0       69.8    79.4          78.7 82.1
   Inventory valuation adjustment _ .    -5.4 -4.9 -3.2 -6.5 -5.8 -4.5                        -5.9 —3.3         Old age, survivors, disability, and
                                                                                                                  health insurance benefits . .          33.0   38.5     33.1      33.5       34.2    41.5          39.0 39.5
Cash flow, gross of dividends             93.8   92.7    93.4      93.4    91.4     92.5       94.2             State unemployment insurance
Cash flow, net of dividends               70.8   69.4    70.1      69.9    68.2     69.0       70.7               benefits                                2.1     3.9     2.2       2.3        2.9     3.6           4.3 4.8
                                                                                                                Veterans benefits                         8.3     9.5     8.3       8.7        9.0     9.5           9.7 10.1
      Gross product originating in                                                                              Other           ..              . .      21.6    25.6    21.8      22.4       23.8    24.9          25.8 27.7
       financial institutions            24.7    26.2    24.9      25.1    25.3    25.6       26.5
                                                                                                              Less: Personal contributions for
      Gross product originating in                                                                             social insurance                          26.0   27.8     26.4      26.8       27.4    27.7          28.0 28.1
       nonfinancial corporations   506.5 519.8 512.8 514.6 514.4                   518.4      524.2
                                                                                                            Less: Personal tax and nontax pay-
Capital consumption allowances           48.3    51.9    48.6      49.5    50.4     51.4      52.3 53.4      ments-                            117.3 116.4              117.5 119.9 117.0 117.7                 114.2 116.5
Indirect business taxes plus transfer
  payments less subsidies                46.5    49.8    47.2     47.7     48.4    49.4       50.6 50.9     Equals: Disposable personal income... 631.6         684.7 640.6 650.6 665.3 683.6                   693.0 696.9
Income originating in nonfinancial                                                                          Less : Personal outlays        .      593.9 634.7 598.7 609.6 620.5 632.1                           640.2 646.0
    corporations                         411.8 418.0 417.0 417.4 415.5 417.5               421.3              Personal consumption expenditures . 577.5 616.8 582.1 592.6 603.1 614.4                           622.1 627.6
  Compensation of employees        -     329.9 344.4 334.1 339.1 342.3 342.9               346.8 345.4       Interest paid by consumers            15.7 17.0 15.8 16.1 16.4 16.8                                 17.2 17.5
    Wages and salaries                   293.5 305.7 297.3 301.8 304.4 304.6               307.6 306.0       Personal transfer payments to for-
    Supplements                           36.3 38.7 36.8 37.3 37.9 38.3                     39.2 39.5          eigners           .          ...      .8    .9    .9    .8    .9   1.0                                1.0   1.0
  Net interest                           12.6    14.1    12.9      13.3    13.6     13.9      14.2 14.5     Equals : Personal saving                    37.6    50.0    42.0      41.1        44.8    51.5          52.7 50.9
  Corporate profits and inventory
     valuation adjustment                 69.4 59.6 70.0 65.1 59.6 60.7                        60.3         Addenda :
   Profits before tax .                   74.8 64.5 73.2 71.6 65.4 65.2                        66.2         Disposable personal income:
     Profits tax liability                36.1 30.7 35.3 34.6 31.1 31.0                        31.5          Total, billions of 1958 dollars            511.5 529.7 515.9 517.8 522.9 532.0                     534.2 529.8
     Profits after tax                    38.7 33.8 37.8 37.0 34.3 34.2                        34.7          Per capita, current dollars .              3,108 3,333 3,148 3,188 3,252 3,333                     3,369 3,378
       Dividends                          21.6 21.8 21.9 22.0 21.8 22.0                        21.8          Per capita, 1958 dollars        -          2,517 2,579 2,535 2,537 2,556 2,594                     2,597 2,568
       Undistributed profits _ . - - -    17.1 12.1 15.9 15.1 12.5 12.3                        12.9
   Inventory valuation adjustment _.     -5.4 —4.9 -3.2 -6.5 -5.8 -4.5                        -5.9 -3.3     Personal saving rate,3 percent       -       6.0     7.3     6.5           6.3    6.7      7.5           7.6   7.3
Cash flow, gross of dividends            87.0    85.7    86.5     86.5     84.7    85.6       87.1
Cash flow, net of dividends              65.3    63.9    64.6     64.5     62.9    63.7       65.3
                                                                                                            Table 11.—Personal Consumption Expenditures by Major Type (2.3)
                                                            Billions of 1958 dollars
                                                                                                                  Personal consumption expendi-
     Gross product originating in                                                                                  tures                        577.5 616.8             582.1 592.6 603.1            614.4      622.1 627.6
      nonfinancial corporations   432.5 425.8 435.6 433. 0 428.4 427.7                     427.7
                                                                                                            Durable goods .                                     89.4    89.5      90.8       89.1                   91.2 85.4
                                                                         Dollars                              Automobiles and parts              40.3 37.3              40.2      41.1       37.7    39.4           39.2 32.8
                                                                                                              Furniture and household equipment. 36.7 38.5              36.7      36.9       38.3    38.9                38.5
                                                                                                              Other                              13.1 13.7              12.6      12.7       13.1    13.6                14.1
     Current dollar cost per unit of
      1958 dollar gross product                                                                             Nondurable goods                           245.8 264.7 248.1 252.0 258.8 262.6                      265.8271.7
      originating 2in nonfinancial
      corporations                   1.171 1.221 1.177 1.188 1.201 1.212                   1.226              Food and beverages .                      121.7 131.7 122.4 124.6              128.8 131.2        132.3 134. 5
                                                                                                              Clothing and shoes. .                      49.9 52.3 50.7 50.9                  51.3 51.8          52.3 53.7
Capital consumption allowances           .112    .122    .112     .114     .118    .120       .122            Gasoline and oil                           21.1 22.9 21.5 21.7                  22.4 22.7          23.0 23.4
Indirect business taxes plus transfer                                                                         Other                                      53.2 57.9 53.5 54.9                  56.3 56.9          58.3 j 60.0
  payments less subsidies                .107    .117    .108     .110     .113     116         118
Compensation of employees                .763    .809    .767     .783     .799    .802       .811          Services-                                  241.6 262.7 244.5 249.8 255.2 259.9                      265.1270.5
Net interest                         .   .029    .033    .030     .031     .032    .033       .033
                                                                                                              Housing                                   84.0 91.8 84.7 87.0 89.0 90.8                               92.6' 95.0
Corporate profits and inventory valu-                                                                         Household operation.                      33.9 36.3 34.5 34.8 35.2 35.9                               36.9 37.4
 ation adjustment                        .160    .140    .161     .150     .139    .142       . 141           Transportation                            16.7 18.1 16.8 17.1 17.7 17.9                            18.2 18.5
     Profits tax liability               .083    .072    .081     .080     .073    .072       .074            Other                                    107.1 116.4 108.5 110.9 113.3 115.4                      117. 4 119. 6
     Profits after tax plus inven-                                                                                                                                                                                    I
       tory valuation adjustment         .077    .068    .080     .070     .067    .069       .067

  1. Excludes gross product originating in the rest of the world.                                           Table 12.—Foreign Transactions in the National Income and
 2. This is equal to the deflator for gross product of nonfinancial corporations, with the
decimal point shifted two places to the left.
                                                                                                                               Product Accounts (4.1)
  3. Personal saving as a percentage of disposable personal income,
  p Preliminary.                                                                                                                                                                                                63.7 63.5
                                                                                                             Receipts from foreigners .                 55.5    63.2    58.3      58.8       62.0    63.7
                                                                                                            Exports of goods and serv ices  --          55.5    62.3    58.3      58.8       61.1    62.8       62.8 62.6
                                                                                                            Capital grants received by the United
                                                                                                             States                                               .9                           .9      .9            .9    .9
                                                                                                              Payments to foreigners .               -. 55.5    63.2    58.3 58.8            62,0    63.7       63.7 63.5
                                                                                                            Imports of goods and services               53.6    58.7    55.6 56.2            57.6    58.7       58.6 59.9
                                                                                                            Transfers to foreigners                      2.8     2.9     2.8  2.9             2.8     3.0        2.9 2.9
                                                                                                              Personal                                    .8      .9      .9   .8              .9     1.0        1.0 1.0
                                                                                                              Government                                 2.1     2.0     1.9  2.1             1.9     2.0        1.9 2.0
                                                                                                            Net foreign investment                      -.9      1.6    -.1 -.3               1.6     2.0        2.1   .6
      February 1971


 February 1971                                                          SURVEY OF CURRENT BUSINESS                                                                                                                      11

                                                                 1969                      1970                                                                                 1969                      1970

                                            1969 1970*     III          IV        I      II       III    IV                                                      1970     Ill      IV        I       II      III        IV

                                                           Seasonally adjusted at annual rates                                                                             Seasonally adjusted at annual rates

                                                                 Billions of dollars                                                                                        Billions of dollars
                                                                                 1
                          Table 9.—Gross Corporate Product (1.14)                                                         Table 10.—Personal Income and Its Disposition (2.1)
        Gross corporate product.            531.2 545.7 537.7                  539.7 544.0     550.7
                                                                                                               Personal income                           748.9 801.0 758.1 770.5 782.3 801.3                 807.2 813.3
Capital consumption allowances              49.8    53.5   50.1     51.0        52.0    53.0      54.0 55.0
                                                                                                                 Wage and salary disbursements           509.0   540.1   516.4   525.3     531.9   539.5     543.8 545.2
Indirect business taxes plus transfer       48.6    52.1            49.9        50.7    51.7                      Commodity-producing industries.        197.5   201.2   199.9   202.5     202.7   201.5     201. 9 198. 6
  payments less subsidies.                                 49.3                                   52. i 53.0
                                                                                                                    Manufacturing                        157.5   158.9   159.7   160.8     160.7   159.6     159.7 155.6
Income originating in corporate busi-                                                                             Distributive industries                119.8   128.4   121.3   123.8     125.9   127.0     129. 7 130. 8
    ness                              432.9 440.2 438.2 438.8 437.1 439.3                      443.8              Service industries                      87.7    96.6    88.7    90.9      93.9    95.5      97.3 99.7
  Compensation of employees           349.7 365.6 354.1 359.5 363.2 363.8                      368.1 367.1        Government                             104.1   114.0   106.5   108.1     109.3   115.5     114. 9 116.1
    Wages and salaries                310.8 324.0 314.7 319.6 322.6 322.8                      326.1324.7
    Supplements                        38.9 41.5 39.4          40.6 41.0                        42.0 42.4        Other labor income                      27.6    30.4    27.9     28.5     29.3    30.0          30.8 31.5
  Net interest...                             1.9    2.5    2.0         2.1      2.3     2.4       2.5   2.6     Proprietor's income _                           67.6    67.5     67.2     67.6    67.8          67.8 67.4
                                                                                                                   Business and professional              50.5   51.4    50.9     50.6     50.6    51.2          51.7 52.0
  Corporate profits and inventory                                                                                  Farm                                   16.4   16.2    16.6     16.6     17.0    16.5          16.1 15.3
     valuation adjustment                    81.3   72.1    82.2 77.3 71.6 73.0                 73.2 .
   Profits before tax                        86.8   77.0    85.3 83.8 77.4 77.5                 79.1             Rental income of persons                22.0    22.7    22.1     22.3     22.5    22.6          22.7 23.0
     Profits tax liability                   42.7   37.8    42.1 41.4 38.0 38.1                 38.9 .           Dividends.                              24.7    25.2    25.0     25.2     25.2    25.1          25.1 25.1
     Profits after tax                       44.1   39.1    43.3 42.4 39.4 39.5                 40.2 .           Personal interest income                59.7    65.2    60.1     61.9     63.4    64.5            .0 67.1
       Dividends                             23.0   23.3    23.3 23.5 23.3 23.4                 23.5.
       Undistributed profits                 21.0   15.8    19.9 18.9 16.2 16.0                 16.8 .           Transfer payments                        65.1   77.6    65.5     67.0     69.8    79.4          78.7 82.2
   Inventory valuation adjustment..         -5.4           -3.2 -6.5 -5.8 -4.5                 -5.9—3.0            Old age, survivors, disability, and
                                                                                                                    health insurance benefits             33.0   38.5    33.1     33.5     34.2    41.5          39.0 39.5
Cash flow, gross of dividends..             93.8    92.6   93.4     93.4        91.4    92.5      94.2            State unemployment insurance
Cash flow, net of d i v i d e n d s . . .   70.8    69.3   70.1                 68.2    69.0      70.7              benefits _                             2.1    3.9      2.2      2.3      2.9     3.6          4.3 4.8
                                                                                                                  Veterans benefits                        8.3    9.5      8.3      8.7      9.0     9.5          9.71 10.1
        Gross product originating in                                                                              Other                                   21.6   25.6     21.8     22.4     23.8    24.9         25.8 27.8
         financial institutions.            24.7    26.2   24.9     25.1        25.3    25.6      26.5
                                                                                                                 Less: Personal contributions for
       Gross product originating in                                                                               social insurance                       26.0    27.8     26.4     26.8     27.4    27.7         28.0 28.2
        nonfi nancial corporations  506.5 519.5 512.8 514.6 514.4 518.4                        524.2
                                                                                                               Less: Personal tax and nontax pay-
Capital consumption allowanmces             48.3    51.9   48.6     49.5        50.4    51.4      52.3 53.4     ments                             117.3 116.3 117.5 119.9 117.0 117.7                        114.2 116.1
Indirect business taxes plus
  payments less subsidies    transfer       46.5    49.8   47.2     47.7        48.4    49.4      50.6 50.7    Equals: Disposable personal income... 631.6 684.8 640.6 650.6 665.3 683.6                     693.0 697.2
Income originating in nonfinancial                                                                             Less: Personal outlays              593.9 634.6 598.7 609.6 620.5 632.1                       640.2645.5
    corporations                   411.8 417.8 417.0               417.4 415.5 417.5           421. 3 .         Personal consumption expenditures. 577.5 616.7 582.1 592.6 603.1 614.4                       622.1 627. 0
  Compensation of employees        329.9 344.3 334.1               339.1 342.3 342.9           346. 8 345.2     Interest paid b y consumers         15.7 17.0 15.8 16.1 16.4 16.8                             17.2 17.5
    Wages and salaries             293.5 305.6 297.3               301.8 304.4 304.6           307.6 305. 7     Personal transfer payments to for-
    Supplements                     36.3   i. 7 36. 8               37.3 37.9 38.3               19.2 19.5        eigners                             .8    .9    .9    .8    .9   1.0                           1.0     .9
  Net interest                              12.6    14.1   12.9     13.3        13.6    13.9      14.2 14.5    Equals: Personal saving                   37.6    50.2    42.0     41.1     44.8    51.5          52.7 51.8
  Corporate profits and inventory
     valuation adjustment                    69.4   59.5    70.0 65.1 59.6 60.7                 60.3           Addenda:
   Profits before tax                        74.8   64.3    73.2 71.6 65.4 65.2                 66.2           Disposable personal income:
     Profits tax liability                   36.1   30.6    35.3 34.6 31.1 31.0                 31.5            Total, billions of 1958 dollars          511.5 529.8 515.9 517.8 522.9 532.0                 534.2 530.0
     Profits after tax                       38.7   33.7    37.8 37.0 34.3 34.2                 34.7            Per capita, current dollars              3,108 3,334 3,148 3,188 3,252 3,333                 3,369 3,379
       Dividends                             21.6   21.8    21.9 22.0 21.8 22.0                 21.8            Per capita, 1958 dollars                 2,517 2,579 2,535 2,537 2,556 2,594                 2, 597 2, 568
       Undistributed profits. _              17.1   11.9    15.9 15.1 12.5 12.3                 12.9
   Inventory valuation adjustment..         -5.4           -3.2 -6.5 -5.8 -4.5                 - 5 . 9 —3.0    Personal saving rate,3 percent             6.0     7.3     6.5      6.3      6.7     7.5          7.6    7.4
Cash flow, gross of dividends..             87.0    85.6   86.5     86.5        84.7    85.6      87.1
Cash flow, net of dividends...              65.3    63.8   64.6     64.5        62.9    63.7      65.3
                                                                                                               Table 11.—Personal Consumption Expenditures by Major Type (2.3)
                                                              Billions of 1958 dollars
                                                                                                                     Personal consumption expendi-
        Gross product originating in                                                                                  tures                        577.5 616.7 582.1 592.6 603.1 614.4                             .1627.0
         nonfinancial corporations   432.5 425.6 435.6 433.0 428.4 427.7                       427.7
                                                                                                               Durable goods.                            90.0    89.4    89.5     90.8     89.1     91.9         91.2 85.3
                                                                              Dollars                            Automobiles and parts              40.3         37.4    40.2     41.1     37.7    39.4          39.2 33.2
                                                                                                                 Furniture and household equipment. 36.7         38.4    36.7     36.9     38.3    38.9          38.1 38.2
                                                                                                                 Other                              13.1         13.6    12.6     12.7     13.1    13.6          13.9 13.9
        Current dollar cost per unit of
         1958 dollar gross product                                                                             Nondurable goods                          245.8 264.7 248.1 252.0 258.8 262.6                 265.8 271.5
         originating 2in nonfinancial
         corporations                   1.171 1.221 1.177 1.188 1.201 1.212                    1.226             Food and beverages                      121.7 131.6 122.4 124.6 128.8 131.2                 132.3 134.1
                                                                                                                 Clothing and shoes                       49.9 52.3 50.7 50.9 51.3 51.8                       52.3 53.8
Capital consumption allowances               .112   .122            .114        .118    .120                     Gasoline and oil                         21.1 22.9 21.5 21.7 22.4 22.7                       23.0 23.5
Indirect business taxes plus transfer                                                                            Other                                    53.2 57.9 53.5 54.9 56.3 56.9                       58.3 60.2
  payments less subsidies                           .117   .108     .110        .113    .116      .118
Compensation of employees                    .763   .809   .767     .783        .799    .802      .811         Services                                  241.6 262.6 244.5 249.8 255.2 259.9                 265.1270.2
Net interest                                 .029          .030     .031        .032    .033
                                                                                                                 Housing                                  84.0 91.9 84.7 87.0 89.0 90.8                       92.6      95.1
Corporate profits and inventory valu-                                                                            Household operation                      33.9 36.3 34.5 34.8 35.2 35.9                       36.9      37.3
 ation adjustment                            .160   .140   .161     .150        .139    .142      .141           Transportation                           16.7 18.1 16.8 17.1 17.7 17.9                       18.2      18.5
     Profits tax liability                   .083   .072   .081                 .073    .072      .074           Other                                   107.1 116.4 108.5 110.9 113.3 115.4                 117.4     119.4
     Profits after tax plus inven-
       tory valuation adjustment             .077   .068            .070        .067    .069      .067


  1. Excludes gross product originating in the rest of the world.                                              Table 12.—Foreign Transactions in the National Income and
  2. This is equal to the deflator for gross product of nonfinancial corporations, with the
decimal point shifted two places to the left.
                                                                                                                                  Product Accounts (4.1)
  3. Personal saving as a percentage of disposable personal income.
  •"Corporate profits (and related components and totals) for 1970 total are preliminary and                                                                                                                     63.7 62.9
subject to revision next month.                                                                                 Receipts from foreigners                 55.5    63.1    58.3     58.8     62.0    63.7
                                                                                                               Exports of goods and services             55.5    62.2    58.3     58.8     61.1    62.8          62.8 62.0
                                                                                                               Capital grants received by the United
                                                                                                                States                                             .9                        .9      .9           .9     .9
                                                                                                                 Payments to foreigners           . .    55.5    63.1    58.3     58.8     62.0    63.7      63.7      62.9
                                                                                                               Imports of goods and services             53.6    58.6    55.6     56.2     57.6    58.7      58.6      59.3
                                                                                                               Transfers to foreigners                    2.8     2.9     2.8      2.9      2.8     3.0       2.9       2.9
                                                                                                                                                                    Q                               10        10          g
                                                                                                                                                                            Q          o      g
                                                                                                                Government                                 2.1    2.0     1.9      2.1      1.9     2.0          1.9    2.0
                                                                                                               Net foreign investment                     -.9     1.6    -.1      -.3       1.6     2.0                  .6
March 1971

 March 1971                                                         SURVEY OF CURRENT BUSINESS                                                                                                                    11

                                                            1969                      1970                                                                                  1969                    1970

                                           1969 1970*    III       IV        I       II      III   IV*                                                1969   1970     III      IV       I      II      III        IV*

                                                         Seasonally adjusted at annual rates                                                                           Seasonally adjusted at annual rates

                                                               Billions of dollars                                                                                      Billions of dollars

                    Table 9.—Gross Corporate Product * (1.14)                                                        Table 10.—Personal Income and Its Disposition (2.1)
      Gross corporate product             531.2 545.2 537.7 539.7 539.7 544.0 550.7 546.6
                                                                                                          Personal income        -           - -     748.9 801.0 758.1 770.5 782.3 801.3 807.2 813.3
Capital consumption allowances            49.8    53.5   50.1     51.0     52.0    53.0   54.0     55.0
Indirect business taxes plus transfer                                                                       Wage and salary disbursements    509.0           540.1   516.4   525.3    531.9   539.5   543.8      545.2
  payments less subsidies .               48.6    52.1   49.3     49.9     50.7    51.7   52.9     53.1      Commodity-producing industries . 197.5          201.2   199.9   202.5    202.7   201.5   201.9      198.6
                                                                                                               Manufacturing                  157 5          158 9   159 7   160 8    160 7   159 6   159 7      155 6
Income originating in corporate busi-                                                                        Distributive industries          119.8          128 4   121.3   123 8    125.9   127.0   129.7      130 8
    ness                              432.9 439.6 438.2 438.8 437.1 439.3 443.8 438.4                        Service industries. - .           87.7           96.6    88.7    90.9     93.9    95.5    97.3       99 7
  Compensation of employees           349.7 365.6 354.1 359.5 363.2 363.8 368.1 367.1                        Government                       104 1          114 0   106 5   108 1    109 3   115 5   114 9      116 1
    Wages and salaries          -_    310.8 324.0 314.7 319.6 322.6 322.8 326.1 324.7
    Supplements                        38.9 41.5 39.4 39.9 40.6 41.0 42.0 42.4                              Other labor income                        27.6   30.4    27.9     28.5    29.3    30.0     30.8      31.5
  Net interest .                           1.9     2.5    2.0      2.1      2.3     2.4      2.5    2.6     Proprietor's income                       66.8   67.6    67.5     67.2    67.6    67.8     67.8      67.4
                                                                                                              Business and professional _             50.5   51.4    50.9     50.6    50.6    51.2     51.7      52.0
  Corporate profits and inventory                                                                             Farm                                    16 4   16 2    16 6     16 6    17 0    16 5     16.1      15.3
     valuation adjustment                  81.3 71.6 82.2 77.3 71.6 73.0 73.2 68.8
   Profits before tax.. . .                86.8 76.5 85.3 83.8 77.4 77.5 79.1 71.8                          Rental income of persons. .               22.0   22.7    22.1     22.3    22.5    22.6     22.7      23.0
     Profits tax liability                 42.7 37.6 42.1 41.4 38.0 38.1 38.9 35.4                          Dividends                                 24 7   25 2    25 0     25 2    25 2    25 1     25.4      25.1
     Profits after tax                     44.1 38.9 43.3 42.4 39.4 39.5 40.2 36.4                          Personal interest income                  59.7   65 2    60 1     61 9    63.4    64.5     66.0      67.1
       Dividends                           23.0 23.3 23.3 23.5 23.3 23.4 23.5 23.0
       Undistributed profits               21.0 15.6 19.9 18.9 16.2 16.0 16.8 13.3                          Transfer payments                         65.1   77.6    65.5     67.0    69.8    79.4     78.7      82.2
   Inventory valuation adjustment. .      -5.4 —4.8 -3.2 -6.5 -5.8 -4.5 -5.9 -3.0                             Old age, survivors, disability, and
                                                                                                                health insurance benefits _ .         33.0   38.5    33.1      33.5   34.2    41.5     39.0      39.5
Cash flow, gross of dividends. _          93.8    92.4   93.4     93.4     91.4    92.5   94.2     91.4       State unemployment insurance
Cash flow, net of dividends               70.8    69.1   70.1     69.9     68.2    69.0   70.7     68.4         benefits                               21      3.9     2.2      2.3     2.9     3.6     4.3       4.8
                                                                                                              Veterans benefits     -       -          8.3     9.5     8.3      8.7     9.0     9.5     9.7      10.1
      Gross product originating in                                                                            Other                                   21 6    25 6    21 8     22 4    23 8    24.9    25.8      27 8
       financial institutions             24.7    26.0   24.9     25.1     25.3    25.6   26.5     26.7
                                                                                                            Less: Personal contributions for
      Gross product originating in                                                                           social insurance                         26.0   27.8     26.4     26.8    27.4    27.7    28.0      28.2
       nonfinancial corporations   506.5 519.2 512.8 514.6 514.4 518.4 524.2 519.9
                                                                                                          Less: Personal tax and nontax pay-
Capital consumption allowances            48.3    51.9   48.6     49.5     50.4    51.4   52.3     53.4    ments.        -                   117.3 116.3 117.5 119.9 117.0 117.7 114.2 116.1
Indirect business taxes plus transfer
  payments less subsidies                 46.5    49.8   47.2     47.7     48.4    49.4   50.6     50.8   Equals: Disposable personal income... 631.6 684.8 640.6 650.6 665.3 683.6 693.0 697.2
Income originating in nonfinancial                                                                        Less : Personal outlays               593.9 634.6 598.7 609.6 620.5 632.1 640.2 645.5
    corporations                     411.8 417.5 417.0 417.4 415.5 417.5 421.3 415.7                        Personal consumption expenditures _ 577.5 616.7 582.1 592.6 603.1 614.4 622.1 627.0
  Compensation of employees          329.9 344.3 334.1 339.1 342.3 342.9 346.8 345. 2                      Interest paid by consumers            15.7 17.0 15.8 16.1 16.4 16.8 17.2 17.5
    Wages and salaries        . . _ .293.5 305.6 297.3 301.8 304.4 304.6 307.6 305.7                        Personal transfer payments to for-
    Supplements                       36.3 38.7 36.8 37.3 37.9 38.3 39.2 39.5                                 eigners                              .8    .9    .9    .8    .9   1.0   1.0    .9
  Net interest                            12.6    14.1   12.9     13.3     13.6    13.9   14.2     14.5   Equals : Personal saving                    37.6   50.2    42.0     41.1    44.8    51.5     52.7      51.8
  Corporate profits and inventory
     valuation adjustment                  69.4 59.2 70.0 65.1 59.6 60.7 60.3 56.1                        Addenda :
   Profits before tax..                    74.8 64.0 73.2 71.6 65.4 65.2 66.2 59.1                        Disposable personal income:
     Profits tax liability                 36.1 30.4 35.3 34.6 31.1 31.0 31.5 28.1                         Total, billions of 1958 dollars           511.5 529.8 515.9 517.8 522.9 532.0 534.2 530.0
     Profits after tax                     38.7 33.6 37.8 37.0 34.3 34.2 34.7 30.9                         Per capita, current dollars 4. ...        3,117 3,344 3,157 3,197 3,261 3,342 3,378 3,389
       Dividends                           21.6 21.8 21.9 22.0 21.8 22.0 21.8 21.5                         Per capita, 1958 dollars *. .             2,525 2,587 2,542 2,544 2,563 2,601 2,604 2,576
       Undistributed profits _ . .         17.1 11.8 15.9 15.1 12.5 12.3 12.9  9.5
   Inventory valuation adjustment ..      -5.4 —4.8 -3.2 -6.5 -5.8 -4.5 -5.9 —3.0                         Personal saving rate,3 percent               6.0    7.3     6.5      6.3     6.7     7.5         7.6    7.4
Cash flow, gross of dividends             87.0    85.4   86.5     86.5     84.7    85.6   87.1     84.3
Cash flow, net of dividends               65.3    63.7   64.6     64.5     62.9    63.7   65.3     62.8
                                                                                                          Table 11.—Personal Consumption Expenditures by Major Type (2.3)
                                                            Billions of 1958 dollars

      Gross product originating in                                                                              Personal consumption expendi-
       nonfinancial corporations   432.5 425.3 435.6 433.0 428.4 427.7 427.7 417.7                               tures                        577.5 616.7 582.1 592.6 603.1 614.4 622.1 627.0
                                                                                                          Durable goods                               90.0   89.4    89.5      90.8   89.1    91.9     91.2      85.3
                                                                         Dollars                            Automobiles and parts .            40.3          37.4    40.2     41.1    37.7    39.4     39.2      33.2
                                                                                                            Furniture and household equipment- 36.7          38.4    36.7     36.9    38.3    38.9     38.1      38.2
                                                                                                            Other                .             13.1          13.6    12.6     12.7    13.1    13.6     13.9      13.9
      Current dollar cost per unit of
       1958 dollar gross product                                                                                                                     245.8 264.7 248.1 252.0 258.8 262.6 265.8 271.5
       originating 2in nonfinancial                                                                       Nondurable goods
       corporations             - - -- 1.171 1.221 1.177 1.188 1.201 1.212 1.226 1.245                      Food and beverages         .             121.7 131.6 122.4 124.6 128.8 131.2 132.3 134.1
Capital consumption allowances            .112    .122   .112     .114     .118    .120   .122     .128     Clothing and shoes                        49.9 52.3 50.7 50.9 51.3 51.8 52.3 53.8
Indirect business taxes plus transfer                                                                       Gasoline and oil                          21.1 22.9 21.5 21.7 22.4 22.7 23.0 23.5
  payments less subsidies                 .107    .117   .108     .110     .113    .116   .118     .122     Other                                     53.2 57.9 53.5 54.9 56.3 56.9 58.3 60.2
Compensation of employees      . .. _ .   .763    .810   .767     .783     .799    .802   .811     .826                                              241.6 262.6 244.5 249.8 255.2 259.9 265.1 270.2
Net interest                              .029    .033   .030     .031     .032    .033   .033     .035   Services
Corporate profits and inventory valu-                                                                       Housing                                   84.0 91.9 84.7 87.0 89.0 90.8 92.6 95.1
 ation adjustment .          -            .160    .139   .161     .150     .139    .142   .141     .134     Household operation                       33.9 36.3 34.5 34.8 35.2 35.9 36.9 37.3
     Profits tax liability                .083    .072   .081     .080     .073    .072   .074     .067     Transportation                            16.7 18.1 16.8 17.1 17.7 17.9 18.2 18.5
     Profits after tax plus inven-                                                                          Other                                    107.1 116.4 108.5 110.9 113.3 115.4 117.4 119.4
       tory valuation adjustment           .077   .068   .080     .070     .067    .069   .067     .067

  1. Excludes gross product originating in the rest of the world.                                         Table 12.—Foreign Transactions in the National Income and
  2. This is equal to the deflator for gross product of nonfinancial corporations, with the                                  Product Accounts (4.1)
decimal point shifted two places to the left.
  3. Personal saving as a percentage of disposable personal income.
  4. Per capita series revised on basis of revised population statistics.
  * Corporate profits (and related components and totals) are preliminary and subject to                   Receipts from foreigners                   55.5    63.1    58.3     58.8    62.0   63.7     63.7      62.9
revision next month.                                                                                      Exports of goods and services               55.5    62.2    58.3     58.8    61.1   62.8     62.8      62.0
                                                                                                          Capital grants received by the United
                                                                                                           States                                               .9                      .9      .9          .9     .9

                                                                                                            Payments to foreigners                    55.5   63.1    58.3 58.8        62.0    63.7     63.7      62.9
                                                                                                          Imports of goods and services               53.6   58.6    55.6 56.2        57.6    58.7     58.6      59.3
                                                                                                          Transfers to foreigners                      2.8    2.9     2.8  2.9         2.8     3.0      2.9       2.9
                                                                                                            Personal                                    .8     .9      .9   .8          .9     1.0      1.0        .9
                                                                                                            Government                  -           - 2.1     2.0     1.9  2.1         1.9     2.0      1.9       2.0
                                                                                                          Net foreign investment _                    -.9     1.6    -.1 -.3           1.6     2.0      2.1        .6
April 1971


 April 1971                                                      SURVEY OF CURRENT BUSINESS                                                                                                               13

                                                       1969              1970                  1971                                                            1969                  1970                 1971

                                         1969   1970   IV       I      II       III     IV      IP                                              1969 1970       IV       I      II      III        IV      1*

                                                       Seasonally adjusted at annual rates                                                                       Seasonally adjusted at annual rates

                                                            Billions of dollars                                                                                   Billions of dollars

                    Table 9.—Gross Corporate Product * (1.14)                                                    Table 10.—Personal Income and Its Disposition (2.1)
       Gross corporate product          531.2 544.9 539.7 539.7 544.0 550.7 545.3
                                                                                                      Personal income                          748.9 801.0 770 5 782 3 801 3 807 2 813 3 831 4
Capital consumption allowances _         49.8   53.5   51.0    52.0   53.0      54.0    55.0   56.2
Indirect business taxes plus transfer                                                                   Wage and salary disbursements    509.0         540.1   525.3   531.9   539.5   543.8      545.2   560.2
  payments less subsidies                48.6   52.1   49.9    50.7    51.7     52.9    53.1   54.9      Commodity-producing industries . 197.5        201.2   202.5   202.7   201.5   201.9      198.6   203.0
                                                                                                           Manufacturing..       _. .     157.5        158.9   160 8   160 7   159 6   159 7      155 6   160 1
 Income originating in corporate busi-                                                                   Distributive industries          119.8        128.4   123.8   125.9   127 0   129.7      130 8   134 3
     ness                 -      -- -- 432.9 439.3 438.8 437.1 439.3 443.8 437.2                         Service industries                87.7         96 6    90 9    93 9    95 5    97 3       99 7   103 0
   Compensation of employees.          349.7 365.6 359.5 363.2 363.8 368.1 367.1 377.9                   Government          ... ...      104.1        114.0   108 1   109 3   115 5   114 9      116 1   119 9
     Wages and salaries                310.8 324.0 319.6 322.6 322.8 326.1 324.7 333.2
     Supplements              -         38.9 41.5 39.9 40.6 41.0 42.0 42.4 44.7                         Other labor income                      27.6   30.4    28.5    29 3    30 0     30 8       31 5   32 1
  Net interest                            1.9    2.5    2.1     2.3    2.4        2.5    2.6    2.6     Proprietor's income                     66.8   67.6    67 2    67 6    67 8     67 8      67 4    67 0
                                                                                                          Business and professional             50.5   51.4    50 6    50 6    51 2     51 7      52 0    52 2
   Corporate profits and inventory                                                                        Farm                                  16.4   16.2    16 6    17.0    16 5     16 1      15.3    14 7
      valuation adjustment . . .         81.3 71.3 77.3 71.6 73.0 73.2 67.6
    Profits before tax                   86.8 76.2 83.8 77.4 77.5 79.1 70.6                             Rental income of persons .              22.0   22.7    22 3    22.5    22.6     22 7      23 0    23 1
      Profits tax liability              42.7 37.5 41.4 38.0 38.1 38.9 34.8                             Dividends                .              24.7   25.2    25.2    25.2    25.1     25.4      25.1    25.8
      Profits after tax                  44.1 38.7 42.4 39.4 39.5 40.2 35.7                             Personal interest income                59.7   65.2    61.9    63.4    64.5     66.0      67.1    67.7
        Dividends           - -          23.0 23.3 23.5 23.3 23.4 23.5 23.0
        Undistributed profits            21.0 15.4 18.9 16.2 16.0 16.8 12.7                             Transfer payments          .          . 65.1 77.6 67.0 69.8            79.4     78.7      82 2    86.1
    Inventory valuation adjustment..    -5.4 -4.8 -6.5 -5.8 -4.5 -5.9 -3.0 -3.4                           Old age, survivors, disability, and
                                                                                                            health insurance benefits           33.0 38.5 33 5 34 2            41 5     39 0       39 5    40.6
 Cash flow, gross of dividends           93.8   92.2   93.4    91.4   92.5      94.2    90.8              State unemployment insurance
 Cash flow, net of dividends             70.8   68.9   69.9    68.2   69.0      70.7    67.7                benefits      ... ... .        -- . 2.1 3.9    2.3 2.9               3.6     4.3        4.8     5.0
                                                                                                          Veterans benefits                      8 3 9.5   87 9 0                95      9 7       10 1    11.1
       Gross product originating in                                                                       Other ..                              21.6 25.6 22 4 23 8             24.9    25.8       27 8    29.4
        financial institutions           24.7   26.0   25.1    25.3   25.6    26.5      26.6
                                                                                                        Less: Personal contributions for
       Gross product originating in                                                                      social insurance                       26.0   27.8    26.8    27.4    27.7     28.0      28 2    30.7
        nonfinancial corporations - 506.5 518.9 514.6 514.4 518.4 524.2 518.7
                                                                                                      Less: Personal tax and nontax pay-
Capital consumption allowances           48.3   51.9   49.5    50.4   51.4      52.3    53.4   54.5    ments. -                          117.3 116.3 119.9 117.0 117.7 114.2 116.1 116.4
Indirect business taxes plus transfer
  payments less subsidies                46.5   49.8   47.7    48.4   49.4      50.6    50.8   52.5   Equals: Disposable personal income... 631.6 684.8 650.6 665.3 683.6 693.0 697.2 714.9
 Income originating in nonfinancial                                                                   Less : Personal outlays  . ..... 593.9 634.6 609.6 620.5 632.1 640.2 645.5 663.6
     corporations                   411.8 417.2 417.4         415.5 417.5 421.3 414.6                   Personal consumption expenditures .577.5 616.7 592.6 603.1 614.4 622.1 627.0 644.7
   Compensation of employees        329.9 344.3 339.1         342.3 342.9 346.8 345. 2 355.3           Interest paid by consumers           15 7 17.0 16.1 16.4 16.8 17.2 17.5 17.9
     Wages and salaries             293.5 305.6 301.8         304.4 304.6 307.6 305.7 313.7             Personal transfer payments to for-
     Supplements                     36.3 38.7 37.3            37.9 38.3 39.2 39.5 41.6                  eigners                              .8    .9    .8    .9   1.0   1.0    .9   1.0
   Net interest          ... . ._        12.6   14.1   13.3    13.6   13.9    14.2      14.5   14.8   Equals: Personal saving .                37.6    50.2    41.1    44.8    51.5     52.7      51.8    51.3
   Corporate profits and inventory
      valuation adjustment             69.4 58.9 65.1          59.6 60.7 60.3 54.9                    Addenda:
    Profits before tax                 74.8 63.7 71.6          65.4 65.2 66.2 58.0                    Disposable personal income :
      Profits tax liability            36.1 30.3 34.6          31.1 31.0 31.5 27.6                     Total, billions of 1958 dollars         511.5 529.8 517.8 522.9 532.0 534.2 530.0 538.2
      Profits after tax                38.7 33.4 37.0          34.3 34.2 34.7 30.4                     Per capita, current dollars             3,117 3,344 3,197 3,261 3,342 3,378 3,389 3,466
        Dividends                      21.6 21.8 22.0          21.8 22.0 21.8 21.5                     Per capita, 1958 dollars..      .. ..   2,525 2,587 2,544 2,563 2,601 2,604 2,576 2,609
        Undistributed profits. _       17.1 11.7 15.1          12.5 12.3 12.9  8.9
    Inventory valuation adjustment. . -5.4 —4.8 -6.5          -5.8 -4.5 -5.9 —3.0 -3.4                Personal saving rate*3 percent            6.0     7.3     6.3     6.7     7.5         7.6    7.4     7.2
 Cash flow, gross of dividends           87.0   85.3   86.5    84.7   85.6    87.1      83.7
 Cash flow, net of dividends             65.3   63.5   64.5    62.9   63.7    65.3      62.3
                                                                                                      Table 11.—Personal Consumption Expenditures by Major Type (2.3)
                                                          Billions of 1958 dollars
                                                                                                           Personal consumption expendi-
       Gross product originating in                                                                          tures                       577.5 616.7 592.6 603.1 614.4 622.1 627.0 644.7
        nonfinancial corporations   432.5 425.0 433.0 428.4 427.7 427.7 416.7
                                                                                                      Durable goods          -            90.0 89.4 90.8 89.1 91.9 91.2 85.3 96.1
                                                                    Dollars                             Automobiles and parts              40.3        37.4    41.1    37.7    39.4     39.2      33.2    44.4
                                                                                                        Furniture and household equipment. 36.7        38.4    36.9    38.3    38.9     38.1      38.2    39.5
                                                                                                        Other                              13.1        13.6    12.7    13.1    13.6     13.9      13.9    12.3
      Current dollar cost per unit of
       1958 dollar gross product                                                                      Nondurable goods                         245.8 264.7 252.0 258.8 262.6 265.8 271.5 272.5
       originating 2in nonfinancial
       corporations                   1.171 1.221 1.188 1.201 1.212 1.226 1.245                         Food and beverages                     121.7 131.6 124.6 128.8 131.2 132.3 134.1 134.8
                                                                                                        Clothing and shoes                      49.9 52.3 50.9 51.3 51.8 52.3 53.8 54.1
Capital consumption allowances           .112   .122   .114    .118   .120    .122      .128            Gasoline and oil                        21.1 22.9 21.7 22.4 22.7 23.0 23.5 23.8
Indirect business taxes plus transfer                                                                   Other .          .      .               53.2 57.9 54.9 56.3 56.9 58.3 60.2 59.8
  payments less subsidies                .107   .117   .110    .113   .116    .118      .122
Compensation of employees                .763   .810   .783    .799   .802     811      .828          Services          -       --             241.6 262.6 249.8 255.2 259.9 265.1 270.2 276.0
Net interest. .                          .029   .033   .031    .032   .033    .033      .035
                                                                                                        Housing                                 84.0 91.9 87.0 89.0 90.8 92.6 95.1 97.5
 Corporate profits and inventory valu-                                                                  Household operation                     33.9 36.3 34.8 35.2 35.9 36.9 37.3 37.7
  ation adjustment                       .160   . 139 .150     .139   .142    .141      .132            Transportation                          16.7 18.1 17.1 17.7 17.9 18.2 18.5 18.7
      Profits tax liability            > .083   .071 .080      .073   .072    .074      .066            Other                                  107.1 116.4 110.9 113.3 115.4 117.4 119.4 122.1
      Profits after tax plus inven-
        tory valuation adjustment        .077   .067   .070    .067   .069    .067      .066

   1. Excludes gross product originating in the rest of the world.                                    Table 12.—Foreign Transactions in the National Income and
   2. This is equal to the deflator for gross product of nonfinancial corporations, with the
 decimal point shifted two places to the left.
                                                                                                                         Product Accounts (4.1)
   3. Personal saving as a percentage of disposable personal income.
   * Preliminary                                                                                                                                                                       63.7       62.9    64.8
                                                                                                       Receipts from foreigners                55.5    63.1    58.8    62.0    63.7
                                                                                                      Exports of goods and services            55.5    62.2    58.8    61.1    62.8    62.8       62.0    64.1
                                                                                                      Capital grants received by the United
                                                                                                       States                                            .9              .9      .9         .9      .9      .7

                                                                                                        Payments to foreigners                 55.5    63.1    58.8    62.0    63.7    63.7       62.9    64.8
                                                                                                      Imports of goods and services _          53.6    58.6    56.2    57.6    58.7    58.6       59.3    61.3
                                                                                                      Transfers to foreigners                   2.8     2.9     2.9     2.8     3.0     2.9        2.9     3.1
                                                                                                        Personal                                 .8      .9      .8      .9     1.0     1.0         .9     1.0
                                                                                                        Government                              2.1     2.0     2.1     1.9     2.0     1.9        2.0     2.1
                                                                                                      Net foreign investment                   —.9      1.6    -.3      1.6     2.0     2.1         .6      .5
May 1971



 May 1971                                                       SURVEY OF CURRENT BUSINESS                                                                                                                13

                                                      1969              1970                1971                                                              1969                  1970                  1971

                                        1969   1970   IV       I      II       III    IV     I*t                                               1969   1970     IV       I      II      III        IV      It

                                                      Seasonally adjusted at annual rates                                                                       Seasonally adjusted at annual rates

                                                           Billions of dollars                                                                                   Billions of dollairs

                   Table 9.— Gross Corporate Product l (1.14)                                                  Table 10.—Personal Income and Its Disposition (2.1)

      Gross corporate product           531.2 544.9 539.7 539.7 544.0 550.7 545.3           568.6
                                                                                                    Personal income         -                 748.9 801.0 770.5 782 3 801 3 807 2 813 3 831 5
Capital consumption allowances          49.8   53.5   51.0    52.0   53.0    54.0    55.0    56.2
Indirect business taxes plus transfer                                                                 Wage and salary disbursements           509.0   540.1   525.3   531.9   539.5   543.8      545.2   560.6
  payments less subsidies               48.6   52.1   49.9    50.7   51.7    52.9    53.1    55.0      Commodity-producing industries.        197.5   201.2   202.5   202.7   201.5   201.9      198.6   203.3
                                                                                                         M anuf acturing        .             157.5   158 9   160 8   160 7   159 6   159.7      155 6   160 3
Income originating in corporate busi-                                                                  Distributive industries                119.8   128.4   123.8   125.9   127.0   129.7      130 8   134 3
    ness                              432.9 439.3 438.8 437.1 439.3 443.8 437.2             457.5      Service industries                      87 7    96 6    90 9    93 9    95 5    97 3       99 7   103 1
  Compensation of employees           349.7 365.6 359.5 363.2 363.8 368.1 367.1             378.3      Government         .. .                104.1   114 0   108 1   109 3   115 5   114 9      116 1   119 9
    Wages and salaries                310.8 324.0 319.6 322.6 322.8 326.1 324.7             333.5
    Supplements..                      38.9 41.5 39.9 40.6 41.0 42.0 42.4                    44.8     Other labor income                       27 6   30 4    28 5    29 3    30 0     30 8       31 5   32 1
  Net interest                           1.9    2.5    2.1     2.3    2.4      2.5    2.6     2.6     Proprietor's income _                    66.8   67.6    67.2    67 6    67.8     67.8      67.4    67 0
                                                                                                        Business and professional.. .. ..      50.5   51.4    50.6    50 6    51.2     51.7      52 0    52 2
  Corporate profits and inventory                                                                       Farm                                   16 4   16 2    16 6    17 0    16 5     16 1      15 3    14 7
     valuation adjustment                81.3 71.3 77.3 71.6 73.0 73.2 67.6                  76.6
   Profits before tax                    86.8 76.2 83.8 77.4 77.5 79.1 70.6                  80.3     Rental income of persons.. .             22.0   22.7    22 3    22 5    22.6     22.7      23.0 23 1
     Profits tax liability..             42.7 37.5 41.4 38.0 38.1 38.9 34.8                  38.9     Dividends                                24 7   25 2    25 2    25 2    25 1     25 4      25 1 25 8
     Profits after tax                   44.1 38.7 42.4 39.4 39.5 40.2 35.7                  41.4     Personal interest income                 59 7   65 2    61 9    63 4    64 5     66 0      67 1 67 7
       Dividends                         23.0 23.3 23.5 23.3 23.4 23.5 23.0                  23.5
       Undistributed profits             21.0 15.4 18.9 16.2 16.0 16.8 12.7                  17.9     Transfer payments                        65 1   77 6    67 0    69 8    79 4     78 7      82 2    86 0
   Inventory valuation adjustment- .    -5.4 -4.8 -6.5 -5.8 -4.5 -5.9 —3.0                  -3.7        Old age, survivors, disability, and
                                                                                                          health insurance benefits            33 0   38 5    33 5    34 2    41 5     39 0      39 5    40 6
Cash flow, gross of dividends           93.8   92.2   93.4    91.4   92.5    94.2    90.8    G7.6       State unemployment insurance
Cash flow, net of dividends             70.8   68.9   69.9    68.2   69.0    70.7    67.7    74.1         benefits                              2.1     3.9    2.3     2.9     3.6      4.3       4.8      5.0
                                                                                                        Veterans benefits                       8.3     9.5    8.7     9.0     9.5      9.7      10.1     11.0
     Gross product originating in                                                                       Other                                  21.6    25.6   22 4    23 8    24 9     25 8      27 8     29 4
      financial institutions            24.7   26.0   25.1    25.3   25.6    26.5    26.6    27.4
                                                                                                      Less: Personal contributions for
      Gross product originating in                                                                     social insurance                        26.0   27.8    26.8    27 4    27.7     28 0      28 2    30 7
       nonfinancial corporations   506.5 518.9 514.6 514.4 518.4 524.2 518.7                541.3
                                                                                                    Less: Personal tax and nontax pay-
Capital consumption allowances          48.3   51.9   49.5    50.4   51.4    52.3    53.4    54.5    ments                             117 3 116 3 119 9 117 0 117.7 114 2 116 1 116 4
Indirect business taxes plus transfer
  payments less subsidies               46.5   49.8   47.7    48.4   49.4    50.6    50.8    52.6   Equals: Disposable personal income... 631.6 684.8 650.6 665.3 683.6 693.0 697.2 715.1
Income originating in nonfinancial                                                                  Less : Personal outlays              593.9 634.6 609.6 620.5 632.1 640.2 645 5 665.3
    corporations                   411.8 417.2 417.4         415.5 417.5 421.3 414.6        434.2     Personal consumption expenditures. 577.5 616.7 592.6 603.1 614.4 622.1 627.0 646.4
  Compensation of employees        329.9 344.3 339.1         342.3 342.9 346.8 345. 2       355.6    Interest paid by consumers           15 7 17 0 16 1 16 4 16 8 17 2 17 5 17 9
    Wages and salaries             293.5 305.6 301.8         304.4 304.6 307.6 305.7        314.0    Personal transfer payments to for-
    Supplements                     36.3 38.7 37.3            37.9 38.3 39.2 39.5            41.6      eigners. .                  .        .8    .9    .8    .9   1.0   1.0    .9   1.0
  Net interest                          12.6   14.1   13.3    13.6   13.9    14.2    14.5    14.8   Equals : Personal saving                  37.6    50 2    41.1    44.8    51.5     52.7      51.8    49.8
  Corporate profits and inventory
     valuation adjustment                69.4 58.9 65.1 59.6 60.7 60.3 54.9                  63.9   Addenda :
   Profits before tax                    74.8 63.7 71.6 65.4 65.2 66.2 58.0                  67.5   Disposable personal income:
     Profits tax liability .             36.1 30.3 34.6 31.1 31.0 31.5 27.6                  31.8    Total, billions of 1958 dollars          511.5 529.8 517.8 522.9 532.0 534.2 530.0 538.3
     Profits after tax                   38.7 33.4 37.0 34.3 34.2 34.7 30.4                  35.8    Per capita, current dollars              3 117 3 344 3 197 3 261 3,342 3 378 3 389 3 467
       Dividends                         21.6 21.8 22.0 21.8 22.0 21.8 21.5                  21.9    Per capita, 1958 dollars -               2 525 2 587 2,544 2,563 2,601 2,604 2,576 2,610
       Undistributed profits             17.1 11.7 15.1 12.5 12.3 12.9  8.9                  13.8
   Inventory valuation adjustment ..    -5.4 -4.8 -6.5 -5.8 -4.5 -5.9 -3.0                  -3.7    Personal saving rate,3 percent             6.0     7.3     6.3     6.7     7.5         7.6    7.4     7.0
Cash flow, gross of dividends           87.0   85.3   86.5    84.7   85.6    87.1    83.7    90.2
Cash flow, net of dividends             65.3   63.5   64.5    62.9   63.7    65.3    62.3    68.3
                                                                                                    Table 11.—Personal Consumption Expenditures by Major Type (2.3)
                                                         Billions of 1958 dollars
                                                                                                          Personal consumption expendi-
      Gross product originating in                                                                         tures                        577.5 616.7 592.6 603.1 614.4 622.1 627.0 646.4
       nonfinancial corporations   432.5 425.0 433.0 428.4 427.7 427.7 416.7                430.4
                                                                                                    Durable goods                             90.0    89.4    90.8    89.1    91.9     91.2      85.3    97.5
                                                                   Dollars                           Automobiles and parts _      _ . _ . 40.3 37.4           41.1    37.7    39.4     39.2      33.2    44.4
                                                                                                     Furniture and household equipment. 36.7 38.4             36.9    38.3    38.9     38.1      38.2    40.0
                                                                                                     Other                                13.1 13.6           12.7    13.1    13.6     13.9      13.9    13.1
      Current dollar cost per unit of
       1958 dollar gross product                                                                    Nondurable goods            -..           245.8 264.7 252.0 258.8 262.6 265.8 271.5 272.8
       originating 2in nonfinancial
       corporations                   1.171 1.221 1.188 1.201 1.212 1.226 1.245             1.258     Food and beverages                      121.7 131.6 124.6 128.8 131.2 132.3 134.1 135.3
                                                                                                      Clothing and shoes                       49.9 52.3 50.9 51.3 51.8 52.3 53.8 54.6
Capital consumption allowances          .112   .122   .114    .118   .120    .122    .128    .127     Gasoline and oil                        21.1    22.9    21.7    22.4    22.7     23.0      23.5    23.6
Indirect business taxes plus transfer                                                                 Other                                   53.2    57.9    54.9    56.3    56.9     58.3      60.2    59.3
  payments less subsidies               .107   .117   .110    .113   .116    .118    .122    .122
Compensation of employees               .763   .810   .783    .799   .802    .811    .828    .826   Services                                  241.6 262.6 249.8 255.2 259.9 265.1 270.2 276.1
Net interest                            .029   .033   .031    .032   .033    .033    .035    .034
                                                                                                      Housing     .                            84.0 91.9 87.0 89.0 90.8 92.6 95.1 97.5
Corporate profits and inventory valu-                                                                 Household operation                      33.9 36.3 34.8 35.2 35.9 36.9 37.3 37.8
 ation adjustment                       .160   .139   .150    .139   .142    .141    .132    .148     T ransportation                          16.7 18.1 17.1 17.7 17.9 18.2 18.5 18.7
     Profits tax liability              .083   .071   .080    .073   .072    .074    .066    .074     Other                                   107.1 116.4 110.9 113.3 115.4 117.4 119.4 122.1
     Profits after tax plus inven-
       tory valuation adjustment        .077   .067   .070    .067   .069    .067    .066    .075

  1. Excludes gross product originating in the rest of the world.                                   Table 12.—Foreign Transactions in the National                                     Income and
  2. This is equal to the deflator for gross product of nonfinancial corporations, with the                            Product Accounts (4.1)
decimal point shifted two places to the left.
  3. Personal saving as a percentage of disposable personal income.
  * First quarter corporate profits and related components and totals are preliminary and                                                                                     63.7     63.7      62.9    65.3
subject to revision next month.                                                                      Receipts from foreigners        -. .. 55.5       63.1    58.8    62.0
  fSee footnote on page 12.                                                                         Exports of goods and services          55.5       62.2    58.8    61.1    62.8     62.8      62.0    64.6
                                                                                                    Capital grants received by the United
                                                                                                     States                                             .9              .9      .9          .9     .9      .7
                                                                                                      Payments to foreigners                  55.5    63.1    58.8    62.0    63.7     63.7      62.9    65.3
                                                                                                    Imports of goods and services             53.6    58.6    56.2    57.6    58.7     58.6      59.3    61.3
                                                                                                    Transfers to foreigners                    2.8     2.9     2.9     2.8     3.0      2.9       2.9     3.1
                                                                                                      Personal                                  .8      .9      .8      .9     1.0      1.0        .9     1.0
                                                                                                      Government                               2.1     2.0     2.1     1.9     2.0      1.9       2.0     2.1
                                                                                                    Net foreign investment                       Q
                                                                                                                                                       1.6    -.3      1.6     2.0      2.1        .6     1.0
  June 1971


 June 1971                                                        SURVEY OF CURRENT BUSINESS                                                                                                                 11

                                                       1969               1970                 1971                                                              1969                  1970                 1971

                                        1969    1970   IV        I      II       III    IV      I*                                               1969 1970        IV       I      II      III        IV      1*

                                                       Seasonally adjusted at annual rates                                                                        Seasonally adjusted at annual rates

                                                            Billions of dollars                                                                                     Billions of dollars

                   Table 9.—Gross Corporate Productl (1.14)                                                       Table 10.—Personal Income and Its Disposition (2.1)
     Gross corporate product            531.2 544.9 539.7 539.7 544.0 550.7 545.3              569.0   Personal income                           748 9 801 0 770 5 782 3 801 3 807 2 813 3 831 5
Capital consumption allowances          49.8    53.5   51.0    52.0    53.0    54.0     55.0    56.2     Wage and salary disbursements     509.0         540.1   525.3   531.9                              560.6
Indirect business taxes plus transfer                                                                                                                                            539.5   543.8      545.2
  payments less subsidies . .           48.6    52.1   49.9    50.7    51.7      52.9   53.1              Commodity-producing industries _ 197.5         201.2   202.5   202.7   201.5   201.9      198.6   203.3
                                                                                                55.0        Manufacturing               . 157.5          158.9   160.8   160.7   159 6   159 7      155 6   160 3
Income originating in corporate busi-                                                                     Distributive industries          119.8         128.4   123.8   125.9   127.0   129.7      130 8   134 3
                                      432.9 439.3 438.8 437.1 439.3 443.8 437.2                           Service industries                87 7          96 6    90 9    93 9    95 5    97 3       99 7   103 1
    ness                                                                                       457.9      Government.                      104 1         114.0   108 1   109 3   115 5   114 9      116 1   119 9
  Compensation of employees           349.7 365.6 359.5 363.2 363.8 368.1 367.1                378.3
    Wages and salaries                310.8 324.0 319.6 322.6 322.8 326.1 324.7                333.5     Other labor income                      27 6    30.4    28 5    29 3    30 0     30 8      31 5    32 1
    Supplements                        38.9 41.5 39.9 40.6 41.0 42.0 42.4                       44.8
 Net interest                                    2.5    2.1     2.3     2.4       2.5    2.6             Proprietor's income                     66.8    67.6    67.2    67.6    67.8     67.8      67.4    67 0
                                         1.9                                                     2.6       Business and professional             50.5    51.4    50.6    50.6    51.2     51.7      52.0    52 2
  Corporate profits and inventory                                                                          Farm                                  16 4    16 2    16 6    17 0    16 5     16 1      15 3    14 7
     valuation adjustment                81.3 71.3 77.3 71.6 73.0 73.2 67.6                    77.0      Rental income of persons                22.0    22.7    22.3    22.5             22.7      23.0 23.1
   Profits before tax                    86.8 76.2 83.8 77.4 77.5 79.1 70.6                    80.7                                                                              22.6
     Profits tax liability .             42.7 37.5 41.4 38.0 38.1 38.9 34.8                              Dividends _                             24 7    25.2    25 2    25 2    25 1     25 4      25 1 25 8
                                                                                               39.1      Personal interest income                59 7    65 2    61.9    63 4    64 5     66 0      67.1 67 7
     Profits after tax                   44.1 38.7 42.4 39.4 39.5 40.2 35.7                    41.6
       Dividends                         23.0 23.3 23.5 23.3 23.4 23.5 23.0                    23.6      Transfer payments                       65 1    77 6     67 0   69 8    79 4     78 7      82 2    86 0
       Undistributed profits             21.0 15.4 18.9 16.2 16.0 16.8 12.7                    18.0        Old age, survivors, disability, and
   Inventory valuation adjustment. .    -5.4 -4.8 -6.5 -5.8 -4.5 -5.9 —3.0                     —3.7          health insurance benefits .         33 0     38.5    33 5    34.2   41.5     39 0       39.5    40.6
Cash flow gross of dividends            93.8    92.2   93.4    91.4    92.5    94.2                        State unemployment insurance
                                                                                        90.8    97.8         benefits                              21      39      23      29      36      4 3        48      5.0
Cash flow, net of dividends             70.8    68.9   69.9    68.2    69.0    70.7     67.7    74.2       Veterans benefits                       83      9.5     87      90      95      9 7       10 1    11.0
                                                                                                           Other                                  21.6    25.6    22.4    23.8    24.9    25.8       27.8    29.4
     Gross product originating in
      financial institutions            24.7    26.0   25.1    25.3    25.6    26.5     26.6   27.4      Less: Personal contributions for
                                                                                                          social insurance                        26.0    27.8    26.8    27.4    27.7    28 0      28.2    30.7
     Gross product originating in
      nonfi nancial corporations  506.5 518.9 514.6 514.4 518.4 524.2 518.7                    541.6   Less: Personal tax and nontax pay-
Capital consumption allowances          48.3    51.9   49.5    50.4    51.4      52.3   53.4    54.5
                                                                                                        ments                             117 3 116 3 119.9 117.0 117 7 114.2 116.1 116.4
Indirect business taxes plus transfer                                                                  Equals: Disposable personal income... 631.6 684.8 650.6 665.3 683.6 693.0 697.2 715.1
  payments less subsidies               46.5    49.8   47.7    48.4    49.4      50.6   50.8    52.6
Income originating in nonfinancial                                                                     Less : Personal outlays              593.9 634 6 609.6 620.5 632.1 640.2 645.5 665.3
    corporations _          -      411.8 417.2 417.4 415.5 417.5 421.3 414.6                   434.6    Personal consumption expenditures. 577.5 616.7 592.6 603.1 614.4 622.1 627.0 646.4
  Compensation of employees        329.9 344.3 339.1 342.3 342.9 346.8 345. 2                  355.6
                                                                                                        Interest paid by consumers           15.7 17.0 16.1 16.4 16.8 17.2 17.5 17.9
    Wages and salaries             293.5 305.6 301.8 304.4 304.6 307.6 305.7                             Personal transfer payments to for-
                                                                                               314.0      eigners                              .8    .9    .8    .9   1.0   1.0    .9   1.0
    Supplements                     36.3 38.7 37.3 37.9 38.3 39.2 39.5                          41.6
                                         12.6   14.1           13.6              14.2                  Equals: Personal saving                   37.6    50.2    41.1    44.8    51.5     52.7      51.8    49.8
  Net interest                                         13.3            13.9             14.5    14.8
  Corporate profits and inventory
     valuation adjustment                69.4 58.9 65.1 59.6 60.7 60.3 54.9                     64.2   Addenda:
   Profits before tax                    74.8 63.7 71.6 65.4 65.2 66.2 58.0                     67.9   Disposable personal income:
     Profits tax liability .             36.1 30.3 34.6 31.1 31.0 31.5 27.6                     32.0    Total, billions of 1958 dollars          511.5 529.8 517.8 522.9 532.0 534.2 530.0 538.3
     Profits after tax .           .     38.7 33.4 37.0 34.3 34.2 34.7 30.4                     35.9    Per capita, current dollars              3 117 3 344 3,197 3,261 3,342 3,378 3,389 3,467
       Dividends                         21.6 21.8 22.0 21.8 22.0 21.8 21.5                     22.0    Per capita, 1958 dollars                 2,525 2,587 2,544 2,563 2,601 2,604 2,576 2,610
       Undistributed profits             17.1 11.7 15.1 12.5 12.3 12.9  8.9                     13.8
   Inventory valuation adjustment. .    -5.4 —4.8 -6.5 -5.8 -4.5 -5.9 —3.0                     -3.7    Personal saving rate,3 percent             6.0     7.3     6.3     6.7     7.5         7.6    7.4     7.0

Cash flow, gross of dividends           87.0    85.3   86.5    84.7    85.6    87.1     83.7    90.4
Cash flow, net of dividends _ .         65.3    63.5   64.5    62.9    63.7    65.3     62.3    68.3   Table 11.—-Personal Consumption Expenditures by Major Type (2.3)
                                                            Billions of 1958 dollars                         Personal consumption expendi-
                                                                                                              tures..                      577.5 616.7 592.6 603.1 614.4 622.1 627.0 646.4
      Gross product originating in                                                                     Durable goods                             90.0    89.4    90.8    89.1    91.9     91.2      85.3    97.5
       nonfinancial corporations   432.5 425.0 433.0 428.4 427.7 427.7 416.7                   430.7
                                                                                                         Automobiles and parts              40.3         37.4    41.1    37.7    39.4     39.2      33.2     44.4
                                                                                                         Furniture and household equipment. 36.7         38.4    36.9    38.3    38.9     38.1      38.2     40.0
                                                                     Dollars                             Other . .                          13.1         13.6    12.7    13.1    13.6     13.9      13.9     13.1

      Current dollar cost per unit of                                                                  Nondurable goods                          245.8 264.7 252.0 258.8 262.6 265.8 271.5 272.8
       1958 dollar gross product                                                                         Food and beverages      .   .           121.7 131.6 124.6 128.8 131.2 132.3 134.1 135.3
       originating 2in nonfinancial                                                                      Clothing and shoes                       49.9 52.3 50.9 51.3 51.8 52.3 53.8 54.6
       corporations .                 1.171 1.221 1.188 1.201 1.212 1.226 1.245                1.258
                                                                                                         Gasoline and oil                         21.1 22.9 21.7 22.4 22.7 23.0 23.5 23.6
Capital consumption allowances     .-    .112   .122   .114    .118    .120      .122   .128    .126     Other                                    53.2 57.9 54.9 56.3 56.9 58.3 60.2 59.3
Indirect business taxes plus transfer                                                                                                            241.6 262.6 249.8 255.2 259.9 265.1 270.2 276.1
  payments less subsidies ...            .107   .117   .110    .113    .116      .118   .122    .122   Services
Compensation of employees                .763   .810   .783    .799    .802      .811   .828    .826                                              84.0 91.9 87.0 89.0 90.8 92.6 95.1 97.5
Net interest    .                        .029   .033   .031    .032    .033      .033   .035    .034     Housing
                                                                                                         Household operation                      33.9 36.3 34.8 35.2 35.9 36.9 37.3 37.8
Corporate profits and inventory valu-                                                                    Transportation                           16.7 18.1 17.1 17.7 17.9 18.2 18.5 18.7
 ation adjustment                        .160   .139   .150    .139    .142      .141   .132    .149     Other                            .      107.1 116.4 110.9 113.3 115.4 117.4 119.4 122.1
     Profits tax liability-              .083   .071   .080    .073    .072      .074   .066    .074
     Profits after tax plus inven-
       tory valuation adjustment         .077   .067   .070    .067    .069      .067   .066    .075   Table 12.—Foreign Transactions in the National Income and
                                                                                                                          Product Accounts (4.1)
  1. Excludes gross product originating in the rest of the world.
  2. This is equal to the deflator for gross product of nonfinancial corporations, with the                                                      55.5    63.1     58.8   62.0    63.7     63.7      62.9    65.3
decimal point shifted two places to the left.                                                           Receipts from foreigners
                                                                                                       Exports of goods and services             55.5    62.2     58.8   61.1    62.8     62.8      62.0    64.6
  3. Personal saving as a percentage of disposable personal income.
  *See footnote on page 10.                                                                            Capital grants received by the United
                                                                                                        States                                             .9              .9      .9         .9      .9      .7
                                                                                                         Payments to foreigners.                 55.5    63.1    58.8    62.0    63.7     63.7      62.9    65.3
                                                                                                       Imports of goods and services             53.6    58.6    56.2    57.6    58.7     58.6      59.3    61.3
                                                                                                       Transfers to foreigners                    2.8     2.9     2.9     2.8     3.0      2.9       2.9     3.1
                                                                                                         Personal              ...                 .8      .9      .8      .9     1.0      1.0        .9     1.0
                                                                                                         Government                               2.1     2.0     2.1     1.9     2.0      1.9       2.0     2.1
                                                                                                       Net foreign investment                    -.9      1.6    -.3      1.6     2.0      2.1        .6     1.0
July 1971



 July 1971                                                          SURVEY OF CURRENT BUSINESS

                                                                       1970                     1971                                                                                             1970                     1971

                                           1969   1970    I       II          III    IV      I *    II *P                                                       1969    1970      I         II          III     IV      I *    II **>

                                                          Seasonally adjusted at annual rates                                                                                    Seasonally adjusted at annual rates

                                                              Billions of dollars                                                                                                     Billions of dollars

                  Table 9.—Gross Corporate Product1 (1.14)                                                               Table 10.—Personal Income and its Disposition (2.1)

      Gross corporate product             526.3 541.6    534.3 540.1 547.6 544.3 568.6                        Personal income                                   750 3 803 6 784 3 803 8 809 8 816 7 834 7                      OKK A

Capital consumption allowances             51.3   56.2   54.4    55.7         56.7   58.0   59.1       60.3     Wage and salary disbursements                   509.6   541.4   532.2      540.6    545.6      547.2   562.3   572.6
Indirect business taxes plus transfer                                                                            Commodity-producing industries..               197.4   200.7   202.2      200.9    201.4      198.4   203.2   206.8
  payments less subsidies                  49.2   52.2   50.9    51.9         52.8   53.4   55.6       56.6        Manufacturing.                               157 6   158 3   160 1      158 9    159 1      155 1   159 6   161 7
                                                                                                                 Distributive industries                        120.0   129 1   126 0      127 9    130 7      131 8   135 5   138 3
Income originating in corporate busi-                                                                            Service industries         .,                   88.1    96 7    94 3       95 6     97 2       99 7   102 6   104 9
    ness                              425.9 433.1 429.0 432.6 438.1 432.9 453.8                                  Government                                     104.1   114 8   109 8      116 2    116 2      117 3   121 0   122 6
  Compensation of employees ... .         350.5 366.0 363.0 364.2 368.8 367.9 378.9                 386.1      Other labor income                               28.2    30 8    29 g       30 4         31 2   32 0    32 6      33 4
   Wages and salaries                     311.1 324.2 322.1 322.9 326.5 325.2 333.9                 340.2
   Supplements                             39.4 41.8 40.9 41.3 42.3 42.7 45.0                        45.9      Proprietors' income-                             67 0    66 9    68 0        67 6        66 0   65 9    66 4      67 1
                                                                                                                 Business and professional                      50 3    51 0    50 2        51 0        51 4   51 5    51 6      51 9
  Net interest                              1.2    1.1    1.3     1.2          1.1    1.0    1.0        1.1      Farm ..                                        16 8    15 8    17 8        16 6        14 5   14 4    14 8      15 2
  Corporate profits and inventory                                                                              Rental income of persons                         22 6    23 3     23 0       23 2        23 4   23 7    23 8      24 2
     valuation adjustment            74.2 66.0 64.8 67.2 68.2 64.0 73.9                                        Dividends                                        24 5    25 0     25 0       24 9        25 2   25 0    25 6      25 4
   Profits before tax.       . - . . 79.7 70.6 70.6 71.4 73.6 66.6 77.5                                        Personal interest income _ . .                   58 8    64 7     62*7       63 7        65 6   66 7    67*0      67 5
     Profits tax liability           39.7 34.1 34.1 34.5 35.6 32.3 37.9
     Profits after tax. .            40.0 36.4 36.6 36.9 38.1 34.3 39.6                                        Transfer payments- -                    65 9 79 6                 71 1       81 1        81 2   84 8    87 9      96 0
       Dividends                     22.4 22.8 22.7 23.0 23.0 22.7 23.2                                          Old-age, survivors, disability, and
       Undistributed profits         17.6 13.6 13.8 13.9 15.1 11.6 16.4                                            health insurance benefits-          33 0 38 5                 34 2       41 4        39 0   39 4    40 7      47 0
   Inventory valuation adjustment- . —5.5 —4.5 —5.8 —4.2 —5.5 —2.6 —3.5                             —5.2         State unemployment insurance
                                                                                                                   benefits                             21 39                     26         36          4 2    51 50             59
Cash flow, gross of dividends              91.3   92.6   91.0    92.6         94.8   92.3   98.7                 Veterans benefits                      83 9 7                    91         9 5         99    10 4 11 0         11 4
Cash flow, net of dividends.               68.9   69.8   68.2    69.6         71.8   69.6   75.5                 Other                             - - 22 5 27 4                 25 2       26 7        28 1   29 8 31 1         31 8
      Gross product originating in                                                                             Less: Personal contributions for
       financial institutions              24.3   25.4   23.9    24.6         26.1   26.9   27.7                  social insurance                               26.3   28.0     27.4      27.8         28.3   28.4    30 9      31.3
      Gross product originating in                                                                            Less: Personal tax and nontax pay-
       nonfinancial corporations   502.0 516.2 510.4            515.5 521.5 517.4           540.9              ments                         - - - 116.2 115.9 116 7 118.0 113.5 115.2 112.7                                   113.9
Capital consumption allowances             49.5   54.1   52.5    53.6         54.5   55.7   56.8       57.8   Equals: Disposable personal income.. .634.2 687.8 667.6 685.7 696.2 701.5 722.0                                  741.1
Indirect business taxes plus transfer
  payments less subsidies                  47.1   49.9   48.6    49.5         50.4   50.9    52.9      54.0   Less : Personal outlays              5% 3 633 7 621 5 631.5 638 9 643 0 663 2                                    679 0
                                                                                                                Personal consumption expenditures- 579. 6 615.8 604.0 613.8 620.9 624.7 644.6                                  660.1
Income originating in nonfinancial                                                                             Interest paid by consumers           15 8 16 9 16 5 16 8 17 1 17 4 17 7                                          17.9
    corporations                   405. 5 412.2 409.3 412.4 416.5 410.7 431.2                                   Personal transfer payments to for-
                                                                                                                 eigners                              .9     .9   1.0   1.0    .9    .9    .9                                     1.0
  Compensation of employees               330.5 344.2 341.7 342.7 346.9 345.4 355.7                 362.1
   Wages and salaries                     293.7 305.2 303.5 304.2 307.4 305.6 313.9                 319.5     Equals : Personal saving                          37.9    54.1    46.2       54.2         57.4   58.5    58.8      62.1
   Supplements                             36.9 39.0 38.2 38.6 39.5 39.8 41.9                        42.6
  Net interest                             12.9   14.8   14.2    14.6         15.0   15.4    15.8      16.2
                                                                                                              Addenda :
  Corporate profits and inventory                                                                             Disposable personal income:
     valuation adjustment            62.1 53.3 53.5 55.0 54.6 50.0 59.7                                        Total billions of 1958 dollars                   513.5 531.5 524.4 533.0 536.0 532.5 543.0                      551.7
   Profits before tax                67.6 57.8 59.3 59.3 60.1 52.6 63.3                                        Per capita current dollars                       3,130 3,358 3,272 3,353 3,395 3,410 3,500                      3,584
     Profits tax liability           33.4 27.1 27.7 27.7 28.2 24.8 30.5                                        Per capita 1958 dollars                          2,535 2,595 2,570 2,606 2,613 2,588 2,632                      2,669
     Profits after tax               34.2 30.7 31.6 31.5 31.9 27.8 32.7
       Dividends                     20.9 21.1 21.0 21.2 21.2 20.9 21.4                                       Personal savine rate.3 oercent                -    6.0     7.9     6.9        7.9          8.2    8.3     8.1       8.4
       Undistributed profits         13.3  9.6 10.6 10.3 10.7  6.9 11.4
   Inventory valuation adjustment... —5.5 —4.5 —5.8 —4.2 —5.5 —2.6 —3.5                             —5.2
                                                                                                              Table 11.—Personal Consumption Expenditures by Major Type (2.3)
Cash flow, gross of dividends              83.8   84.8   84.1    85.2         86.5   83.5   89.5
Cash flow, net of dividends                62.9   63.7   63.0    63.9         65.3   62.7   68.1
                                                                                                                    Personal consumption expendi-
                                                                                                                     tures     - -     --         579.6 615.8 604.0 613.8 620.9 624.7 644.6                                    660.1
                                                          Billions of 1958 dollars
                                                                                                              Durable goods                                      89.9    88.6    88.6       90.7        90.4   84.9    97.6    100.0
      Gross product originating in                                                                             Automobiles and parts -             40.4 37.1                    37.8       39.1         38.8   32.7    44.1      45.4
       nonfinancial corporations   430.5 425.0 428.2 427.7 427.6 416.7 431.8                                   Furniture and household equipment . 36.3 37.4                    37.3       37.6         37.0   37.6    39.5      40.1
                                                                                                               Other                               13.3 14.2                    13.5       14.0         14.6   14.6    14.0      14.5
                                                                   Dollars                                    Nondurable goods             .            .       247.6 264.7 259.4 262.9 265.5 270.9 272.0                      279.4
                                                                                                                Food and beverages         . ..               122.5 131.8 128.9            131.4 132.4 134.3 135.1             137.9
      Current dollar cost per unit of                                                                           Clothing and shoes                             50.3 52.6 51.6               52.1 52.4 54.2 54.9                 56.9
       1958 dollar gross product                                                                                Gasoline and oil                               21.1 22.9 22.5               22.6 22.9 23.5 23.8                 24.3
       originating in nonfinancial                                                                              Other                                       - 53.7 57.5 56.4                56.9 57.8 59.0 58.3                 60.4
       corporations 2                 1.166 1.215 1.192 1.205 1.220 1.242 1.253
                                                                                                              Services             ..              . . . . . 242.1 262.5 256.1 260.2 265.0 268.9 275.0                         280.7
 Capital consumption allowances            .115   .127   .123    .125         .128   .134    .131
 Indirect business taxes plus transfer                                                                          Housing                                     84.0 91.2 88.7 90.3 91.8 94.1 96.4                                  98.5
. payments less subsidies                  .109   .117   .114    .116         .118   .122    .122               Household operation                         33.7 36.1 35.1 35.7 36.7 36.9 37.7                                  38.6
 Compensation of employees                  768    810    798     801          811    829     824               Transportation                     ...      16.5 17.9 17.5 17.6 18.1 18.3 18.6                                  18.9
 Net interest                              .030   .035   .033    .034         .035   .037    .037               Other                                --- - 107.8 117.3 114.8 116.6 118.3 119.5 122.3                           124.6
Corporate profits and inventory valu-
 ation adjustment                      144         125    125     129          128    120     138             Table 12.—Foreign Transactions in the National                                                    Income         and
       Profits tax liability          .078        .064   .065    .065         .066   .059    .071
       Profits after tax plus inven-                                                                                             Product Accounts (4.1)
         tory valuation adjustment... .067        .062   .060    .064         .062   .060    .068
                                                                                                                Receipts from foreigners           ..       . 55.6       63.8    62.4       64.1        64.6   64.0    66.8      66.5
 1. Excludes gross product originating in the rest of the world.
 2. This is equal to the deflator for gross product of nonfinancial corporations, with the decimal            Exports of goods and services                      55.6    62.9    61.5       63.2        63.7   63.2    66.1      65.8
point shifted two places to the left.
  3. Personal saving as a percentage of disposable personal income.                                           Capital grants received by the United
  * See footnote on page 6.                                                                                    States               . .                                    .9         .9      .9          .9     .9      .7        .7
  » Preliminary.
                                                                                                                Payments t o foreigners.       . . - - . _ 55.6          63.8    62.4       64.1        64.6   64.0    66.8      66.5

                                                                                                              Imports of goods and services                      53.6    59.3    58.0       59.0        59.7   60.5    61.9      65.7

                                                                                                              Transfers to foreigners                             2.9     3.1     3.0        3.0         3.2    3.3     3.1       3.2
                                                                                                                Personal                       -                   .9      .9     1.0        1.0          .9     .9      .9       1.0
                                                                                                                Government                     -                  2.1     2.2     2.1        2.0         2.3    2.4     2.2       2.2

                                                                                                              Net foreign investment                             -.9      1.3     1.4        2.0         1.6     .2      1.8     -2.3
July 1971



    22                                                                           SUEVEY OF CURRENT BUSINESS                                                                                                                                              July 1971

    2.—Personal Income and Outlay
                                                                                Table 2.1.—-Personal Income and Its Disposition

                                                                                                                             1967                                      1968                                      1969                                 1970
                                                            1967         1968       1969        1970
                                                                                                               I      II             III      IV        I         II           III     IV       I           II          III     IV        I      II          III     IV

                                                                      Millions of dollars                                                           Billions of dollars, seasonally adjusted at annual rates

   Personal income                                        629,335 688,924 750,339 803,643 614.2 622.1 634.7 646.3 664.0 681.2                                                 697.8 712.6      726.8 743.1 759.3 772.2 784.3 803.8 809.8                             816.7
     Wage and salary disbursements                        423,075      464,862    509,575      541,400 412.3  417.4                 426.4    436.2    447.8      458.9        471.1   481.6    491.8       503.7        516.9   525.8   532.2   540.6        545.6   547.2
      Commodity- producing industries                     166, 541     181, 458   197, 430     200, 745 164.0 164.1                 167.5    170.6    175.1      179.2        183.3   188.2    191.6       196.2        199.8   202.1   202.2   200.9        201.4   198.4
        Manufacturing                                     134, 165     145,874    157,562      158, 314 132.3 132.3                 134.7    137.4    141.1      144.2        147.3   151.0    153.3       156.7        159.6   160.7   160.1   158.9        159.1   155.1
      Distributive industries                             100, 256     109, 232   119, 963     129, 116 97.8 99.3                   101.1    102.8    105.2      107.8        110.8   113.1    115.6       118.8        121.6   123.9   126.0   127.9        130.7   131.8
      Service industries                                   70, 525      78, 478    88, 058      96,694 67.7 69.7                     71.5     73.2     75.6       77.6         79.4    81.4     84.6        87.0         89.0    91.6    94.3    95.6         97.2    99.7
      Government                                      - - 85, 753       95, 694   104, 124     114, 845 82.7 84.3                    86.3     89.7     92.0       94.3         97.6    98.9    100.0       101.7        106.6   108.1   109.8   116.2        116.2   117.3
     Other labor income                                   22,296        25,396     28,207      30,839         21.8    21.9           22.5     23.0     24.0      25.0          25.9    26.7    27.3        27.9         28.5    29.1     29.8   30.4         31.2     32.0
     Proprietors' income ..                               62, 147       64,214     67,026      66,869         60.9    62.0           62.9      62.9    63.1      63.8          64.6    65.3    66.7         67.1        67.1    67.2     68.0   67.6         66.0     65.9
       Business and professional                          47,315        49, 534    50,254      51,030         46.5    47.1           47.9      47.7    48.7      49.8          49.9    49.8    50.2         50.5        50.5    49.8     50.2   51.0         51.4     51.5
       Farm                                       -       14,832        14,680     16, 772     15,839         14.4    14.8           14.9      15.2    14.4      14.1          14.7    15.5    16.5         16.6        16.6    17.4     17.8   16.6         14.5     14.4
     Rental income of persons                             21,091        21, 160    22,575      23,312         20.7    21.1           21.3     21.3     21.2      21.1          21.1    21.3    22.0        22.6         22.7    22.9     23.0   23.2         23.4     23.7
     Dividends                                            21,385        23,552     24,444      25,004         21.1    21.6           21.9     21.0     22.5      23.4          24.1    24.3    24.0        24.2         24.7    24.9     25.0   24.9         25.2     25.0
     Personal interest income                             48,009        52,948     58,825      64,668         46.6    47.1           48.4     49.8     51.0      52.3          53.6    54.9    56.5        58.1         59.6    61.1     62.7   63.7         65.6     66.7
     Transfer payments ..              _...               51,818        59,556     65,938      79,558         50.7    51.5           52.1     53.1     56.5      59.2          60.5    62.1    64.0        65.4         66.3    68.1     71.1   81.1         81.2     84.8
       Old-age, survivors, disability, and health
         insurance benefits                               25, 662       30, 279    32,963      38,492         24.5    25.8           26.0     26.4     28.2      30.3          30.9    31.8    32.3        32.9         33.1    33.5     34.2   41.4         39.0     39.4
       State unemployment insurance benefits               2,116         2,060      2,149       3,891          2.1     2.1            2.2      2.0      2.1       2.0           2.0     2.1     2.1         2.0          2.2     2.4      2.6    3.6          4.2      5.1
       Veterans benefits                                   6, 575        7,254      8,334       9,735          6.5     6.5            6.5      6.8      7.1       7.2           7.3     7.5     7.9         8.3          8.3     8.7      9.1    9.5          9.9     10.4
       Other                                              17, 465       19, 963    22, 492     27, 440        17.6    17.0           17.4     17.9     19.1      19.7          20.3    20.8    21.7        22.1         22.7    23.4     25.2   26.7         28.1     29.8
     Less: Personal contributions for social in-
      surance                                             20,486        22,764     26,251      28,007         19.8   20.4           20.7      21.1     21.9      22.5          23.1    23.5    25.5        26.0         26.6    27.0     27.4   27.8         28.3     28.4
   Less * Personal tax and nontax payments                82,994        97,927 116, 170 115,870               80.8    80.8          84.0      86.3     89.0      92.9 102.7           107.1 113.6 117.2 116.1 117.8 116.7 118.0 113.5                                115.2
   Equals: Disposable personal income                    546,341 590,997 634,169 687,773 533.4 541.3                                550.7 559.9 575.0 588.3 595.2 605.5 613.2                              625.9 643.2 654.5 667.6 685.7 696.2                       701.5
   Less: Personal outlays.                               505,975 551,239 596,270 633,717 494.2 503.7 509.4 516.6 533.8 543.8 559.3 568.1 580.4 592.4 600.9 611.4 621.5 631.5 638.9                                                                                   643.0
     Personal consumption expenditures                   492, 066 536, 178 579,595 615, 840 480.7 489.6 495.5 502.5 519.3 529.0 544.0 552.5 564.3 575.8 584.1 594.2 604.0 613.8 620.9                                                                                624.7
     Interest paid by consumer                            13,183 14,299 15, 815 16, 929 12.9 13.0 13.2 13.5 13.8 14.1 14.6 14.9 15.3 15.7 15.9 16.2 16.5 16.8 17.1                                                                                                    17.4
     Personal transfer payments to foreigners                 726      762     860      948    .6   1.1    .7    .6    .7    .7    .8    .8    .7    .9    .9   1.0   1.0   1.0    .9                                                                                   .9
   Equals : Personal saving                               40,366        39,758     37,899      54,056         39.3   37.6           41.3      43.3     41.2      44.6          35.9    37.3    32.8        33.4         42.3    43.1     46.2   54.2         57.4     58.5


   Addenda:
   Disposable personal income:
   Total, billions of 1958 dollars                          477.5        499.0      513.5       531.5 470.8 475.8 479.7 483.9 492.3 498.8 500.8 504.3 506.1 509.8 517.5 520.5 524.4 533.0 536.0                                                                      532.5
     Per capita, current dollars                            2,751        2,946      3,130       3,358 2,696 2,729 2,768 2,807 2,876 2,936 2,962 3,006 3,037 3,093 3,170 3,216 3,272 3,353 3,395                                                                      3,410
     Per capita, 1958 dollars                               2,404        2,487      2,535       2,595 2,379 2,398 2,411 2,426 2,463 2,489 2,493 2,503 2,507 2,520 2,550 2,558 2,570 2,606 2,613                                                                      2,588
     Personal saving as a percentage of disposable
       personal income                                          7.4         6.7        6.0         7.9                                                            7.6           6.0     6.2     5.3         5.3           6.6    6.6      6.9    7.9          8.2      8.3



                                          Table 2.2.—Personal Income: Seasonally Adjusted Monthly Totals at Annual Rates
                                                                         [Billions of dollars]

                                                          Wage and salary disbursements                                                                Proprietors'
                                                                                                                                                         income
                                                                                                                                                                                                                                     Less:
                                                                                                                                      Other                                          Rental                      Personal Transfer personal Nonagri-
     Year and Month        Personal                      Commodity                                                                    labor                                          income     Divi-            interest   pay-   contribu- cultural
                           income                         producing                                                                  income         Business                            of      dends            income    ments tions for   income
                                        All in-                                    Distrib-      Service           Govern-                          and pro-       Farm              persons                                         social
                                       dustries                                     utive                           ment                            fessional                                                                      insurance
                                                      Total          Manu-
                                                                   facturing

       1967                    629.3      423.1         166.5           134.2         100.3            70.5           85.8                  22.3         47.3           14.8            21.1        21.4                 48.0          51.8       20.5               609.4
   January                    612.2       411.6         165.0           133.0          97.4            66.9           82.3                  21.7         46.3           14.7            20.5        20.8                46.7           49.6       19.7               592.5
   February                   613.7       411.8         163.5           131.7          97.8            67.8           82.7                  21.8         46.4           14.2            20.7        21.0                46.6           50.9       19.7               594.5
   March .                    616.8       413.4         163.6           132.1          98.3            68.3           83.1                  21.8         46.7           14.4            20.8        21.3                46.6           51.5       19.8                597.4
   April                      618.7       415.4         163.8           132.2          98.8            69.2           83.7                  21.9         46.7           14.8            20.9        21.5                46.8           51.0       20.3               599.0
   May                        621.2       416.2         163.7           131.9          99.1            69.3           84.2                  21.9         47.1           14.8            21.1        21.6                47.1           51.6       20.3               601.3
   June                       626.5       420.5         164.9           132. 9        100.1            70.6           84.9                  22.0         47.6           14.8            21.3        21.5                47.4           51.8       20.5               606.7
   July                       630.7       423.7         166.3           133.3         100.5            71.2           85.7                  22.2         47.8           14.8            21.3        21.8                47.9           52.0       20.7               610.8
   August                     635.5       427.1         168.3           135.7         100.8            71.6           86.4                  22.5         48.0           14.9            21.3        22.0                48.4           52.2       20.8               615.5
   September                  637.9       428.5         167.8           135.1         101.9            71.8           87.0                  22.8         48.1           15.0            21.3        21.9                49.0           52.0       20.7               617.7
   October.                   639.9       429.8         167.8           135.0         102.0            72.4           87.5                  22.9         47.7           15.1            21.3        21.8                49.4           52.8       20.9               619.7
   November                   646.1       435.3         171.2           137.8         102.8            73.1           88.2                  23.0         47.7           15.2            21.3        21.8                49.8           53.0       21.1               625.6
   December                   652.7       443.5         172.7           139.3         103.5            74.0           93.3                  23.2         47.8           15.2            21.3        19.5                50.2           53.4       21.4               632.2
       1968                    688.9      464.9         181.5           145.9         109.2            78.5           95.7                  25.4         49.5           14.7            21.2        23.6                 52.9          59.6       22.8               668.8
   January                    656.1       442.2         172.7           139.6         103.9            74.5           91.0                  23.6         48.3           14.8            21.2        22.2                 50.5          55.1       21.7               635.9
   February                   663.8       448.6         175.7           141.5         105.2            75.7           92.0                  24.0         48.7           14.4            21.2        22.5                 50.9          55.6       21.9               644.1
   March _.                   672.1       452.7         176.9           142.2         106.5            76.5           92.8                  24.4         49.1           14.0            21.1        22.8                 51.4          58.7       22.1               652.7
   April                      675.0       454.3         176.8           141.7         107.1            76.8           93.6                  24.7         49.4           13.8            21.1        23.2                 51.9          59.0       22.4               655.9
   May..                      681.3       459.0         180.0           145.0         107.1            77.6           94.3                  25.0         49.9           14.0            21.1        23.5                 52.3          59.1       22.6               662.0
   June                       687.4       463.5         180.9           145.8         109.2            78.4           95.0                  25.5         50.0           14.4            21.1        23.4                 52.8          59.4       22.7               667.6
   July                       692.9       467.4         182.0           146.3         109.7            78.7           97.1                  25.7         49.9           14.5            21.1        23.9                 53.3          60.0       23.0               672.9
   August.                    697.5       470.8         182.9           146.9         110.9            79.3           97.8                  25.8         49.8           14.7            21.1        24.1                 53.7          60.5       23.1               677.1
   September                  703.1       475.1         184.9           148.6         111.9            80.1           98.1                  26.0         50.0           14.9            21.1        24.3                 54.0          61.0       23.2               682.7
   October.. . .              708.0       478.2         186.6           149.8         112.4            80.6           98.5                  26. 3        49.9           15.3            21.2        24.4                 54.4          61.7       23.4               687.0
   November                   712.7       481.7         188.0           150.9         113.4            81.4           98.9                  26.7         49.8           15.5            21.3        24.5                 54.9          61.8       23.4               691.5
   December                   717.2       484.9         190.0           152. 2        113. 5           82. 1          99.3                  27 1         49.fi          15. 7           21.3        23.9                 55.3          62.8       23.6               695.8
   August 1971



August 1971                                                        SURVEY OF CURRENT BUSINESS                                                                                                                           11

                                                                       1970                   1971                                                                                     1970                      1971

                                           1969   1970    I       II      III       IV     I *    II *f                                                 1969    1970      I       II          III     IV      I*      II*

                                                          Seasonally adjusted at annual rates                                                                            Seasonally adjusted at annual rates

                                                              Billions of dollars                                                                                             Billions of dollars

                  Table 9.—Gross Corporate Product1 (1.14)                                                               Table 10.—Personal Income and its Disposition (2.1)

      Gross corporate product             526.3 541.6 534.3 540.1 547.6 544.3 568.6               579. 9      Personal income. .                        750.3 803.6 784.3 803.8 809.8 816.7 834.3                     854.8
Capital consumption allowances.            51.3   56.2   54.4    55.7     56.7      58.0   62.6      64. 0      Wage and salary disbursements           509.6   541.4   532.2   540.6     545.6      547.2   562.3    572.4
Indirect business taxes plus transfer                                                                            Commodity-producing industries..       197.4   200.7   202.2   200.9     201.4      198.4   203.2    206.7
  payments less subsidies                  49.2   52.2   50.9    51.9     52.8      53.4   55.6      56. 9        Manufacturing                         157.6   158.3   160.1   158.9     159.1      155.1   159.6    161.7
                                                                                                                 Distributive industries                120.0   129.1   126.0   127.9     130.7      131.8   135.5    138.3
Income originating in corporate busi-                                                                            Service industries. _                   88.1    96.7    94.3    95.6      97.2       99.7   102.6    104.9
    ness     -                     --- 425.9 433.1 429.0 432.6 438.1 432.9 450.3                  458. 9         Government                             104.1   114.8   109.8   116.2     116.2      117.3   121.0    122.6
  Compensation of employees                350.5 366.0 363.0 364.2 368.8 367.9 378.9              386. 1        Other labor income                      28.2    30.8    29.8     30.4     31.2       32.0    32.6       33.4
   Wages and salaries               . - . .311.1 324.2 322.1 322.9 326.5 325.2 333.9              340.2
   Supplements                              39.4 41.8 40.9 41.3 42.3 42.7 45.0                     45. 9       Proprietors' income                      67.0     66.9    68.0    67.6      66.0      65.9    66.0       66.7
                                                                                                                 Business and professional              50.3     51.0    50.2    51.0      51.4      51.5    51.2       51.5
  Net interest                              1.2    1.1    1.3      1.2        1.1    1.0    1.0       1. 1       Farm                                   16.8     15.8    17.8    16.6      14.5      14.4    14.8       15.2
  Corporate profits and inventory                                                                               Rental income of persons                 22.6    23.3    23.0    23.2     23.4       23.7    23.8       24.2
     valuation adjustment                 74.2 66.0 64.8 67.2 68.2 64.0 70.4                         71. 8      Dividends                                24.5    25.0    25.0    24.9     25.2       25.0    25.6       25.4
   Profits before tax                     79.7 70.6 70.6 71.4 73.6 66.6 74.0                         76. 9      Personal interest income                 58.8    64.7    62.7    63.7     65.6       66.7    67.0       67.4
     Profits tax liability                39.7 34.1 34.1 34.5 35.6 32.3 36.2                         37.4
     Profits after tax                    40.0 36.4 36.6 36.9 38.1 34.3 37.8                         39. 5      Transfer payments                        65.9    79.6    71.1    81.1      81.2      84.8     87.9      96.4
       Dividends           -- - --        22.4 22.8 22.7 23.0 23.0 22.7 23.2                         23. 0        Old-age, survivors, disability, and
       Undistributed profits..            17.6 13.6 13.8 13.9 15.1 11.6 14.6                                                                             33.0    38.5    34.2    41.4      39.0      39.4    40.7       47.0
   Inventory valuation adjustment.-       —5.5 —4.5 —5.8 —4.2 —5.5 —2.6 -3.5                      —5.1            State unemployment        insurance
                                                                                                                    benefits                              2.1     3.9     2.6      3.6      4.2        5.1     5.0       6.1
Cash flow, gross of dividends              91.3   92.6   91.0    92.6     94.8      92.3 100.4    103. 5          Veterans benefits                       8.3     9.7     9.1      9.5      9.9       10.4    11.0      11.4
Cash flow, net of dividends                68.9   69.8   68.2    69.6     71.8      69.6 77.2      80. 5          Other                                  22.5    27.4    25.2     26.7     28.1       29.8    31.1      31.9
      Gross product originating in                                                                             Less: Personal contributions for
       financial institutions              24.3   25.4   23.9    24.6     26.1      26.9   27.7                                                          26.3    28.0    27.4     27.8     28.3       28.4    30.9      31.3
      Gross product originating in                                                                            Less: Personal tax and nontax pay-
       nonfinancial corporations   502.0 516.2 510.4 515.5 521.5 517.4 540.9                      552. 1       ments                             116.2 115.9 116.7 118.0 113.5 115.2 112.7                              114.0
Capital consumption allowances             49.5   54.1   52.5    53.6     54.5      55.7   60.2      61. 5    Equals : Disposable personal income. . 634.2 687.8 667.6 685.7 696.2 701.5 721.6
                                                                                                                                                     .                                                                740.8
Indirect business taxes plus transfer
  payments less subsidies                  47.1   49.9   48.6    49.5     50.4      50.9   52.9      54. 1    Less * Personal outlays                   596.3 633.7 621.5 631.5 638.9 643.0 663.2                     679.9
                                                                                                                Personal consumption expenditures..     579. 6 615.8 604.0 613.8 620.9 624.7 644.6                    660.9
Income originating in nonfinancial                                                                             Interest paid by consumers                15.8 16.9 16.5 16.8 17.1 17.4 17.7                            17.9
    corporations                   405.5 412.2 409.3 412.4 416.5 410.7 427.8                      436.5         Personal transfer payments to for-
                                                                                                                 eigners                                   .9      .9     1.0      1.0         .9      .9       .9        1.0
  Compensation of employees               330.5 344.2 341.7 342.7 346.9 345.4 355.7               362.1             *
   Wages and salaries                     293. 7 305.2 303.5 304.2 307.4 305.6 313.9              319. 4      Equals* Personal savins?                   37.9    54.1    46.2     54.2     57.4      58.5     58.4      60.9
   Supplements                             36.9 39.0 38.2 38.6 39.5 39.8 41.9
 Net interest                              12.9   14.8   14.2    14.6     15.0      15.4   15.8      16.2     AJJ   .
                                                                                                              Addenda:
  Corporate profits and inventory                                                                             Disposable personal income :
     valuation adjustment                 62.1 53.3 53.5 55.0 54.6 50.0 56.3                         58 2      Total, billions of 1958 dollars.         513.5 531.5 524.4 533.0 536.0 532.5 542.7                     551.8
   Profits before tax                     67.6 57.8 59.3 59.3 60.1 52.6 59.8                         63* 2     Per capita, current dollars              3,130 3,358 3,272 3,353 3,395 3,410 3,498                     3,583
                                                                                                               Per
     Profits tax liability                33.4 27.1 27.7 27.7 28.2 24.8 28.9                         30 4          capita, 1958 dollars                 2,535 2,595 2,570 2,606 2,613 2,588 2,631                     2,669
     Profits after tax                    34.2 30.7 31.6 31.5 31.9 27.8 30.9                         32 8
       Dividends                          20.9 21.1 21.0 21.2 21.2 20.9 21.4                         2i ' 2   Personal saving rate , 3 percent            6.0     7.9     6.9      7.9        8.2     8.3     8.1        8.2
       Undistributed profi ts. . . .      13.3  9.6 10.6 10.3 10.7  6.9   9.6
   Inventory valuation adjustment--       —5.5 —4.5 —5.8 —4.2 —5.5 —2.6 -3.5
                                                                                                                     1
                                                                                                              Table 1 . — Personal Consumption Expenditures by Major Type (2.3)
Cash flow, gross of dividends              83.8   84.8   84.1    85.2     86.5      83.5   91.1
Cash flow, net of dividends                62.9   63.7   63.0    63.9     65.3      62.7   69.8      73.2
                                                                                                                    Personal consumption expendi-
                                                                                                                     tures                        579.6 615.8 604.0 613.8 620.9 624.7 644.6                           660.9
                                                          Billions of 1958 dollars
                                                                                                              Durable goods                              89.9    88.6    88.6     90.7        90.4    84.9    97.6      100.8
      Gross product originating in                                                                              Automobiles and parts .            40.4          37.1    37.8     39.1     38.8       32.7    44.1      45.7
       nonfinancial corporations   430.5 425.0 428.2 427.7 427.6 416.7 431.8                      437. 0        Furniture and household equipment. 36.3          37.4    37.3     37.6     37.0       37.6    39.5      40.4
                                                                                                                Other                              13.3          14.2    13.5     14.0     14.6       14.6    14.0      14.6
                                                                   Dollars                                    Nondurable goods                          247.6 264.7 259.4 262.9 265.5 270.9 272.0                     279.8
                                                                                                                Food and beverages                      122.5 131.8 128.9 131.4 132.4 134.3 135.1                       138.2
      Current dollar cost per unit of                                                                           Clothing and shoes                       50.3 52.6 51.6 52.1 52.4 54.2 54.9                              57.0
       1958 dollar gross product                                                                                Gasoline and oil                  .      21.1 22.9 22.5 22.6 22.9 23.5 23.8                              24.3
       originating in nonfinancial                                                                              Other                                    53.7 57.5 56.4 56.9 57.8 59.0 58.3                              60.4
       corporations 2                 1.166 1.215 1.192 1.205 1.220 1.242 1.253                   1.263
                                                                                                      m       Services                                  242.1 262.5 256.1 260.2 265.0 268.9 275.0                       280.4
Capital consumption allowances             .115   .127   .123    .125     .128      .134   .139
Indirect business taxes plus transfer                                                                           Housing                                  84.0 91.2 88.7 90.3 91.8 94.1 96.4                              98.6
  paymen ts less subsidies         ...     .109   .117   .114    .116     .118      .122   .122      • 124      Household operation                      33.7 36.1 35.1 35.7 36.7 36.9 37.7                              38.6
Compensation of employees                  .768   .810   .798    .801     .811      .829   .824      . 829      Transportation                           16.5 17.9 17.5 17.6 18.1 18.3 18.6                              18.9
Net interest                               .030   .035   .033    .034     .035      .037   .037      . 037      Other                                   107.8 117.3 114.8 116.6 118.3 119.5 122.3                       124.2
Corporate profits and inventory valu-
 ation adjustment                     .144        .125   .125    .129     .128      .120   .130       ^       Table 12.— Foreign Transactions in the National Income and
       Profits tax liability          .078        .064   .065    .065     .066      .059   .067
       Profits after tax plus inven-                                                                                              Product Accounts (4.1)
         tory valuation adjustment... .067        .062   .060     .064    .062      .060   .063
                                                                                                                Receipts from foreigners                 EC C
                                                                                                                                                         55.6    CQ Q
                                                                                                                                                                 63.8    C9 A
                                                                                                                                                                         62.4     64.1
                                                                                                                                                                                  R.A 1    fil A
                                                                                                                                                                                           64.6      fil n
                                                                                                                                                                                                     64.0    66.8
                                                                                                                                                                                                             fifi.8     64.9
  1. Excludes gross product originating in the rest of the world.                                                                                                                                                       64.2
 2. This is equal to the deflator for gross product of nonfinancial corporations, with the decimal            Exports of goods and services              55.6    62.9    61.5     63.2     63.7      63.2    66.1
point shifted two places to the left.
  3. Personal saving as a percentage of disposable personal income.                                           Capital grants received by the United
  * See footnote on page 10.                                                                                   States . .                                          .9      .9       .9         .9      .9       .7        .7

                                                                                                                Pay ments to foreigners                  55.6    63.8    62.4     64.1     64.6      64.0    66.8       64.9

                                                                                                              Imports of goods and services              53.6    59.3    58.0     59.0     59.7       60.5   61.9       66.4

                                                                                                              Transfers to foreigners                     2.9     3.1     3.0      3.0        3.2     3.3     3.1        3.2
                                                                                                                Personal                                   .9      .9     1.0      1.0         .9      .9      .9        1.0
                                                                                                                Government _                              2.1     2.2     2.1      2.0        2.3     2.4     2.2        2.2

                                                                                                              Net foreign investment                     -.9      1.3     1.4      2.0        1.6      .2     1.8     -4.7
September 1971


  12                                                                 SUKVEY OF CURRENT BUSINESS                                                                                                               September 1971

                                                                        1970                     1971                                                                                           1970                          1971

                                           1969    1970    I       II          III    IV     I      II                                                         1969    1970      I         II          III     IV        I         II

                                                          Seasonally adjusted at annual rates                                                                                   Seasonally adjusted at annual rates

                                                               Billions of dollars                                                                                                   Billions of dollars

                    Table 9.—Gross Corporate Product * (1.14)                                                               Table 10.—Personal Income and its Disposition (2.1)

       Gross corporate product            526.3 541.6 534.3 540.1 547. 6 544.3 568.6                579.8        Personal income                           750 3 803 6 784 3 803 8 809 8                      Rift 7    O9A 5      OKA Q

 Capital consumption allowances            51.3    56.2   54.4    55.7     56.7       58.0   62.6       64.0      Wage and salary disbursements                509.6   541.4   532%2      540.6      545.6    547.2     562.3      572.4
 Indirect business taxes plus transfer                                                                             Commodity-producing industries..            197.4   200.7   202.2      200.9      201.4    198.4     203.2      206.7
   payments less subsidies                 49.2    52.2   50.9    51.9     52.8       53.4   55.6       56.9         Manufacturing                             157 6   158 3   160 1      158 9      159 1    155 1     159 6      161 7
                                                                                                                   Distributive industries .                   120 0   129 1   126 0      127 9      130 7    131 8     135 5      138 3
 Income originating in corporate busi-                                                                             Service industries                           88 1    96 7    94 3       95 6      Q7 9      QQ 7     109 fi     104. Q
     ness                       - -    425.9 433.1 429.0 432.6 438.1 432.9 450.3                    458.9          Government                                  104 1   114 8   109 8      116 2      116 2    m     o   1 91 n     1 99 R

   Compensation of employees              350.5 366.0 363.0 364.2 368.8 367.9 378.9                 386.1         Other labor income                           28 2    30 8    29 8       30 4       31 2      32 0      32 6        oo A
    Wages and salaries                    311.1 324.2 322.1 322.9 326.5 325.2 333.9                 340.2
    Supplements                            39.4 41.8 40.9 41.3 42.3 42.7 45.0                        45.9         Proprietors' income-                         67 0     66 9   68 0        67 6        66 0 CK Q         Afi n       fifi 7
                                                                                                                    Business and professional                  50 3     51 0   50 2        51 0        51 4 51 5         51 2        51 5
  Net interest                              1.2     1.1    1.3      1.2        1.1     1.0    1.0         1.1       Farm                                       16 8     15 8    17 Q       1C C
                                                                                                                                                                                                       H e U A           H    o      I C O


   Corporate profits and inventory                                                                                Rental income of persons                      22 6    23 3    23 0       23 2       23 4     oo, 7     oq o        24 2
      valuation adjustment - ... . 74.2 66.0 64.8 67.2 68.2 64.0 70.4                                    71.7     Dividends                                     24 5    25 0    25 0       24 9       25 2     or n      OK 0        25 4
    Profits before tax                79.7 70.6 70.6 71.4 73.6 66.6 74.0                                 76.8     Personal interest income                      58 8    64 7    62 7       63 7       65 6     66 7      67 0        67 4
      Profits tax liability           39.7 34.1 34.1 34.5 35.6 32.3 36 2                                 37.4
      Profits after tax               40.0 36.4 36.6 36.9 38.1 34.3 37! 8                                39. 4    Transfer payments                             65 9    79 g    71 1       81 1        81 2    84 8      87 9        96 4
        Dividends        . _.         22.4 22.8 22.7 23.0 23.0 22.7 23.2                                 22.2       Old-age, survivors, disability, and
        Undistributed profits         17.6 13.6 13.8 13.9 15.1 11.6 14.6                                 17.2         health insurance benefits                 33 0    38 5    34 2       41 4        39 0    39 4      40 7        47 0
    Inventory valuation adjustment. . —5.5 —4.5 —5.8 —4.2 —5.5 —2.6 -3.5                                -5.1        State unemployment insurance
                                                                                                                      benefits                                   21      39      26         36          4 2     51        50          61
 Cash flow gross of dividends              91.3    92.6   91.0    92.6         94.8   92.3 100.4    103.5           Veterans benefits         .. .               83      9 7     91         9 5         9 9    10 4      11 0        11 4
 Cash flow, net of dividends               68.9    69.8   68.2    69.6         71.8   69.6 77.2      81.2           Other _                                     22 5    27 4    25 2       26 7        28 1    29 8      31 1        31 9
       Gross product originating in                                                                               Less: Personal contributions for
        financial institutions             24.3    25.4   23.9    24.6         26.1   26.9   27.7        27.8        social insurance       --                  26.3    28 0    27 4       27 8        28 3    28 4      30 9        31 3
       Gross product originating in                                                                              Less: Personal tax and nontax pay-
        nonfinancial corporations   502.0 516.2 510.4 515.5 521.5 517.4 540.9                       552.0         ments                          ... 116.2 115.9 116 7 118 0 113 5 115 2 112 7                                       114 0
 Capital consumption allowances            49.5    54.1   52.5     53.6        54.5   55.7   60.2        61.5    Equals: Disposable personal income... 634.2 687.8 667.6 685.7 696.2 701.5 721.6                                     740.8
 Indirect business taxes plus transfer
   payments less subsidies                 47.1    49.9   48.6     49.5        50.4   50.9   52.9        54.1    Less: Personal outlays               596 3 633 7 621 5 631 5 638 9 643 0 663 2                                      679 9
                                                                                                                  Personal consumption expenditures.. 579. 6 615.8 604.0 613.8 620.9 624.7 644.6                                     660.9
 Income originating in nonfinancial                                                                               Interest paid by consumers           15 8 16 9 16 5 16 8 17 1 17 4 17 7                                             17 9
     corporations     -            . 405.5 412.2 409.3 412.4 416.5 410.7 427.8                      436.5         Personal transfer payments to for-
                                                                                                                    eigners                              .9     .9   10 10         9     9    .9                                        10
   Compensation of employees              330.5 344.2 341.7 342.7 346.9 345.4 355.7                 362.1
    Wages and salaries. .                 293.7 305.2 303.5 304.2 307.4 305.6 313.9                 319.4        Equals : Personal saving                       37.9    54.1    46.2       54.2        57.4    58 5      58.4         60.9
    Supplements                            36.9 39.0 38.2 38.6 39.5 39.8 41.9                        42.7
  Net interest ..                          12.9    14.8   14.2     14.6        15.0   15.4   15.8        16.2
                                                                                                                 Addenda :
   Corporate profits and inventory                                                                               Disposable personal income:
      valuation adjustment      . . .     62.1 53.3 53.5 55.0 54.6 50.0 56.3                             58.1     Total, billions of 1958 dollars       513.5 531.5 524.4 533.0 536.0 532.5 542.7                                    551.8
    Profits before tax      ...           67.6 57.8 59.3 59.3 60.1 52.6 59.8                             63.2     Per capita, current dollars ..        3,130 3,358 3,272 3,353 3,395 3,410 3,498                                    3,583
      Profits tax liability               33.4 27.1 27.7 27.7 28.2 24.8 28.9                             30.4     Per capita, 1958 dollars.       .. .. 2,535 2,595 2,570 2,606 2,613 2,588 2,631                                    2,669
      Profits after tax.                  34.2 30.7 31.6 31.5 31.9 27.8 30.9                             32.8
        Dividends                          20.9 21.1 21.0 21.2 21.2 20.9 21.4                            20.5    Personal savi ne rate . 3 nercent               6.0     7.9     6.9        7.9         8.2     8.3       8.1           8.2
        Undistributed profits              13.3  9.6 10.6 10.3 10.7  6.9  9.6                            12.3
    Inventory valuation adjustment...     —5.5 —4.5 —5.8 —4.2 —5.5 —2.6 -3.5                            -5.1
                                                                                                                 Table 11.—Personal Consumption Expenditures by Major Type (2.3)
 Cash flow, gross of dividends            83.8     84.8   84.1     85.2        86.5   83.5   91.1        94.3
 Cashflow,net of dividends.         . ... 62.9     63.7   63.0     63.9        65.3   62.7   69.8        73.8
                                                                                                                       Personal consumption expendi-
                                                                                                                        tures                        579.6 615.8 604.0 613.8 620.9 624.7 644.6                                       660.9
                                                           Billions of 1958 dollars
                                                                                                                 Durable goods                                  89.9    88.6    88.6       90.7        90.4    84.9      97.6        100.8
       Gross product originating in                                                                                Automobiles and parts _             40.4             37.1    37.8       39.1        38.8    32.7      44.1         45.7
        nonfinancial corporations   430.5 425.0 428.2 427.7 427.6 416.7 431.8                           437.0      Furniture and household equipment . 36.3             37.4    37.3       37.6        37.0    37.6      39.5         40.4
                                                                                                                   Other                               13.3             14.2    13.5       14.0        14.6    14.6      14.0         14.6
                                                                     Dollars                                     Nondurable goods                              247.6 264.7 259.4 262.9 265.5 270.9 272.0                             279.8
                                                                                                                   Food and beverages                          122.5 131.8 128.9 131.4 132.4 134.3 135.1                             138.2
       Current dollar cost per unit of                                                                             Clothing and shoes                           50.3 52.6 51.6 52.1 52.4 54.2 54.9                                    57.0
        1958 dollar gross product                                                                                  Gasoline and oil                  -          21.1 22.9 22.5 22.6 22.9 23.5 23.8                                    24.3
        originating in nonfinancial                                                                                Other                                        53 7 57. 5 56.4 56.9 57.8 59.0 58.3                                   60.4
        corporations 2             _ . 1.166 1.215 1.192 1.205 1.220 1.242 1.253                        1.263
                                                                                                                 Services                                      242.1 262.5 256.1 260.2 265.0 268.9 275.0                             280.4
 Capital consumption allowances             .115   .127   .123     .125        .128   .134   .139        .141
 Indirect business taxes plus transfer                                                                             Housing                                      84.0 91.2 88.7 90.3 91.8 94.1 96.4                                    98.6
   paymen ts less subsidies                 .109   .117   .114     .116        .118   .122   .122        .124      Household operation                          33.7 36.1 35.1 35.7 36.7 36.9 37.7                                    38.6
 Compensation of employees                  .768   .810   .798     .801        .811   .829   .824        .829      Transportation                               16.5 17.9 17.5 17.6 18.1 18.3 18.6                                    18.9
 Net interest                               .030   .035   .033     .034        .035   .037   .037        .037      Other                                       107.8 117.3 114.8 116.6 118.3 119.5 122.3                             124.2
 Corporate profits and inventory valu-
  ation adjustment                     .144        .125   .125     .129        .128   .120   .130        .133    Table 12.—Foreign Transactions in the National                                        Income and
        Profits tax liability          .078        .064   .065     .065        .066   .059   .067        .070
        Profits after tax plus inven-                                                                                                 Product Accounts (4.1)
          tory valuation adjustment... .067        .062   .060     .064        .062   .060   .063        .064
                                                                                                                   Receipts from foreigners                     55.6    63.8    62.4       64.1        64.6    64.0      66.8         67.1
   1. Excludes gross product originating in the rest of the world.                                                                                                                                                                    66.4
  2. This is equal to the deflator for gross product of nonfinancial corporations, with the decimal              Exports of goods and services ...              55.6    62.9    61.5       63.2        63.7     63.2     66.1
 point shifted two places to the left.
   3. Personal saving as a percentage of disposable personal income.                                             Capital grants received by the United
                                                                                                                  States                                                  .9         .9         .9       .9       .9         .7          .7
                                                                                                                   Payments to foreigners                       55.6    63.8    62.4       64.1        64.6     64.0     66.8         67.1
                                                                                                                 Imports of goods and services                  53.6    59.3    58.0       59.0        59.7     60.5     61.9         66. 9

                                                                                                                 Transfers to foreigners                         2.9     3.1     3.0        3.0         3.2      3.3         3.1        3.2
                                                                                                                   Personal                                       .9      .9     1.0        1.0          .9       .9          .9        1.0
                                                                                                                   Government                        -   - -     2.1     2.2     2.1        2.0         2.3      2.4         2.2        2.2

                                                                                                                 Net foreign investment                         -.9      1.3     1.4        2.0         1.6         2        1.8     -3.0
    October 1971


 October 1971                                                       SUKVEY OF CURRENT BUSINESS                                                                                                                      11

                                                                  1970                       1971                                                                                  1970                     1971

                                          1969    1970    II      III         IV       I     II     III"                                                 1969     1970     II       III    IV         I      II    III*

                                                          Seasonally adjusted at annual rates                                                                               Seasonally adjusted at annual rates

                                                               Billions of dollars                                                                                              Billions of dollars
                                                                          J
                  Table 9.—Gross Corporate Product (1.14)                                                             Table 10.—Personal Income and its Disposition (2.1)

      Gross corporate product             526.3 541.6 540.1 547.6 544.3 568.6 579.8                         Personal income                             750.3 803 6 803 8 809 8 816 7 834 3' 854 8                 865 9
Capital consumption allowances             51.3   56.2   55.7     56.7        58.0   62.6    64.0   65.5      Wage and salary disbursements    509.6              541.4   540.6   545.6   547.2562.3       572.4 578.8
Indirect business taxes plus transfer                                                                          Commodity-producing industries- 197.4              200.7   200.9   201.4   198.4203.2       206.7 206. 9
  payments less subsidies                  49.2   52.2   51.9     52.8        53.4    55.6   56.9   59.0         Manufacturing                 157 6              158 3   158 9   159 1   155 1159 6       161 7 161 8
                                                                                                               Distributive industries         120.0              129 1   127 9   130 7   131 8135 5       138 3 140 0
Income originating in corporate busi-                                                                          Service industries            . 88.1                96 7    95 6    97 2    99 7102 6       104 9 107 0
    ness                              425.9 433.1 432.6 438.1 432.9 450.3 458.9                                Government                      104.1              114 8   116 2   116 2   117 3121 0       122 6 125 0
  Compensation of employees               350.5 366.0 364.2 368.8 367.9 378.9 386.1 389.1                     Other labor income              -          28.2 30 8        30 4     31 2   32 o 32 g         33 4    34 1
   Wages and salaries                     311.1 324.2 322.9 326.5 325.2 333.9 340.2 342.4
   Supplemen ts                            39.4 41.8 41.3 42.3 42.7 45.0 45.9 46.8                            Proprietors' income                        67.0 66 9      66 0 65 9 66 0
                                                                                                                                                                          67 6                              66 7    68 8
                                                                                                                Business and professional                50 3 51 0        51 0
                                                                                                                                                                        51 4 51 5 51 2                      51 5    51 8
  Net interest                              1.2    1.1    1.2       1.1        1.0     1.0    1.1     1.1       Farm                                     16.8 15 8        16 6
                                                                                                                                                                        14 5 14 4 14 8                      15.2    17 0
  Corporate profits and inventory                                                                             Rental income of persons            ..     22.6 23 3 23 2 23 4 23 7 23 8                      24 2    24 5
     valuation adjustment           74.2 66.0            67.2 68.2 64.0 70.4 71.7                             Dividends                                  24.5 25 0 24 9 25 2 25 0 25 6                      25 4    25 7
   Profits before tax               79.7 70.6            71.4 73.6 66.6 74.0 76.8                             Personal interest income                   58 8 64 7 63 7 65 6 66 7 67 0                      67 4    68 7
     Profits tax liability          39.7 34.1            34.5 35.6 32.3 36.2 37.4
     Profits after tax              40.0 36.4            36.9 38.1 34.3 37.8 39.4                             Transfer payments                       65 9 79 6 81 1 81 2 84 8                    87 9      96.4    96 9
       Dividends                    22.4 22.8            23.0 23.0 22.7 23.2 22.2                               Old-age, survivors, disability, and
       Undistributed profits        17.6 13.6            13.9 15.1 11.6 14.6 17.2                                 health insurance benefits           33 0 38 5 41 4 39 0 39 4                    40 7      47.0    45 6
   Inventory valuation adjustment.. —5.5 -4.5            —4.2 —5.5 —2.6 -3.5 -5.1                   -6.5        State unemployment insurance
                                                                                                                  benefits                     - -- - 2 1 3 9 3.6 4.2 5 1                          5 0 6.1           6.3
Cash flow gross of dividends               91.3   92.6   92.6     94.8        92.3 100.4 103. 5                 Veterans benefits                      8.3 9 7 9.5 9.9 10 4                       11 0 11.4         11.6
Cash flow net of dividends                 68.9   69.8   69.6     71.8        69.6 77.2 81.2                    Other                             --- 22.5 27.4 26.7 28.1 29 8                    31.1 31.9         33.4
      Gross product originating in                                                                            Less: Personal contributions for
       financial institutions              24.3   25.4   24.6     26.1        26.9   27.7    27.8                social insurance.                      26.3 28.0         27.8     28.3 28 4      30.9     31.3     31.6
      Gross product originating in                                                                          Less: Personal tax and nontax pay-
        nonfinancial corporations     502.0 516.2 515.5 521.5 517.4 540.9 552.0                              ments                                 116.2 115.9 118.0 113.5 115.2 112.7 114.0                       116.7
Capital consumption allowances         49.5 54.1 53.6 54.5 55.7 60.2 61.5                            62.9   Equals: Disposable personal income. . .634.2 687.8 685.7 696.2 701.5 721.6 740.8                       749.2
Indirect business taxes plus transfer
  payments less subsidies              47.1 49.9 49.5 50.4 50.9 52.9 54.1                            56.1   Less * Personal outlays                596 3 633 7 631 5 638 9 643 0 663 2 67S. a                      691.2
                                                                                                              Personal consumption expenditures. _ 579. 6 615.8 613.8 620.9 624.7 644.6 660.9                      672.1
Income originating in nonfinancial                                                                           Interest paid by consumers             15 8 16 9 16 8 17 1 17 4 17.7 17.9                              18.0
    corporations       -.          405.5 412.2 412.4 416.5 410.7 427.8 436.5                                  Personal transfer payments to for-
                                                                                                               eigners               -                .9     .9 1.0      .9    .9    .9   1.0                        1.0
  Compensation of employees        330.5 344.2 342.7 346.9 345.4 355.7 362.1 364.9
    Wages and salaries             293. 7 305.2 304.2 307.4 305.6 313.9 319.4 321. 4                        Equals : Personal saving                37.9 54.1 54.2 57.4 58.5 58.4 60.9                              58.0
    Supplements                     36.9 39.0 38.6 39.5 39.8 41.9 42.7 43.5
  Net interest                             12.9   14.8   14.6     15.0        15.4   15.8    16.2    16.6
                                                                                                            Addenda:
  Corporate profits and inventory                                                                           Disposable personal income :
     valuation adjustment. _         62.1 53.3 55.0 54.6 50.0                         56.3 58.. 1            Total billions of 1958 dollars             513.5 531 5 533.0 536.0 532.5 542.7 551.8 553.6
   Profits before tax              - 67.6 57.8 59.3 60.1 52.6                         59.8 63.2              Per capita current dollars                 3,130 3 358 3 353 3,395 3 410 3,498 3, 583 3,614
     Profits tax liability           33.4 27.1 27.7 28.2 24.8                         28.9 30.4              Per capita 1958 dollars                    2,535 2,595 2,606 2,613 2,588 2,631 2,669 2,671
     Profits after tax               34.2 30.7 31.5 31.9 27.8                         30.9 32.8
       Dividends                     20.9 21.1 21.2 21 2 20 9                         21.4 20 5             Personal savine rate.3 nercent                6.0 7.9 7.9 8.2 8.3 8.1 8.2                7.7
       Undistributed profits         13.3 9.6 10.3 10.7 6.9                            9.6 12.3
   Inventory valuation adjustment... —5.5 —4.5 —4,2 —5.5 —2.6                        -3.5 -5.1      -6.5
                                                                                                            Table 11.—Personal Consumption Expenditures by Major Type (2.3)
Cash flow, gross of dividends              83.8   84.8   85.2     86.5        83.5   91.1    94.3
Cash flow, net of dividends                62.9   63.7   63.9     65.3        62.7   69.8    73.8
                                                                                                                  Personal consumption expendi-
                                                                                                                   tures.-                      579.6 615.8 613.8 620.9 624.7 644.6 660.9                          672.1
                                                          Billions of 1958 dollars
                                                                                                            Durable goods _ -                           89.9 88.6         90.7     90.4   84.9    97.6 100.8       104.7
      Gross product originating in                                                                           Automobiles and parts.             40.4 37.1 39.1 38.8 32.7                          44.1     45.7     49.5
       nonnnancial corporations    430.5 425.0 427.7 427.6 416.7 431.8 437.0                                 Furniture and household equipment. 36.3 37.4 37.6 37.0 37.6                          39.5     40.4     40.5
                                                                                                             Other                              13.3 14.2 14.0 14.6 14.6                          14.0     14.6     14.8
                                                                    Dollars                                 Nondurable goods                            247.6 264.7 262.9 265.5 270.9 272.0 279.8                  281.7
                                                                                                             Food and beverages                         122.5 131.8 131.4 132.4 134.3 135.1 138.2                  139.1
      Current dollar cost per unit of                                                                        Clothing and shoes                          50.3 52.6 52.1 52.4 54.2 54.9 57.0                         57.0
       1958 dollar gross product                                                                             Gasoline and oil                            21.1 22.9 22.6 22.9 23.5 23.8 24.3                         25.2
       originating in nonnnancial                                                                            Other                                       53 7 57 5 56 9 57 8 59 0 58.3 60.4                         60.4
       corporations 2                 1.166 1.215 1.205 1.220 1.242 1.253 1.263
                                                                                                            Services . .                                242.1 262.5 260.2 265.0 268.9 275.0 280.4                  285.7
Capital consumption allowances            .115    .127   .125     .128        .134   .139    .141
Indirect business taxes plus transfer                                                                        Housing                                    84.0   91.2 90 3 91.8 94.1 96.4                     98.6   100.5
  payments less subsidies. _              .109    .117   .116     .118        .122   .122    .124            Household operation. _               . . . 33.7   36.1 35.7 36.7 36.9 37.7                     38.6    39.4
Compensation of employees                 .768    .810   .801     .811        .829   .824    .829            Transportation                              16.5 17 9 17 6 18 1 18.3 18.6                      18.9    19.2
Net interest                              .030    .035   .034     .035        .037   .037    .037            Other                                      107.8 117.3 116 6 118.3 119.5 122.3                124.2   126.6

Corporate profits and inventory valu-
 ation adjustment                     .144        .125   .129     .128        .120   .130    .133           Table 12.—Foreign Transactions in the National Income and
       Profits tax liability          .078        .064   .065     .066        .059   .067    .070
                                                                                                                               Product Accounts (4.1)
       Profits after tax plus inven-
         tory valuation adjustment... .067        .062   .064     .062        .060   .063    .064
                                                                                                             Receipts from foreigners             ...   55.6      63.8    64.1 64.6       64.0    66.8     67.1     69.2
  1. Excludes gross product originating in the rest of the world.                                                                                                                                          66.4     68.5
 2. This is equal to the deflator for gross product of nonnnancial corporations, with the decimal           Exports of goods and services                55.6     62.9    63.2     63.7   63.2    66.1
point shifted two places to the left.
  3. Personal saving as a percentage of disposable personal income.                                         Capital grants received by the United
  f Preliminary.                                                                                             States                                                 .9      .9       .9     .9        .7      .7      .7
                                                                                                              Payments to foreigners                    55.6 63.8         64.1 64.6       64.0    66.8     67.1     69.2
                                                                                                            Imports of goods and services                53.6     59.3    59.0     59.7   60.5 61.9         66.9    69.0
                                                                                                            Transfers to foreigners                      2.9       3.1     3.0      3.2    3.3     3.1       3.2     3.3
                                                                                                              Personal ..                                 .9        .9     1.0       .9     .9      .9       1.0     1.0
                                                                                                              Government                                 2.1       2.2     2.0      2.3    2.4     2.2       2.2     2.3
                                                                                                                                                         __   Q
                                                                                                            Net foreign investment                                 1.3     2.0      1.6     .2        1.8 -3.0     -3.1
November 1971


    14                                                                 SURVEY OF CURRENT BUSINESS                                                                                                           November 1971

                                                                     1970                      1971                                                                                          1970                     1971

                                              1969   1970    II       III       IV       I     II     III *                                                           1969   1970    II       III    IV         I       II    III

                                                             Seasonally adjusted at annual rates                                                                                     Seasonally adjusted at annual rates

                                                                  Billions of dollars                                                                                                     Billions of dollars
                                                                            1
                    Table 9.—Gross Corporate Product (1.14)                                                                      Table 10.—Personal Income and its Disposition (2.1)

         Gross corporate product            526.3 541.6     540.1 547.6 544.3 568.6 579.8             586. 3          Personal income                                750.3 803.6 803.8 809.8 816.7 834.3 854.8                866.1
   Capital consumption allowances      .. 51.3       56.2   55.7     56.7       58.0    62.6   64.0    65. 5            Wage and salary disbursements     509.6 541.4               540.6   545.6   547.2   562.3             579.0
   Indirect business taxes plus transfer                                                                                                                                                                              572.4
                                                                                                                         Commodity-producing industries.. 197.4 200.7               200.9   201.4   198.4   203.2     206.7   206.8
     payments less subsidies              49.2       52.2   51.9     52.8       53.4    55.6   56.9                                                       157.6 158.3               158.9   159.1   155.1   159.6     161.7   161.7
                                                                                                                         Distributive industries          120.0 129.1               127.9   130.7   131.8   135.5     138.3   140.1
   Income originating in corporate busi-                                                                                 Service industries .              88.1 96.7                 95.6    97.2    99.7   102.6
       ness                              425.9 433.1 432.6 438.1 432.9 450.3 458.9                                                                                                                                    104.9   107.1
                                                                                                      461. 5             Government                       104.1 114.8               116.2   116.2   117.3   121.0     122.6   125.0
     Compensation of employees              350.5 366.0 364.2 368.8 367.9 378.9 386.1                 389. 3            Other labor income                            28.2   30.8   30.4     31.2
      Wages and salaries                    311.1 324.2 322.9 326.5 325.2 333.9 340.2                 342. 5                                                                                        32.0     32.6     33.4     34.1
      Supplements                            39.4 41.8 41.3 42.3 42.7 45.0 45.9                                                                                       67.0   66.9   67.6     66.0   65.9     66.0     66.7     68.8
                                                                                                                          Business and professional                   50.3   51.0   51.0     51.4   51.5     51.2     51.5     51.8
     Net interest                              1.2    1.1    1.2      1.1        1.0     1.0    1.1                       Farm                                        16.8   15.8   16.6     14.5                     15.2
                                                                                                                                                                                                    14.4     14.8              17.0
     Corporate profits and inventory                                                                                    Rental income of persons .                    22.6   23.3   23.2     23.4    23.7    23.8     24.2
        valuation adjustment            74.2 66.0 67.2 68.2 64.0 70.4 71.7                                                                                                                                                     24.5
                                        79.7 70.6 71.4 73.6 66.6 74.0 76.8                             '                Dividends                                     24.5   25.0   24.9     25.2    25.0    25.6     25.4     25.7
      Profits before tax                                                                                                                                              58.8   64.7   63.7     65.6    66.7    67.0     67.4     68.8
        Profits tax liability           39.7 34.1 34.5 35.6 32.3 36.2 37.4
        Profits after tax               40.0 36.4 36.9 38.1 34.3 37.8 39.4                                                                                            65.9   79.6   81.1     81.2    84.8    87.9     96.4
          Dividends              - - - 22.4 22.8 23.0 23.0 22.7 23.2 22.2                                                                                                                                                      96.9
                                        17.6 13.6 13.9 15.1 11.6 14.6 17.2
                                                                                                       f ;£• «           Old-age, survivors, disability, and
          Undistributed profits                                                                                                                                       33.0   38.5   41.4     39.0    39.4    40.7     47.0     45.6
      Inventory valuation adjustment- . —5.5 —4.5 —4.2 —5.5 —2.6 -3.5 -5. 1                              •                State unemployment         insurance
                                                                                                      1f1K o                benefits                             -     2.1    3.9     3.6     4.2     5.1     5.0      6.1      6.3
                                             91.3    92.6   92.6     94.8       92.3 100.4 103.5       a?'?               Veterans benefits                            8.3    9.7     9.5     9.9    10.4    11.0     11.4     11.5
   Cash flow, net of dividends               68.9    69.8   69.6     71.8       69.6 77.2 81.2                            Other                                       22.5   27.4    26.7    28.1    29.8    31.1     31.9     33.4
         Gross product originating in                                                                                   Less: Personal contributions for
          financial institutions             24.3    25.4   24.6     26.1       26.9    27.7   27.8    28. 5                anrtnl inanr<anr><>                       26.3   28.0   27.8     28.3    28.4    30.9     31.3     31.6
         Gross product originating in                                                                 „„              Less: Personal tax and nontax pay-
          nonfinancial corporations   502.0 516.2 515.5 521.5 517.4                    540.9 552.0    557. o           ments                             116.2 115.9 118.0 113.5 115.2 112.7 114.0                            116.9
   Capital consumption allowances            49.5    54.1   53.6     54.5       55.7   60.2    61.5    62>
                                                                                                             9        Equals : Disposable personal income. . 634.2 687.8 685.7 696.2 701.5 721.6
                                                                                                                                                             .                                                        740.8   749.2
   Indirect business taxes plus transfer
     payments less subsidies                 47.1    49.9   49.5     50.4       50.9   52.9    54.1                                                         596.3 633.7 631.5 638.9 643.0 663.2 679.3                         691.5
   Income originating in nonfinancial                                                                                   Personal consumption expenditures.. 579. 6 615.8 613.8 620.9 624.7 644.6 660.9                        672.5
                                            405.5 412.2 412.4 416.5 410.7 427.8 436.5                                   Interest paid by consumers           15.8 16.9 16.8 17.1 17.4 17.7 17.9                                18.0
         P                                                                                            ws.b              Personal transfer payments to for-
                                            330.5 344.2 342.7 346.9 345.4 355.7 362.1                 00 _       ft       eigners                               .9    .9   1.0    .9    .9    .9   1.0                          1.0
                                                                                                      365. 0
      Wages and salaries                    293.7 305.2 304.2 307.4 305.6 313.9 319.4                 321. 5          Equals : Personal saving                       37.9    54.1   54.2     57.4   58.5     58.4      60.9    57.7
      Supplements                            36.9 39.0 38.6 39.5 39.8 41.9 42.7                        43. 5
    Net interest                             12.9    14.8   14.6     15.0       15.4    15.8   16.2    166
                                                                                                                      Addenda:
    Corporate profits and inventory                                                                                   Disposable personal income:
       valuation adjustment                 62.1 53.3 55.0 54.6 50.0 56.3 58.1                         57 Q            Total, billions of 1958 dollars               513.5 531.5 533.0 536.0 532.5 542.7 551.8                553.2
     Profits before tax                     67.6 57.8 59.3 60.1 52.6 59.8 63.2                         63 5            Per capita, current dollars                   3,130 3,358 3,353 3,395 3,410 3,498 3, 583               3,614
       Profits tax liability                33.4 27.1 27.7 28.2 24.8 28.9 30.4                         30 5            Per capita, 1958 dollars.                     2,535 2,595 2,606 2,613 2,588 2,631 2,669                2,669
       Profits after tax                    34.2 30.7 31.5 31.9 27.8 30.9 32.8                         oo n
         Dividends                          20.9 21.1 21.2 21.2 20.9 21.4 20.5                         21 ' o         Personal saving r ate , 3 percent                6.0    7.9    7.9      8.2     8.3       8.1     8.2
         Undistributed profits              13.3  9.6 10.3 10.7  6.9  9.6 12.3                         12^0
     Inventory valuation adjustment..-      —5.5 —4.5 —4.2 —5.5 —2.6 -3.5 -5.1
                                                                                                                      Table 11. — Personal Consumption Expenditures by Major Type (2.3)
  Cash flow, gross of dividends              83.8    84.8   85.2     86.5       83.5   91.1    94.3    95.9
  Cash flow, net of dividends                62.9    63.7   63.9     65.3       62.7   69.8    73.8    74.9
                                                                                                                            Personal consumption expendi-
                                                                                                                             tures                        579.6 615.8 613.8 620.9 624.7 644.6 660.9                           672.5
                                                             Billions of 1958 dollars
                                                                                                                      Durable goods                                  89.9    88.6   90.7     90.4   84.9     97.6 100.8       104.7
         Gross product originating in                                                                                   Automobiles and parts.     - .     40.4 37.1                39.1     38.8   32.7     44.1     45.7    49.2
          nonfinancial corporations   430.5 425.0 427.7 427.6 416.7                    431.8 437.0    438. 5            Furniture and household equipment. 36.3 37.4                37.6     37.0   37.6     39.5     40.4    40.6
                                                                                                                        Other                              13.3 14.2                14.0     14.6   14.6     14.0     14.6    15.0
                                                                       Dollars                                        Nondurable goods                               247.6 264.7 262.9 265.5 270.9 272.0 279.8                282.0
                                                                                                                        Food and beverages          - -   .          122.5 131.8 131.4 132.4 134.3 135.1              138.2   139.2
         Current dollar cost per unit of                                                                                Clothing and shoes                            50.3 52.6 52.1 52.4 54.2 54.9                    57.0    57.3
          1958 dollar gross product                                                                                     Gasoline and oil            - - - -           21.1 22.9 22.6 22.9 23.5 23.8                    24.3    25.0
          originating in nonfinancial                                                                                   Other.. ... -.                                53.7 57.5 56.9 57.8 59.0 58.3                    60.4    60.5
          corporations 2                 1.166 1.215 1.205          1.220   1.242      1.253 1.263    1.272
                                                                                                       .143           Services
                                                                                                                      oeryi
                                                                                                                         «* B                       ---              242.1 262.5 260.2 265.0 268.9 275.0 280.4                285.7
  Capital consumption allowances ,           .115    .127   .125     .128       .134    .139   .141
  Indirect business taxes plus transfer                                                                                 Housing                                       84.0 91.2 90.3 91.8 94.1 96.4 98.6                      100.7
    payments less subsidies                  .109    .117   .116     .118       .122    .122   .124                                                                   33.7 36.1 35.7 36.7 36.9 37.7 38.6                       39.7
  Compensation of employees                  .768    .810   .801     .811       .829    .824   .829    . 8o2            TransDortation                                16.5 17.9 17.6 18.1 18.3 18.6 18.9                       19.1
  Net interest                               .030    .035   .034     .035       .037    .037   .037    •038             other                                        107.8 117.3 116.6 118.3 119.5 122.3 124.2                126.3
   Corporate profits and inventory valu-
    ation adjustment                      .144       .125   .129     .128       .120    .130   .133    •J3g           Table 12.— Foreign Transactions in the National                                           Income and
          Profits tax liability.        . .078       .064   .065     .066       .059    .067   .070
          Profits after tax plus inven-                                                                                                   Product Accounts (4.1)
            tory valuation adjustment— .067          .062   .064     .062       .060    .063   .064
                                                                                                                                                                     55.6    63.8   64.1     64.6   64.0     66.8     67.1     69.6
    1. Excludes gross product originating in the rest of the world.
   2. This is equal to the deflator for gross product of nonfinancial corporations, with the d ecimal                 Exports of goods and services                   55.6   62.9   63.2     63.7   63.2     66.1     66.4     68.9
  point shifted two places to the left.
    3. Personal saving as a percentage of disposable personal income.                                                 Capital grants received by the United
    *Third quarter corporate profits (and related components and totals) are preliminai y and                           States                                                 .9     .9       .9      .9        .7     .7       .7
  subject to revision next month.
                                                                                                                        Payments to foreigners                        55.6   63.8   64.1     64.6   64.0     66.8     67.1     69.6

                                                                                                                      Imports of goods and services       . ..        53.6   59.3   59.0     59.7   60.5     61.9     66.9     68.4

                                                                                                                      Transfers to foreigners                          2.9    3.1    3.0      3.2    3.3        3.1    3.2      3.2
                                                                                                                        Personal                                        .9     .9    1.0       .9     .9         .9    1.0      1.0
                                                                                                                        Governrnent                                    2.1    2.2    2.0      2.3    2.4        2.2    2.2      2.2

                                                                                                                      Net foreign investment                          -.9     1.3    2.0      1.6      .2       1.8 -3.0      -2.0
December 1971


 December 1971                                                       SUEVEY OF CURRENT BUSINESS                                                                                                                 11

                                                                  1970                     1971                                                                                1970                     1971

                                           1969   1970    II      III     IV         I     II     III                                                 1969    1970     II       III    IV         I       II    III

                                                           Seasonally adjusted at annual rates                                                                         Seasonally adjusted at annual rates
                                                               Billions of dollars                                                                                          Billions of dollars

                  Table 9.—Gross Corporate Product* (1.14)                                                             Table 10.—Personal Income and its Disposition (2.1)
      Gross corporate product             526.3 541.6 540.1 547.6 544.3 568.6 579.8               586. 4    Personal income                           750.3 803.6 803.8 809.8 816.7 834.3 854.8                 866.1
Capital consumption allowances             51.3    56.2   55.7    56.7    58.0   62.6      64.0    65. 5      Wage and salary disbursements           509.6   541.4   540.6   545.6   547.2   562.3     572.4   579.0
Indirect business taxes plus transfer                                                                          Commodity-producing industries..       197.4   200.7   200.9   201.4   198.4   203.2     206.7   206.8
  payments less subsidies                  49.2    52.2   51.9    52.8    53.4   55.6      56.9    59. 3         Manufacturing                        157.6   158.3   158.9   159.1   155.1   159.6     161.7   161.7
                                                                                                               Distributive industries                120.0   129.1   127.9   130.7   131.8   135.5     138.3   140.1
Income originating in corporate busi-                                                                          Service industries                      88.1    96.7    95.6    97.2    99.7   102.6     104.9   107.1
    ness                              425.9 433.1 432.6 438.1 432.9 450.3 458.9                   461. 5       Government                             104.1   114.8   116.2   116.2   117.3   121.0     122.6   125.0
  Compensation of employees                350.5 366.0 364.2 368.8 367.9 378.9 386.1              389. 3      Other labor income                      28.2    30.8    30.4     31.2    32.0   32.6      33.4     34.1
   Wages and salaries                    - 311.1 324.2 322.9 326.5 325.2 333.9 340.2
   Supplements              .               39.4 41.8 41.3 42.3 42.7 45.0 45.9                     46. 8      Proprietors' income                     67.0    66.9    67.6     66.0   65.9    66.0      66.7     68.8
                                                                                                               Business and professional              50.3    51.0    51.0     51.4   51.5    51.2      51.5     51.8
  Net interest                              1.2     1.1    1.2     1.1     1.0       1.0    1.1     1. 1        Farm                                  16.8    15.8    16.6     14.5   14.4    14.8      15.2     17.0
  Corporate profits and inventory                                                                            Rpnt&l income of nersonB                 22.6    23.3    23.2     23.4    23.7   23.8      24.2     24.5
     valuation adjustment             74.2 66.0 67.2 68.2 64.0 70.4 71.7                           71 2
                                                                                                             DWdendT^^^^^^                            24.5    25.0    24.9     25.2    25.0   25.6      25.4     25.7
   Profits before tax                 79.7 70.6 71.4 73.6 66.6 74.0 76.8                           • •• '     l>Arann«l infarf*at Inrnmo              58.8    64.7    63.7     65.6    66.7   67.0      67.4     68.8
     Profits tax liability            39.7 34.1 34.5 35.6 32.3 36.2 37.4                           o7. y
     Profits after tax                40.0 36.4 36.9 38.1 34.3 37.8 39.4                                                                              65.9     79.6   81.1     81.2    84.8   87.9      96.4     96.9
       Dividends                      22.4 22.8 23.0 23.0 22.7 23.2 22.2                           QS           Old-age, survivors, disability, and
       Undistributed profits          17.6 13.6 13.9 15.1 11.6 14.6 17.2                           ID. o          ViaaltVi i-ncitr«r»r»f» VvpnpfitQ   33.0    38.5    41.4     39.0    39.4   40.7      47.0     45.6
   Inventory valuation adjustment. . -5.5 -4.5 —4.2 —5.5 —2.6 -3.5 -5.1                                4
                                                                                                  ~~°'          State unemployment insurance
                                                                                                  in_ A          benefits                     2.1 3.9   3.6  4.2  5.1 5.0   6.1                                   6.3
                                           91.3    92.6   92.6    94.8    92.3 100.4 103. 5        QO Q         Veterans benefits             8.3 9.7   9.5  9.9 10.4 11.0 11.4                                  11.5
Cash flow, net of dividends.               68.9    69.8   69.6    71.8    69.6 77.2 81.2                        Other                        22.5 27.4 26.7 28.1 29.8 31.1 31.9                                  33.4
      Gross product originating in                                                                            Less: Personal contributions for
       financial institutions              24.3    25.4   24.6    26.1    26.9   27.7      27.8    28. 5         social insurance                     26.3    28.0    27.8     28.3    28.4   30.9      31.3     31.6
      Gross product originating in                                                                          Less: Personal tax and nontax pay-
       nonfinandal corporations    502.0 516.2 515.5 521.5 517.4 540.9 552.0                      557. 8     ments                             116.2 115.9 118.0 113.5 115.2 112.7 114.0                        116.9
Capital consumption allowances             49.5    54.1   53.6    54.5    55.7   60.2      61.5    62. 9    Equals : Disposable personal income. . 634.2 687.8 685.7 6%. 2 701.5 721.6 740.8
                                                                                                                                                   .                                                            749.2
Indirect business taxes plus transfer
  payments less subsidies                  47.1    49.9   49.5    50.4    50.9   52.9      54.1                                                       596.3 633.7 631.5 638.9 643.0 663.2 679.3                 691.5
Income originating in nonfinancial
                                                                                                              Personal consumption expenditures- 579.6 615.8 613.8 620.9 624.7 644.6 660.9 672.5
                                                                                                              Interest paid by consumers .        15.8 16.9 16.8 17.1 17.4 17.7 17.9        18.0
    corporations                   405.5 412.2 412.4 416.5 410.7 427.8 436.5                      438.6       Personal transfer payments to for-
                                                                                                  „„„ .         eigners
                                                                                                                  B                                 .9    .9   1.0    .9    .9    .9   1.0   1.0
  Compensation of employees               330.5 344.2 342.7 346.9 345.4 355.7 362.1               365.0
   Wages and salaries                     293.7 305.2 304.2 307.4 305.6 313.9 319.4               321. 5    Fnnala* ¥>ora/\nol flovlnir               37.9    54.1 54.2        57.4    58.5   58.4       60.9    57.7
   Supplements.             ..             36.9 39.0 38.6 39.5 39.8 41.9 42.7                      43. 5
  Net interest                             12.9    14.8   14.6    15.0    15.4   15.8      16.2    166
                                                                                                            Addend.:
  Corporate profits and inventory                                                                           Disposable personal income:
     valuation adjustment           62.1 53.3 55.0 54.6 50.0 56.3 58.1                             57 o      Total, billions of 1958 dollars          513.5 531.5 533.0 536.0 532.5 542.7 551.8                 553.2
   Profits before tax               67.6 57.8 59.3 60.1 52.6 59.8 63.2                             63* K      Per capita, current dollars             3,130 3,358 3,353 3,395 3,410 3,498 3,583                 3,614
     Profits tax liability          33.4 27.1 27.7 28.2 24.8 28.9 30.4                             30 5       Per capita, 1958 dollars                2,535 2,595 2,606 2,613 2,588 2,631 2,669                 2,669
     Profits aftertax-              34.2 30.7 31.5 31.9 27.8 30.9 32.8                             oo" n
       Dividends                    20.9 21.1 21.2 21.2 20.9 21.4 20.5                             2i ' 2   Personal saving rate , 8 percent           6.0     7.9      7.9     8.2     8.3       8.1    8.2      7.7
       Undistributed profits.       13.3 9.6 10.3 10.7   6.9 9.6 12.3
   Inventory valuation adjustment- -5.5 —4.5 -4.2 —5.5 —2.6 -3.5 -5.1
                                                                                                  ~6 4      Table 11.—Personal Consumption Expenditures by Major Type (2.3)
Cash flow, gross of dividends              83.8   84.8    85.2    86.5    83.5   91.1      94.3
Cash flow, net of dividends                62.9   63.7    63.9    65.3    62.7   69.8      73.8    74.7
                                                                                                                 Personal consumption expendi-
                                                                                                                  tures                        579.6 615.8 613.8 620.9 624.7 644.6 660.9                        672.5
                                                           Billions of 1958 dollars
                                                                                                            Durable goods                       89.9 88.6 90.7 90.4 84.9 97.6 100.8                             104.7
      Gross product originating in                                                                            Automobiles and parts.     ...      40.4        37.1    39.1     38.8   32.7    44.1      45.7     49.2
       nonfinancial corporations - 430.5 425.0 427.7 427.6 416.7 431.8 437.0                      438. 6      Furniture and household equipment . 36.3        37.4    37.6     37.0   37.6    39.5      40.4     40.6
                                                                                                              Other                               13.3        14.2    14.0     14.6   14.6    14.0      14.6     15.0
                                                                    Dollars                                 Nondurable floods                         247.6 264.7 262.9 265.5 270.9 272.0 279.8                 282.0

                                                                                                              Food and beverages                      122.5 131.8 131.4 132.4 134.3 135.1 138.2                 139.2
      Current dollar cost per unit of                                                                         Clothing and shoes       -               50.3 52.6 52.1 52.4 54,2 54.9 57.0                        57.3
       1958 dollar gross product                                                                              Gasoline and oil   -. .-                 21.1 22.9 22.6 22.9 23.5 23.8 24.3                        25.0
       originating 2in nonfinancial                                                                           Other                                    53.7 57.6 56.9 57.8 59.0 58.3 60.4                        60.5
       corporations                   1.166 1.215 1.205 1.220 1.242 1.253 1.263                   1.272
                                                                                                            Services
                                                                                                            oervices                                  242.1 262.5 260.2 265.0 268.9 275.0 280.4                 285.7
Capital consumption allowances. ..         .115   .127    .125    .128    .134   .139      .141    .143
Indirect business taxes plus transfer                                                                         Housing                                  84.0 91.2 90.3 91.8 94.1 96.4 98.6                       100.7
  payments less subsidies                  .109   .117    .116    .118    .122   .122      .124    • 128      Household operation                      33.7 36.1 35.7 36.7 36.9 37.7 38.6                        39.7
Compensation of employees                  .768   .810    .801    .811    .829   .824      .829    . 832      Transportation                           16.5 17.9 17.6 18.1 18.3 18.6 18.9                        19.1
Net interest.                              .030   .035    .034    .035    .037   .037      .037    . 038      Other                                   107.8 117.3 116.6 118.3 119.5 122.3 124.2                 126.3
Corporate profits and inventory valu-
 ation adjustment                     .144        .125    .129    .128    .120   .130      .133    •IS      Table 12.— Foreign Transactions in the National Income and
       Profits tax liability-         .078        .064    .065    .066    .059   .067      .070     070
       Profits after tax plus inven-                                                                                            Product Accounts (4.1)
         tory valuation adjustment... .067        .062    .064    .062    .060   .063      .064
                                                                                                              Receipts from foreigners                55.6    63.8    64.1     64.6   64.0    66.8      67.1    69.6
  1. Excludes gross product originating in the rest of the world.                                                                                                                                               68.9
 2. This is equal to the deflator for gross product of nonfinancial corporations, with the d ecimal         Exports of goods and services         55.6 62.9 63.2 63.7                 63.2    66.1      66.4
point shifted two places to the left.
  3. Personal saving as a percentage of disposable personal income.                                         Capital grants received by the United                                                         .7       .7
                                                                                                             States                                      .9   .9   .9                   .9        .7

                                                                                                              Payments to foreigners                  55.6    63.8    64.1     64.6   64.0    66.8      67.1    69.6

                                                                                                            Imports of goods and services             53.6    59.3    59.0     59.7   60.5    61.9      66.9    68.4

                                                                                                            Transfers to foreigners                    2.9     3.1     3.0      3.2    3.3     3.1       3.2     3.2
                                                                                                                                                        .9      .9     1.0       .9     .9      .9       1.0     1.0
                                                                                                              Government ..                            2.1     2.2     2.0      2.3    2.4     2.2       2.2     2.2

                                                                                                            Net torei gn investment                   -.9      1.3     2.0      1.8     .2        1.8 -3.0      -2.0
January 1972

     12                                                                  SURVEY OF CUEKENT BUSINESS                                                                                                       January 1972


                                                                 1970                         1971                                                                                   1970                       1971

                                              1970 1971*      III       IV       I       II      III       IV P                                                    1970 1971 J>   III    IV         I      II      III       IV v

                                                               Seasonally adjusted at annual rates                                                                                Seasonally adjusted at annual rates

                                                                 Billions of dollars                                                                                                 Billions of dollars

                      Table 9.—Gross Corporate Product1 (1.14)                                                                Table 10.—Personal Income and its Disposition (2.1)
          Gross corporate product. _. -       541.6 580.7 547.6 544.3 567.9 578.2 583.0                            Personal income                                 803 6 857 0 809 8 816 7 833 5 853 4 864 6                 876 6
    Capital consumption allowances             56.2   61.9    56.7    58.0      59.4    61.0     62.7       64.4    Wage and salary disbursements                  541.4 574.2 545.6 547.2 561.4 571.0 577.3                 586.9
    Indirect business taxes plus transfer                                                                            Commodity-producing industries..              200.7 205.7 201.4 198.4 202.5 205.7 205.6                 209.0
      payments less subsidies      _ . .      52.2 56.9       52.8 53.4         55.3    55.7     57.3       59.1       Manufacturing.                              158.3 160.8 159.1 155 1 158 9 160 7 160 5                 163 1
                                                                                                                     Distributive industries                       129 1 138 8 130 7 131 8 135 3 137 9 139 6                 142 3
    Income originating in corporate busi-                                                                            Service industries                             96 7 105 9 97 2 99 7 102 6 104 9 107 1                   108 9
        ness                       _ _    433.1 462.0 438.1 432.9 453.1 461.5 463.1                                  Government                                    114.8 123.8 116.2 117.3 121.0 122.6 125. 0                126.7
      Compensation of employees              366.0 386.0 368.8 367.9 377.9 384.5 387.4                     394.1    Other labor income                             30 8    33 7   31 2 32 0        32 6   33 4     34 1       34 6
       Wages and salaries _       - _        324.2 339.9 326.5 325.2 333.1 338.8 340.9                     346.8
       Supplements              _             41.8 46.1 42.3 42.7 44.8 45.7 46.5                            47.4    Proprietors* income                             66 9 68 3 66 0       65 9 66 4 67 2            69 2       70 5
                                                                                                                      Business and professional                     51 0 52 1 51 4       51 5 51 6 51 9            52 3       52 5
      Net interest                              1.1    1.0     1.1      1.0      1.0     1.0         1.0     1.0      Farm                                          15 8 16 3 14 5       14 4 14 8 15 2            17 0       18 1
      Corporate profits and inventory                                                                               Rental income of persons                        23 3 24 3 23 4       23 7 23 8 24 2            24 5       24 ft
         valuation adjustment                  66.0    75.0 68.2       64.0      74.2    75.9    74.7               Dividends                                       25 0 25 5 25 2       25 0 25 6 25 4            25 7       25 3
       Profits before tax                      70.6    79.4 73.6       66.6      77.8    80.3    80.5               Personal interest income                        64 7 67 5 65 6       66 7 66 6 66 7            68 1       68 6
         Profits tax liability   . ..          34.1    37.7 35.6       32'. 3    38.3    39.1    37.5
         Profits after tax                     36.4    41.7 38.1       34.3      39.5    41.2    42.9                Transfer payments                              79 6   94 7   81 2   84 8      87 9   96 4     96 9       97 7
           Dividends                           22.8    22.7 23.0       22.7      23.1    22.2    23.2                  Old-age, survivors, disability, and
           Undistributed profits               13.6    18.9 15.1       U.6       16.4    19.0    19.8                    health insurance benefits                  38 5 44 8     39 0   39 4      40 7   47 0     45 6       45 9
       Inventory valuation adjustment..       -4.5    -4.4 -5.5       -2.6      -3.5    -4.4    -5.8       -4.0        State unemployment insurance
                                                                                                                         benefits                                    3 9 5 8 4 2 5.1 5 0 6 1 6 3                               60
    Cash flow, gross of dividends             92.6 103.5 94.8 92.3 99.0 102.1 105.6                                   Veterans benefits          ..                  9.7 11.5 9.9 10 4 11 0 11 4 11.5                         11 9
    Cash flow, net of dividends               69.8 80.8 71,8 69.6 75.8 79.9 82.4                                       Other .                       -              27.4 32.6 28.1 29.8 31 1 31.9 33.4                        34 0
          Gross product originating in                                                                              Less: Personal contributions for
           financial institutions              25.4   28.0    26.1 26.9         27.6    27.7     28.3                  social insurance        -                    28 0   31 2   28 3 28.4        30 7   31 0     31 3       31 7
          Gross product originating in                                                                             Less: Personal tax and nontax pay-
           nonfinancial corporations   516.2 552.7 521.5 517.4 540.3 550.5 554.7                                    ments                             115 9 115 8 113 5 115.2 111 6 113 8 116 0                              121 8
    Capital consumption allowances             54.1 59.3      54.5     55.7     57.0    58.5     60.1       61.8   Equals: Disposable personal income... 687.8 741.2 696.2 701.5 722.0 739.6 748.5                           754.8
    Indirect business taxes plus transfer
      payments less subsidies                  49.9   54.2 50.4        50.9     52.8 53.2 54.6              56.4   Less : Personal outlays               633. 7 680,8 638.9 643.0 f>63. 3 676. 0 687. 6                      696 5
                                                                                                                     Personal consumption expenditures.. 615.8 662.2 620.9 624.7 644.9 657.4 668.8                           677.7
    Income originating in nonfinancial                                                                              Interest paid by consumers .          16.9 17.7 17.1 17.4 17.6 17.7 17.8                                  17.9
        corporations                   412.2 439.1 416.5 410.7 430.5 438.8 440.0                                     Personal transfer payments to for-
                                                                                                                      eigners                               .9     .9    .9    .9     .9     .9 1.0                             .9
      Compensation of employees               344.2 362.0 346.9 345.4 354.7 360.6 363.1 369.6
       Wages and salaries                     305.2 319.2 307.4 305.6 313.0 318.1 319.9 325.6                      Equals : Personal saving      .                  54.1 60.4     57.4   58.5      58.6   63.6     61.0       58.4
       Supplements                             39.0 42.9 39.5 39.8 41.7 42.5 43.2 44.1
     Net interest                      _ _ .. 14.8    16.2    15.0     15.4     15.7    16.0     16.4       16.8   Addenda:
                                                                                                                   Disposable personal income:
      Corporate profits and inventory                                                                               Total, billions of 1958 dollars                531.5 550.6 536.0 532.5 542.7 550.5 553.2 556.0
         valuation adjustment                  53.3    60.9    54.6    50.0      60.1    62.3    60.5               Per capita, current dollars                    3,358 3, 581 3,395 3,410 3,500 3,577 3,611 3,632
       Profits before tax                      57.8    65.3    60.1    52.6      63.6    66.7    66.3               Per capita, 1958 dollars                       2,595 2,660 2,613 2,588 2,631 2,663 2,669 2,675
         Profits tax liability                 27.1    30.5    28.2    24.8      30.9    32.1    30.2
         Profits after tax                     30.7    34.8    31.9    27.8      32.7    34.6    36.0              Personal saving rate ,3 percent                   7.9    8.1    8.2      8.3     8.1    8.6         8.1     7.7
           Dividends                           21.1    20.9    21.2    20.9      2k 3    20.4    21.3
           Undistributed profits                9.6    13.9    10.7     6.9.     11.4    14.1    14.7
       Inventory valuation adjustment...      -4.5    -4.4    -5.5    -2.6      -3.5    -4.4    -5.8       -4.0    Table 11.—Personal Consumption Expenditures by Major Type (2.3)
    C ash flow, gross of dividends             84.8 94.2 86.5 83.5 89.8 93.0                     96.1
    Cash flow net of dividends                 63.7 73.2 65.3 62.7 68.5 72.6                     74.8
                                                                                                                         Personal consumption expendi-
                                                                                                                          tures                        615.8 662.2 620.9 624.7 644.9 657.4 668.8                             677 '
                                                          Billions of 1958 dollars
                                                                                                                   Durable goods _                                  88.6 100.4    90.4   84.9      96.6   99.1 102.8         103, \

          Gross product originating in                                                                               Automobiles and parts-             37.1 46.2 38.8 32.7 43.8 45.3 48.2                                    47.,
           nonfinancial corporations   425.0 437.2 427.6 416.7 431.3 435.6 436.5                                     Furniture and household equipment- 37.4 39.5 37.0 37.6 38.8 39.4 39.6                                    40. i
                                                                                                                     Other                              14.2 14.7 14.6 14.6 14.0 14.5 15.1                                    ifi.r
                                                                         Dollars                                   Nondurable goods                                264.7 278.8 265.5 270.9 273.2 277.8 280.2                 283,1

                                                                                                                     Food and beverages                            131.8 136.6 132.4 134.3 134.4 136.3 137.3                 138.<
          Current dollar cost per unit of                                                                            Clothing and shoes                             52.6 57.0 52.4 54.2 55.4 57.0 57.4                        58. (
           1958 dollar gross product                                                                                 Gasoline and oil                               22.9 24.3 22.9 23 5 23.8 23.8 24.5                        25. C
           originating in nonfinancial                                                                               Other .                                        57.5 60.9 57.8 59.0 59.6 60.8 61.0                        62.5
                                              1.215 1.264 1.220 1.242 1.253 1.264 1.271
                                                                                                                   Services                                        262.5 283.0 265.0 268.9 275.0 280.5 285.8                 290. <
    Capital consumption allowances             .127   .136    .128 .134         .132 .134        .138
    Indirect business taxes plus transfer                                                                            Housing                         _.           91.2 99.7 91.8 94.1 96.5 98.7 100.7                        102. <
      payments less subsidies           _.     .117   .124 .118 .122 .122 .122                   .125                Household operation         .                36.1 39.3 36.7 36.9 37.7 38.9 39.9                          40. (
    Compensation of employees ._               .810   .828 .811 .829 .822 .828                   .832 .....".        Transportation                           ... 17.9 19.0 18.1 18.3 18.6 19.0 19.2                          19.^
    Net interest                               .035   .037 .035 .037 .036 .037                   .038                Other                                       117.3 125.0 118.3 119.5 122.3 124.0 125.9                   127. *

    Corporate profits and inventory valu-
     ation adjustment...                  .125        .1?9    .128     .120     .139    .143 .1?9                  Table 12.—Foreign Transactions in the National Income and
           Profits tax liability.         .064        .070    .066     .059     .072    .074 .069                                     Product Accounts (4.1)
           Profits after tax plus inven-
             tory valuation adjustment... .062        .070    .062     .060     .068 .069        .069
                                                                                                                    ^Receipts fro m foreigners                      63 8   66.3   64.6   64.0      66.9   87.3     68.9       61.9
      p Preliminary.                                                                                               Exports of goods and services          .    . 62.9      65.5   63.7   63.2      66.2   66.5     68.2       61.2
      1. Excludes gross product originating in the rest of the world.
     2. This is equal to the deflator for gross product of nonfinancial corporations, with the decimal             Capital grants received by the United
    point shifted two places to the left.                                                                           States                                           .9      .7     .9       .9      .7     .7          .7      .7
      3. Personal saving as a percentage of disposable personal income.                                                                                                                                            68.9       61.9
                                                                                                                     Payments to foreigners                         63.8   66.3   64.6   64.0      66.9   67.3
                                                                                                                   Imports of goods and services                    59.3   64.8   59.7   60.5      61.5   66.4     68.2       63.2

                                                                                                                   Transfers to foreigners _                        3.1    3.4    3.2       3. 3   3.1     3.4         3.7    3.5
                                                                                                                     Personal                                        .9     .9     .9        .9     .9      .9         1.0     .9
                                                                                                                                                                    2.2    2.5    2.3       2.4    2.2     2.5         2.7    2.6

                                                                                                                   Net foreign investment                     ..     1.3 -2.0      1.6       .2     2.3 -2.5 -3.0            -4.8
February 1972

     12                                                                  SURVEY OF CURRENT BUSINESS                                                                                                         February 1972


                                                                 1970                       1971                                                                                   1970                           1971

                                              1970 1971*      III    IV         I      II      III       IV                                                   1970    1971      III      IV        I         II       III      IV

                                                              Seasonally adjusted at annual rates                                                                               Seasonally adjusted at annual rates

                                                                 Billions of dollars                                                                                               Billions of dollars

                     Table 9.-—Gross Corporate Product1 (1.14)                                                              Table 10.—Personal Income and its Disposition (2.1)

          Gross corporate product            541.6 580.8 547.6 544.3 567.9 578.2 583.0                           Personal income                              803 6 857 0 809 8 816 7 833 5 853 4 864 6                        876 7
    Capital consumption allowances-           56.2    61.9    56.7   58.0      59.4    61.0    62.7      64.4     Wage and salary disbursements    . 541.4            574.2    545.6    547.2    561.4      571.0    577.3     587.0
    Indirect business taxes plus transfer                                                                          Commodity-producing industries. .200.7             205.7    201.4    198.4    202.5      205.7    205.6     209.0
      payments less subsidies                 52.2    56.9    52.8   53.4      55.3    55.7    57.3      59.1        Manufacturing.                  158.3            160.8    159.1    155.1    158.9      160.7    160.5     163.2
                                                                                                                   Distributive industries           129 1            138 8    130 7    131 8    135 3      137 9    139 6     142 4
    Income originating in corporate busi-                                                                          Service industries. _              96.7            105 9     97 2     99 7    102 6      104 9    107 1     108 9
        ness      _                   _ _ 433. 1 462.1 438.1 432.9 453.1 461. 5 463.1                              Government               -        114.8            123.8    116.2    117.3    121.0      122.6    125. 0    126. 7
      Compensation of employees              366.0 386.0 368.8 367.9 377.9 384.5 387.4                   394.3    Other labor income                          30.8    33 7     31 2     32.0     32 6       33 4      34 1      34 6
       Wages and salaries __                 324.2 339.9 326.5 325.2 333.1 338.8 340.9                   346.9
       Supplemen ts                           41.8 46.1 42.3 42.7 44.8 45.7 46.5                          47.4    Proprietors' income.                         66 9   68 3     66 0     65 9     66 4       67 2      69 2      70 5
                                                                                                                    Business and professional       ..         51.0   52 1     51 4     51.5     51 6       51 9      52 3      52 5
      Net interest.. ._                        1.1     1.0     1.1      1.0     1.0     1.0        1.0     1.0      Farm               ..                      15.8   16 3     14.5     14.4     14 8       15 2      17.0      18.1
      Corporate profits and inventory                                                                             Rental income of persons          .-        23 3    24 3      23 4     23.7     23 8      24 2      24 5      24 6
         valuation adjustment                  66.0 75.1 68.2 64.0 74.2 75.9 74.7                                 Dividends                                   25.0    25 5      25.2     25.0     25 6      25 4      25 7      25.3
       Profits before tax                      70.6 79.5 73.6 66.6 77.8 80.3 80.5                                 Personal interest income               '..- 64 7    67 5      65 6     66.7     66.6      66.7      68 1      68.6
         Profits tax liability                 34.1 37.8 35.6 32i.3 38.3 39.1 37.5
         Profits after tax                     36.4 41.7 38.1 34.3 39.5 41.2 42.9                                 Transfer payments .              .     79 6          94 7     81 2     84.8     87 9       96 4     96.9      97.7
           Dividends-                          22.8 22.8 23.0 22.7 23.1 22.2 23.2                                   Old-age, survivors, disability, and
           Undistributed profits               13.6 18.9 15.1 U.6 16.4 19.0 19.8                                      health insurance benefits          38 5          44 8     39 0     39.4     40 7       47 0     45 6      45.9
       Inventory valuation adjustment..       -4.5 -4.4 -5.5 -2.6 -3.5 -4.4 -5.8                         -4.0       State unemployment insurance
                                                                                                                      benefits. _                         3.9           5.8      4.2      5.1      5.0        6.1      6.3       6.0
    Cash flow, gross of dividends             92.6 103.6      94.8   92.3      99.0 102.1 105.6                     Veterans benefits                     9.7          11.5      9.9     10.4     11. 0      11.4     11.5      11.9
    Cash flow, net of dividends               69.8 80.8       71.8   69.6      75.8 79.9 82.4                       Other                             -- 27.4          32.6     28.1     29.8     31.1       31.9     33.4      34.0
          Gross product originating in                                                                            Less: Personal contributions for
           financial institutions              25.4   28.0    26.1   26.9      27.6    27.7    28.3                  social insurance. -                       28.0    31. 2    28.3     28.4     30.7       31.0     31.3      31.7
          Gross product originating in                                                                           Less: Personal tax and nontax pay-
           nonfinancial corporations   516.2 552.8 521.5 517.4 540.3 550.5 554.7                                                                              115.9 115.8 113.5 115.2 111.6 113.8 116.0                        121.7
    Capital consumption allowances             54.1   59.3    54.5   55.7      57. 0   58.5    60.1       61.8   Equals: Disposable personal income... 687.8 741.3 696.2 701.5 722.0 739. 6 748.5                              755.0
    Indirect business taxes plus transfer
      payments less subsidies      _           49.9   54. 2   50.4   50.9      52.8    53.2    54.6       56.4   Less: Personal outlays              833. 7 680,7 638.9 643.0 863.3 676.0 687.6                                696.0
                                                                                                                  Personal consumption expenditures- 615.8 662.1 620. 9 624.7 644.9 657.4 668.8                                677.2
    Income originating in nonfinancial                                                                            Interest paid by consumers          16.9 17.7 17.1 17.4 17.6 17.7 17.8                                        17.9
        corporations                   412.2 439.2 416.5 410.7 430.5 438.8 440.0                                  Personal transfer payments to for-
                                                                                                                    eigners                             .9     .9    .9    .9    .9    .9   1.0                                     .9
      Compensation of employees              344. 2 362.0 346.9 345.4 354.7 360.6 363.1                  369.8
       Wages and salaries                    305.2 319.2 307.4 305.6 313.0 318.1 319.9                   325.7   Equals* Personal saving                       54.1    60.5     57.4     58.5     58.6       63.6     61.0      59.0
       Supplements                            39.0 42.9 39.5 39.8 41.7 42. 5 43.2                         44.1
      Net interest                             14.8   16.2    15.0   15.4      15.7    16.0    16.4       16.8
                                                                                                                 Addenda:
                                                                                                                 Disposable personal income :
      Corporate profits and inventory                                                                             Total billions of 1958 dollars              531.5 550.6 536.0 532.5 542.7 550.5 553.2                        556.1
         valuation adjustment                  53.3 61.0 54.6 50.0 60.1 62.3 60.5                                                                             3,358 3,581 3,395 3,410 3,500 3,577 3,611                        3,633
       Profits before tax                      57.8 65.4 60.1 52.6 63.6 66.7 66.3                                  Per capita current dollars
                                                                                                                  Per capita 1958 dollars                     2,595 2,660 2,613 2,588 2, 631 2,663 2,669                       2,676
         Profits tax liability                 27.1 30.5 28.2 24.8 30.9 32.1 30.2
         Profits after tax                     30.7 34.9 31.9 27.8 32.7 34.6 36.0                                Personal saving rate,3 percent                 7.9     8.2      8.2      8.3      8.1        8.6        8.1     7.8
           Dividends                           21.1 21.0 21.2 20.9 21.3 20.4 21.3
           Undistributed profits                9.6 13.9 10.7  6.9 11.4 14.1 14.7
       Inventory valuation adjustment-        -4.5 -4.4 -5.5 -2.6 -3.5 -4.4 -5.8                         -4.0
                                                                                                                 Table 11.—Personal Consumption Expenditures by Major Type (2.3)
    Cash flow, gross of dividends              84.8   94.2    86.5   83.5      89.8    93.0    96.1
    Cash flow, net of dividends                63.7   73.2    65.3   62.7      68.5    72.6    74.8
                                                                                                                      Personal consumption expendi-
                                                                                                                        tures                        615. 8 662. 1 620.9 624.7 644.9 657.4 668.8                               677.5
                                                          Billions of 1958 dollars
                                                                                                                 Durable goods                    - - 88.6 100.5 90.4 84.9 96.6 99.1 102.8                                     103. f

          Gross product originating in                                                                             Automobiles and parts              37.1             46.2     38.8      32.7    43.8       45.3     48.2      47. (
           nonfinancial corporations   425.0 437.2 427.6 416.7 431.3 435.6 436.5                                   Furniture and household equipment. 37.4             39.6     37.0      37.6    38.8       39.4     39.6      40. *
                                                                                                                   Other .                  -    .-.- 14.2             14.7     14.6      14.6    14.0       14.5     15.1      15.',

                                                                         Dollars                                 Nondurable goods                             264.7 278.6 265.5 270.9 273.2 277. 8 280.2                       283. i
                                                                                                                   Food and beverages               --       131.8 136.5       132.4 134.3 134.4 136.3 137.3                   138.
          Current dollar cost per unit of                                                                          Clothing and shoes                     .- 52.6 57.0          52.4 54.2 55.4 57.0 57.4                        58. (
           1958 dollar gross product                                                                               Gasoline and oil                           22.9 24.4         22.9 23.5 23.8 23.8 24.5                        25.^
           originating 2in nonfinancial                                                                            Other              .-    - -               57.5 60.8         57.8 59.0 59.6 60.8 61.0                        61. i
           corporations        ._         1.215 1.264 1.220 1.242 1.253 1.264 1.271
                                                                                                                 Services                         . . . 262.5 282.9 265.0 268.9 275.0 280.5 285.8                              290.J
    Capital consumption allowances—            .127   .136    .128   .134      .132    .134    .138
    Indirect business taxes plus transfer                                                                          Housing                               91.2 99.7 91.8 94.1 96.5 98.7 100.7                                   102 A
      payments less subsidies. _               .117   .124    .118   .122      .122    .122 .125                   Household operation                   36.1 39.2 36.7 36.9 37.7 38. V 39.9                                    40.,
    Compensation of employees. _               .810   .828    .811   .829      .822    . 828 .832                  Transportation                 -      17.9 19.1 18.1 18.3 18. 6 19.0 19.2                                    19. (
    Net interest. .-       _         _         .035   .037    .035   .037      .036    .037 .038                   Other             ...              - 117.3 124.9 118.3 119.5 122.3 124. 0 125.9                             127.^

    Corporate profits and inventory valu-
     ation adjustment..-.         .    _. .125        .139    .128      .120   .139    .143    .139              Table 12.—Foreign Transactions in the National Income and
           Profits tax liability-         .064        .070    .066      .059   .072    .074    .069                                 Product Accounts (4.1)
           Profits after tax plus inven-
             tory valuation adjustment— .062          .070    .062      .060   .068    .069    .069
                                                                                                                   Receipts from foreigners        ...         63.8    66.1     64.6     64.0     66.9       67.3     68.9      61.1
      * See footnote on page 11.                                                                                                                               62.9    65.3     63.7      63.2    66.2       66. 5    68.2      60. 4
                                                                                                                 Exports of goods and services
      1. Excludes gross product originating in the rest of the world.
     2. This is equal to the deflator for gross product of nonfinancial corporations, with the decimal           Capital grants received by the United
    point shifted two places to the left.                                                                         States                       ----              .9      .7       .9        .9         .7      .7         .7        .7
      3. Personal saving as a percentage of disposable personal income.                                                                                                                                               68.9      61.1
                                                                                                                   Payments to foreigners                      63.8    66.1     64. 6     64.0    66.9       67.3
                                                                                                                 Imports of goods and services                 59.3    65.3     59.7      60.5    61. 5      66.4     68.2      65.0

                                                                                                                 Transfers to foreigners                        3.1     3.4      3.2       3.3     3.1        3.4        3.7     3.5
                                                                                                                   Personal                              -—      .9      .9       .9        .9       9         .9        1.0
                                                                                                                                                                2.2     2.5      2.3       2.4     2.2        2.5        2.7     ,/ 9
                                                                                                                                                                                                                                 2.6
                                                                                                                   Government
                                                                                                                 Net forei gn investment           . . . . . 1.3 -2.G            1.0        .2     2.3 -2.5 -3.0               -7.4
March 1972


  12                                                                  SURVEY OF CURRENT BUSINESS                                                                                                               March 1972

                                                              1970                       1971                                                                                      1970                           1971

                                            1970 1971*     III    IV         I      II      III       IV*                                                       1970    1971     III     IV        I         II      III       IV

                                                           Seasonally adjusted at annual rates                                                                                   Seasonally adjusted at annual rates

                                                              Billions of dollars                                                                                                  Billions of dollars

                  Table 9.—Gross Corporate Product1 (1.14)                                                                 Table 10.—Personal Income and its Disposition (2.1)

       Gross corporate product             541.6 581.0 547.6 544.3 567.9 578.2 583.0                  594 8     Personal income                                 803.6 857.0 809.8 816.7 833.5 853. 4 864.6                     876.7
 Capital consumption allowances             56.2   61.9    56.7   58.0      59.4   61.0     62.7       64. 4     Wage and salary disbursements                  541.4   574.2   545.6   547.2    561.4      571.0   577.3      587.0
 Indirect business taxes plus transfer                                                                            Commodity-producing industries..              200.7   205.7   201.4   198.4    202.5      205.7   205.6      2C9.0
   payments less subsidies _                52.2   56.9    52.8   53.4      55.3   55.7     57.3       59. 1        Manufacturing                               158.3   160.8   159.1   155.1    158.9      160.7   160.5      163.2
                                                                                                                  Distributive industries                       129.1   138.8   130.7   131.8    135. 3     137.9   139.6      142.4
 Income originating in corporate busi-                                                                            Service industries                             96.7   105.9    97.2    99.7    102.6      104.9   107. 1     108.9
     ness                                   33. 1 462.2 438.1 432.9 453.1 461. 5 463.1 471. 2                     Government                                    114.8   123.8   116.2   117.3    121.0      122.6   125.0      126.7
  Compensation of employees                 66.0 386.0 368.8 367.9 377.9 384.5 387.4                  394. 3     Other labor income                              30.8   33.7    31.2    32.0      32.6      33.4     34.1      34.6
   Wages and salaries                       24.2 339.9 326. 5 325.2 333.1 338.8 340.9                 346.9
   Supplements                              41.8 46.1 42.3 42.7 44.8 45.7 46.5                         47. 4     Proprietors' income                             66.9   68.3    66.0    65.9      66.4       67.2    69.2       70.5
                                                                                                                   Business and professional                     51.0   52.1    51.4    51.5      51.6       51.9    52.3       52.5
  Net interest                               1.1    1.0     1.1      1.0    1.0     1.0         1.0     1. 0       Farm                                          15.8   16.3    14.5    14.4      14.8       15.2    17.0       18.1
  Corporate profits and inventory                                                                                Rental income of persons                        23.3   24.3    23.4    23.7      23.8      24.2     24.5       24.6
     valuation adjustment                   66.0 75.2 68.2 64.0 74.2 75.9 74.7                        75. 9      Dividends                                       25.0   25.5    25.2    25.0      25.6      25.4     25.7       25.3
   Profits before tax                       70.6 79.6 73.6 66.6 77.8 80.3 80.5                        79. 9      Personal interest income                        64.7   67.5    65.6    66.7      66.6      66.7     68.1       68.6
     Profits tax liability                  34.1 37.8 35.6 32i3 38.3 39.1 37.5                        36.4
     Profits after tax                      36.4 41.8 38.1 34.3 39.5 41.2 42.9                        43. 5      Transfer payments                               79.6    94.7   81.2    84.8      87.9       96.4    96.9       97.7
       Dividends                            22.8 22.7 23.0 22.7 23.1 22.2 23.2                        22. 3        Old-age, survivors, disability, and
       Undistributed profits                13.6 19.1 15.1 IX. 6 16.4 19.0 19.8                       21.2           health insurance benefits .                 38.5    44.8    39.0    39.4     40.7       47.0    45.6       45.9
   Inventory valuation adjustment- _       -4.5 -4.4 -5.5 -2.6 -3.5 -4.4 -5.8                         —4.0         State unemployment insurance
                                                                                                                     benefits.              .                     3.9     5.8     4.2     5.1      5.0        6.1     6.3        6.0
 Cash flow gross of dividends               92.6 103.6     94.8   92.3      99.0 102.1 105.6          107. 9       Veterans benefits                              9.7    11.5     9.9    10.4     11.0       11.4    11.5       11.9
 Cash flow net of dividends                 69.8 81.0      71.8   69.6      75.8 79.9 82.4             85. 6       Other                                         27.4    32.6    28.1    29.8     31.1       31.9    33.4       34.0
       Gross product originating in                                                                              Less: Personal contributions for
        financial institutions              25.4   27.9    26.1   26.9      27.6   27.7     28.3       28. 1        social insurance                             28.0    31.2    28.3    28.4     30.7       31.0    31.3       31.7
       Gross product originating in                                                                             Less: Personal tax and nontax pay-
        nonfinancial corporations . _ _ 516.2 553.0 521.5 517.4 540.3 550.5 554.7                     566. 7     ments                     -       115.9 115.8 113.5 115.2 111.6 113.8 116.0                                   121.7
 Capital consumption allowances             54.1   59.3    54.5   55.7      57.0   58.5     60.1       61. 8                                           687.8 741.3 696.2 701.5 722.0 739.6 748. 5
                                                                                                                Equals : Disposable personal income. . .                                                                       755.0
 Indirect business taxes plus transfer
   payments less subsidies                  49.9   54.2    50.4   50.9      52.8   53.2     54.6       56.4     Less* Personal outlays                          633. 7 680.7 638.9 643.0 663.3 676.0 687. 6                    696.0
                                                                                                                  Personal consumption expenditures..           615.8 662.1 620.9 624.7 644.9 657.4 668.8                      677.2
 Income originating in nonfinancial                                                                               Interest paid by consumers                     16.9 17.7 17.1 17.4 17.6 17.7 17.8                             17.9
     corporations                   412.2 439.5 416.5 410.7 430.5 438.8 440.0 448.5                               Personal transfer payments to for-
                                                                                                                    eicners
                                                                                                                      g                                            .9      .9      .9      .9       .9         .9        1.0        .9
   Compensation of employees        344.2 362.0 346.9 345.4 354.7 360.6 363.1 369.8                                                '
     Wages and salaries             305.2 319.2 307.4 305.6 313.0 318.1 319.9 325. 7                            Equals : Personal saving                         54.1    60.5    57.4    58.5     58.6       63.6    61. 0      59.0
     Supplements. __                 39.0 42.9 39.5 39.8 41.7 42.5 43.2 44. 1
  Net interest                              14.8   16.2    15.0   15.4      15.7   16.0     16.4       16 8
                                                                                                            '   Addenda:
                                                                                                                Disposable personal income :
   Corporate profits and inventory                                                                               Total billions of 1958 dollars                 531.5 550.6 536.0 532.5 542.7 550.5 553.2                      556.1
      valuation adjustment                  53.3 61.2 54.6 50.0 60.1 62.3 60.5                                                                                  3,358 3,581 3,395 3,410 3,500 3,577 3,611                      3,633
    Profits before tax                      57.8 65.6 60.1 52.6 63.6 66.7 66.3                         65. 9      ~PQT capita' 1958 dollars                     2,595 2,660 2,613 2,588 2,631 2,663 2,669                      2,676
      Profits tax liability                 27.1 30.6 28.2 24.8 30.9 32.1 30.2
      Profits aftertax                      30.7 35.0 31.9 27.8 32.7 34.6 36.0                                                                                    7.9     8.2     8.2     8.3      8.1        8.6        8.1        7.8
        Dividends                           21.1 20.9 21.2 20.9 2}.3 20.4 21.3
        Undistributed profits                9.6 14.1 10.7  6.9 11.4 14.1 14.7
    Inventory valuation adjustment...      -4.5 -4.4 -5.5 -2.6 -3.5 -4.4 -5.8                          ~4' °    Table 11.—Personal Consumption Expenditures by Major Type (2.S)
 Cash flow, gross of dividends              84.8   94.3    86.5   83.5      89.8   93.0     96.1
 Cash flow, net of dividends                63.7   73.4    65.3   62.7      68.5   72.6     74.8       77.9
                                                                                                                      Personal consumption expendi-
                                                                                                                                                                615.8 662.1 620.9 624.7 644.9 657.4 668.8                      677.2
                                                            Billions of 1958 dollars
                                                                                                                Durable goods                                    88.6 100.5      90.4    84.9     96.6       99.1 102.8        103.6

       Gross product originating in                                                                               Automobiles and parts               37.1               46.2    38.8    32.7     43.8       45.3    48.2       47.6
        nonfinancial corporations   425.0 437.4 427.6 416.7 431.3 435.6 436.5                         446. 1      Furniture and household equipment _ 37.4               39.6    37.0    37.6     38.8       39.4    39.6       40.8
                                                                                                                  Other                               14.2               14.7    14.6    14.6     14.0       14.5    15.1       15.2

                                                                      Dollars                                   Nondurable goods              ._                264.7 278.6 265.5 270.9 273.2 277.8 280.2                      283.3
                                                                                                                  Food and beverages. _                  _        131.8 136. 5 132.4 134.3 134.4 136.3 137.3                   138.1
       Current dollar cost per unit of                                                                            Clothing and shoes                               52.6 57.0 52.4 54.2 55.4 57.0 57.4                           58.0
        1958 dollar gross product                                                                                 Gasoline and oil                                 22. 9 24.4 22.9 23.5 23.8 23.8 24.5                          25.4
        originating 2in nonfinancial                                                                              Other .     .                               _ _ 57.5 60.8 57.8 59.0 59.6 60.8 61.0                            61.8
        corporations                   1.215 1.264 1.220 1.242 1.253 1.264 1.271                       1.270
                                                                                                                Services                                        262.5 282.9 265.0 268.9 275.0 280.5 285.8                      290.3
 Capital consumption allowances ___ __ .127         .136   .128   .134      .132   .134     .138       .138
 Indirect business taxes plus transfer                                                                            Housing              _           - -           91.2 99.7 91.8          94.1 96.5 98.7 100.7                  102.8
                                       .117         .124   .118   .122      .122   .122     .125        126       Household operation.                           36.1 39.2 36.7          36,9 37.7 38.9 39.9                    40.5
 p     p t'      f    i    <?          .810         .828   .811   .829      .822   .828     .832        829       Transportation.                                17.9 19.1 18.1          18.3 18.6 19.0 19.2                    19.6
 Net interest                          .035         .037   .035   .037      .036   .037     .038       .038       Other                                         117.3 124.9 118.3       119.5 122.3 124.0 125.9                127.4

 Corporate profits and inventory valu-
  ation adjustment                     .125         .140   .128   .120      .139   .143     .139       .139     Table 12. — Foreign Transactions in the National Income and
        Profits tax liability          .064         .070   .066   .059      .072   .074     .069        066
                                                                                                                                     Product Accounts (4.1)
        Profits after tax plus inven-
          tory valuation adjustment— .062           .070   .062      .060   .068   .069     .069
                                                                                                                                                                 63.8    66.1    64.6     64.0    66.9       87.3    68.9       61.1
   * See footnote on page 11.                                                                                   Exports of goods and services                    62.9    65.3    63.7     63.2    66.2       66.5    68.2       60.4
   1. Excludes gross product originating in the rest of the world.
   2. This is equal to the deflator for gross product of nonfinancial corporations, with the d ecimal           Capital &jmt& received by the United
 point shifted two places to the left.                                                                           States                                            .9      .7      .9       .9         .7      .7         .7         .7
   3. Personal saving as a percentage of disposable personal income.
                                                                                                                 Payments to foreigners. _.                      63.8    66.1    64.6     64.0    66.9       67.3    68.9       61.1
                                                                                                                Imports of goods and services            --      59.3    65.3    59.7     60.5    61.5       66.4    68.2       €5.0

                                                                                                                Transfers to foreigners _                         3.1     3.4     3.2      3.3     3.1        3.4        3.7        3.5
                                                                                                                  Personal                                         .9      .9      .9       .9      .9         .9        1.0         .9
                                                                                                                  Government                                      2.2     2.5     2.3      2.4     2.2        2.5        2.7        2.6

                                                                                                                Net foreign investment .                          1.3 -2.6        1.6       .2     2.3 -2.5 -3.0               -7.4
April 1972


    April 1972                                                             SURVEY OF CURRENT BUSINESS                                                                                                                               15

                                                              1970                       1971                1972                                                                     1970                    1971                  1972

                                             1970    1971      IV         I         II          III    IV    IP                                                       1970    1971    IV         I      II           III     IV     IP

                                                                Seasonally adjusted at annual rates                                                                                    Seasonally adjusted at annual rates

                                                                     Billions of dollars                                                                                                     Billions of dollars
                                                                               1
                    Table 9,—Gross Corporate Product (1.14)                                                                          Table 10.—Personal Income and its Disposition (2.1)

        Gross corporate product              541.6 580.9 544.3 567.9 578.2 583.0 594.6                                  Personal income                              803.6 857. 0 816.7 833.5 853.4 864.6 876.7                     899.9
  Capital consumption allowances        . 56.2       61.9     58.0      59.4       61.0     62.7      64.4    66. 3          Wage and salary disbursements   .       541.4   574.2   547.2     561.4   571.0    577.3       587.0   608.8
  Indirect business taxes plus transfer                                                                                       Commodity-producing industries..       200.7   205.7   198.4     202.5   205.7    205.6       209.0   216.1
    payments less subsidies               52.2       56.9     53.4      55.3       55.7     57.3      59.1    59. 7             Manufacturing                        158.3   160.8   155.1     158.9   160.7    160.5       163.2   168.8
                                                                                                                              Distributive industries                129.1   138.8   131.8     135.3   137.9    139.6       142.4   148.0
  Income originating in corporate busi-                                                                                       Service industries                      96.7   105.9    99.7     102.6   104.9    107.1       108.9   112.4
      ness                              433. 1 462.2 432. 9 453.1 461.5 463.1 471.1                                 _         Government                             114.8   123.8   117.3     121.0   122.6    125.0       126.7   132.3
    Compensation of employees             . 366.0 386.0 367.9 377.9 384.5 387.4 394.3                        408 2           Other labor income                       30.8    33.7   32.0       32.6    33.4     34.1        34.6    35.2
     Wages and salaries                     324.2 339.9 325.2 333.1 338.8 340.9 346.9                        358. 5
     Supplements                             41.8 46.1 42.7 44.8 45.7 46.5 47.4                               49 7           Proprietors income                       66.9    68.3    65.9      66.4    67.2     69.2        70.5    71.3
                                                                                                                               Business and professional              51.0    52.1    51.5      51.6    51.9     52.3        52.5    52.6
    Net interest                              1.1     1.0      1.0       1.0        1.0         1.0    1.0     I i             Farm                                   15.8    16.3    14.4      14.8    15.2     17.0        18.1    18.7
    Corporate profits and inventory                                                                                          Rental income of persons                23.3     24.3    23.7      23.8    24.2     24.5        24.6    24.8
       valuation adjustment                   66.0 76.2 64.0 74.2 75.9 74.7 75.7                                             Dividends                        . . .. 25.0     25.5    25.0      25.6    25.4     25.7        25.3    25.8
     Profits before tax                       70.6 79.6 66.6 77.8 80.3 80.5 79.7                                             Personal interest income                64.7     67.5    66.7      66.6    66.7     68.1        68.6    68.8
       Profits tax liability                  34.1 37.8 32.. 3 38.3 39.1 37.5 36.4
       Profits after tax                      36.4 41.8 34.3 39.5 41.2 42.9 43.4                                             Transfer payments                        79.6    94.7    84.8      87.9    96.4         96.9    97.7    99.4
         Dividends         _       _.         22.8 22.7 22.7 23.1 22.2 23.2 22.3                                               Old-age, survivors, disability, and
         Undistributed profits                13.6 19.1 H.6 16.4 19.0 19.8 21. 1                                                 health insurance benefits            38.5    44.8    39.4      40.7    47.0         45.6    45.9    46. 6
     Inventory valuation adjustment--        -4.5 -4.4 -2.6 -3.5 -4.4 -5.8 -4.0                              —5. 6             State unemployment insurance
                                                                                                                                 benefits. _                           3.9     5.8     5.1       5.0     6.1      6.3         6.0     5.7
  Cash flow, gross of dividends          .   92.6 103. 6      92.3     99.0 102.1 105.6 107. 8                                 Veterans benefits                       9.7    11.5    10.4      11.0    11.4     11.5        11.9    11.9
  Cash flow, net of dividends                69.8 80.9        69.6     75.8 79.9 82.4 85.6                                     Other                                  27 4    32 6    29.8      31.1    31.9     33.4        34.0    35.2
        Gross product originating in                                                                                         Less: Personal contributions for
         financial institutions              25 4    27. 9    26.9      27.6       27.7     28.3      28.1                                                            28.0    31.2    28.4      30.7   31.0      31.3        31.7    34.1
        Gross product originating in                                                                                    Less: Personal tax and nontax pay-
         nonfinancial corporations   516.2 •553. 0 517.4 540.3 550.5 554.7 566.5                                         ments                             115.9 115.8 115.2 111.6 113.8 116.0 121.7                                134.2
  Capital consumption allowances             54.1    59.3     55. 7    57.0        58.5     60.1      61.8    63. 5     Equals : Disposable personal income. . .
                                                                                                                                                               687.8 741.3 701.5 722.0 739.6 748.5 755. 0                           765.7
  Indirect business taxes plus transfer
    payments less subsidies                  49.9    54.2     50.9     52.8        53.2     54.6      56.4    57. 0     Less : Personal outlays               633.7 680.7 643.0 663.3 676.0 687.6 696.0                             709.2
                                                                                                                          Personal consumption expenditures.. 615.8 662.1 624.7 644.9 657.4 668.8 677.2                             690.2
  Income originating in nonfinancial                                                                                     Interest paid by consumers            16.9 17.7 17.4 17.6 17.7 17.8. 17.9                                   18.0
      corporations                    412.2 439.4 410.7 430.5 438.8 440.0 448.3                                           Personal transfer payments to for-
                                                                                                                           eigners                     _         .9    .9    .9    .9    .9   1.0    .9                               1.0
    Compensation of employees   . _ 344.2 362.0 345.4 354.7 360.6 363.1 369.8                                383.0
      Wages and salaries              305.2 319.2 305.6 313.0 318.1 319.9 325.7                              336.7      Equals: Personal saving ..                    54.1    60.5   58.5       58.6   63.6      61.0       59.0     56.5
      Supplements..                ... 39.0 42.9 39.8 41.7 42.5 43.2 44.1                                     46.3
    Net interest                             14.8    16.2     15.4     15.7        16.0     16.4      16.8    17 2
                                                                                                                -       Addenda:
                                                                                                                        Disposable personal income:
    Corporate profits and inventory                                                                                      Total, billions of 1958 dollars             531.5 550.6 532.5 542.7 550.5 553.2 556.1                      558.5
       valuation adjustment                        53.3 61.1 50.0 60.1 62.3 60.5 61.8                                    rvr capita, curreni> uonars                 3,358 3,581 3,410 3,500 3,577 3,611 3,633                      3,677
     Profits before tax                            57.8 65.6 52.6 63.6 66.7 66.3 65.8                                    .r er capita, lyoo uonars                   2,595 2,660 2,588 2,631 2,663 2,669 2,676                      2,682
       Profits tax liability                       27.1 30.6 24.8 30.9 32.1 30.2 29.2
       Profits after tax      -                    30.7 35.0 27.8 32.7 34.6 36.0 36.6                                   T>             •                               7.9    8.2     8.3        8.1    8.6          8.1     7.8      7.4
         Dividends                                 21.1 20.9 20.9 21.3 20.4 21.3 20.5
          T T n r l i ^ t r i V m t p r l nrnfit<s  9.6 14.1  6.9 11.4 14.1 14.7 16. 1
      Inventory valuation adjustment- -4.5 -4.4 -2.6 -3.5 -4.4 -5.8 -4.0
                                                                                                             ~5 6       Table 11.— Personal Consumption Expenditures by Major Type (2.3)
                                             84.8    94 3     83 5     89.8        93 0     96.1      98 3
  Cash flow, net of dividends                63.7    73.4     62.7     68.5        72.6     74.8      77.8
                                                                                                                                 Personal consumption expendi-
                                                                                                                                                                     615.8 662.1 624.7 644.9 657.4 668.8 677.2                      690. 2
                                                               Billions of 1958 dollars
                                                                                                                        Durable goods                     _           88.6 100.5     84.9       96.6   99.1 102.8 103.6             107.0
       Gross product originating in                                                                                          Automobiles and parts.              37.1        46.2    32.7       43.8   45.3      48.2        47.6    48.1
        nonfinancial corporations   425.0 437.3 416.7                  431.3 435.6 436.5 446.0                               Furniture and household equipment. 37.4         39.6    37.6       38.8   39.4      39.6        40.8    43.7
                                                                                                                             Other                          .... 14.2        14.7    14.6       14.0   14.5      15.1        15.2    15.2
                                                                          Dollars                                       Nondurable goods                             264.7 278.6 270.9 273.2 277.8 280.2 283.3                      286.9
                                                                                                                             Jb'ood and beverages.                  131.8    136.5 134.3 134.4 136.3 137.3 138.1                    139.9
       Current dollar cost per unit of                                                                                       Clothing and shoes               _   _ 52.6      57.0 54.2 55.4 57.0 57.4 58.0                          58.8
        1958 dollar gross product                                                                                            Gasoline and oil                        22.9     24.4 23.5 23.8 23.8 24.5 25.4                          25.6
        originating 2in nonfinancial                                                                                         Other                     ..            57.5     60.8 59.0 59.6 60.8 61.0 61.8                          62.6
        corporations                   1.215 1.264           1.242    1.253 1.264          1.271 1.270
                                                                                                                        Services                                     262.5 282.9 268.9 275.0 280.5 285.8 290.3                      296.3
  Capital consumption allowances             .127    .136    .134      . 132 . 134          .138       139
  Indirect business taxes plus transfer                                                                                      Housing    .._                           91.2 99.7 . 94.1 96.5 98.7 100.7 102.8                        104.8
    payments less subsidies                  .117    .124    .122      .122        . 122 . 125 . 126                         Household operation                      36.1 39.2 36.9 37.7 38.9 39.9 40.5                             41.2
  Compensation of employees                  .810    .828    .829      .822          828  832    829                         Transportation                           17.9 19.1 18.3 18.6 19.0 19.2 19.6                             20.0
  Net interest                                 035    037     037       036          037  038    038                         Other..                      .          117.3 124.9 119.5 122.3 124.0 125.9 127.4                      130. 2

  Corporate profits and inventory valu-
   ation adjustment                     .125          140    .120      . 139       . 143 . 139 138                      Table 12.— Foreign Transac,tions in the National                                             Income and
         Profits tax liability          .064         .070    .059      .072        .074 .069 . 065                                          "p-^-w ,!•,•. . Accounts (4.1)
                                                                                                                                            Jnrouu<2t
         Profits after tax plus inven-
           tory valuation adjustment - .062          .070     ,060     .068        .069     .069      .073
                                                                                                                                                                      63.8   66.1    64.0       66.9   87.3      68.9       61.1     70.2
    p Preliminary.                                                                                                                                                    62.9   65.3    63.2       66.2   66.5      68.2       60.4     69.5
    1. Excludes gross product originating in the rest of the world.                                                     Exports of goods and services
   2. This is equal to the deflator for gross product of nonfinancial corporations, with the d ecimal                   Capital grants received by the United
  point shifted two places to the left.                                                                                   States                                        .9      .7      .9        .7     .7           .7      .7       .7
    3. Personal saving as a percentage of disposable personal income.
                                                                                                                             Payments to foreigners.      .   .      63.8    66.1    64.0      66.9    67.3      68.9       61.1     70.2
                                                                                                                        Imports of goods and services                 59.3   65.3    60.5       61.5   66.4      68.2       65.0     74.5
                                                                                                                        Transfers to foreigners      ..               3.1     3.4     3.3        3.1    3.4          3.7     3.5      3.8
                                                                                                                          Personal                        -            .9      .9      .9         .9     .9          1.0      .9      1.0
                                                                                                                          Government                                  2.2     2.5     2.4        2.2    2.5          2.7     2.6      2.8
                                                                                                                        Net foreign investment                         1.3 -2.6        .2        2.3 -2.5 -3.0              -7.4    -8.1
May 1972 Part I



   14                                                               SURVEY OF CURRENT BUSINESS                                                                                                           May 1972

                                                         1970                  1971                 1972                                                              1970                  1971                     1972

                                           1970   1971    IV        I     II      III        IV     I*                                                1970    1971     IV        I     II      III         IV         I

                                                           Seasonally adjusted at annual rates                                                                         Seasonally adjusted at annual rates

                                                               Billions of dollars                                                                                          Billions of dollars

                   Table 9.—Gross Corporate Productl (1.14)                                                            Table 10.—Personal Income and its Disposition (2.1)

        Gross corporate product            541.6 580.9 544.3 567.9 578.2 583.0 594.6                616.5   Personal income. -                        803 6 857 0 816 7 833 5         oeq A   QCA C      ft7R 7      Qnn l

  Capital consumption allowances           56.2   61.9    58.0    59.4   61.0     62.7       64.4    66.3     Wage and salary disbursements     541.4         574.2   547.2   561.4   571.0   577.3      587.0       608.9
  Indirect business taxes plus transfer                                                                        Commodity-producing industries.. 200.7         205.7   198.4   202.5   205.7   205.6      209.0       216.2
    payments less subsidies                52.2   66.9   53.4     55.3   55.7     57.3       59.1    59.9        Manufacturing                  158 3         160 8   155 1   158 9   160 7   160 5      •ICO    0   IfiR Q
                                                                                                               Distributive industries          129.1         138 8   131 8   135 3   137 9   139 6      142 4       148 1
 Income originating in corporate busi-                                                                         Service industries .              96 7         105 9    99 7   102 6   104 9   107 1      108 9       112 4
     ness                              433. 1 462.2 432.9 453.1 461. 5 463.1 471.1                  490.4      Government _                     114 8         123 8   117 3   121 0   122 6   125 0      126 7       132* 3
   Compensation of -employees             366.0 386.0 367.9 377.9 384.5 387.4 394.3                 408.6     Other labor income                      30 8    33 7    32 0     32 6   33 4     34 1       34 6        35 2
    Wages and salaries                    324.2 339.9 325.2 333.1 338.8 340.9 346.9                 358.8
    Supplements       _ ._                 41.8 46.1 42.7 44.8 45.7 46.5 47.4                        49.7     Proprietors' income..                   66 9    68 3    65 9     66 4   67 2     69 2       70 5        71 2
                                                                                                               Business and professional              51 0    52 1    51*5     51 6   51 9     52 3       52 5        52 6
   Net interest                             1.1    1.0    1.0      1.0    1.0         1.0    1.0      1.1       Farm        ._                        15 8    16 3    14 4     14 8   15 2     17 0       18 1        18 7
   Corporate profits and inventory                                                                            Rental income of persons                23 3    24 3    23 7     23 8   24 2     24 5       24 6        24 g
      valuation adjustment.                66.0 75.2 64.0 74.2 75.9 74.7 75.7                        80.7     Dividends                               25 0    25 5    25 0     25 6   25 4     25 7       25 3        25*8
    Profits before tax.                    70.6 79.6 66.6 77.8 80.3 80.5 79.7                        86.4     Personal interest income .              64 7    67 5    66 7     66 6   66 7     68 1       68 6        68 7
      Profits tax liability                34.1 37.8 32i3 38.3 39.1 37.5 36.4                        39.3
      Profits after tax          - -       36.4 41.8 34.3 39.6 41.2 42.9 43.4                        47.1     Transfer payments                       79 6    94 7    84 8     87 9   96 4     96 9       97 7        99 5
        Dividends                ..-       22.8 22.7 22.7 23.1 22.2 23.2 22.3                        23.4       Old-age, survivors, disability, and
        Undistributed profits              13.6 19.1 H.6 16.4 19.0 19.8 21.1                         23.7         health insurance benefits ,          38.5   44.8    39.4     40.7   47.0     45.6       45.9        46 6
    Inventory valuation adjustment- -     -4.5 -4.4 -2.6 -3.5 -4.4 -5.8 -4.0                        -5.6        State unemployment insurance
                                                                                                                  benefits. .                           39     58      5.1      50     61 63               6.0         57
 Cash flow, gross of dividends             92.6 103.6    92.3     99.0 102.1 105.6 107.8            113.4       Veterans benefits _                     9.7   11.5    10.4     11 0   11.4 11 5           11.9        12 0
 Cash flow, net of dividends               69.8 80.9     69.6     75.8 79.9 82.4 85.6                90.0       Other                                  27.4   32 6    29.8     31 1   31.9 33 4           34.0        35 3
        Gross product originating in                                                                          Less: Personal contributions for
         financial institutions            25.4   27.9   26.9     27.6   27.7     28.3      28.1     28.7        social insurance. .. .    .. . 28.0          31 2    28.4     30 7   31 0     31 3       31.7        34 2
        Gross product originating in                                                                        Less: Personal tax and nontax pay-
         nonfinancial corporations   516.2 553.0 517.4 540.3 550.5 554.7 566.5                      587.8    ments                             115 9 115 8 115.2 111 6 113 8 116 0 121.7                             135 7
 Capital consumption allowances            54.1   59.3   55.7     57.0   58.5     60.1      61.8     63.5   Equals: Disposable personal income... 687.8 741.3 701.5 722.0 739.6 748.5 755.0                          764.3
 Indirect business taxes plus transfer
   payments less subsidies                 49.9   54.2   50.9     52.8   53.2     54.6       56.4    57.1   Less: Personal outlays               633 7 680 7 643.0 663.3 676 0 687.6 696.0                           710 8
                                                                                                             Personal consumption expenditures.. 615.8 662.1 624.7 644.9 657.4 668.8 677.2                           691.8
 Income originating in nonfinancial                                                                          Interest paid by consumers           16.9 17.7 17.4 17.6 17.7 17.8 17.9                                  18.0
     corporations                   412.2 439.4 410.7 430.5 438.8 440.0                     448.3   467.2    Personal transfer payments to for-
                                                                                                               eigners                              .9    .9    .9    .9    .9   1.0    .9                             1.0
   Compensation of employees        344.2 362.0 345.4 354.7 360.6 363.1                     369.8   383.4
     Wages and salaries .           305.2 319.2 305.6 313.0 318.1 319.9                     325.7   337.1   Equals : Personal saving                  54.1    60.5    58.5     58.6   63.6     61.0       59.0        53.5
     Supplements            .        39.0 42.9 39.8 41.7 42.5 43.2                           44.1    46.3
   Net interest           .   -      14.8 16.2 15.4 15.7 16.0 16.4                           16.8    17.2   Addenda:
                                                                                                            Disposable personal income :
   Corporate profits and inventory                                                                           Total, billions of 1958 dollars          531.5 550.6 532.5 542.7 550.5 553.2 556.1                      558.0
      valuation adjustment                 53,3 61.1 50.0 60.1 62.3 60.5 61.8                        66.6    Per capita, current dollars.             3,358 3,581 3,410 3,500 3,577 3,611 3, 633                     3,670
    Profits before tax                     57.8 65.6 52.6 63.6 66.7 66.3 65.8                        72.3    Per capita, 1958 dollars                 2,595 2,660 2,588 2,631 2,663 2,669 2,676                      2,679
      Profits tax liability                27.1 30.6 24.8 30.9 32.1 30.2 29.2                        32.1
      Profits after tax                    30.7 35.0 27.8 32.7 34.6 36.0 36.6                        40.2   Personal saving rate ,3 percent            7.9     8.2     8.3      8.1    8.6         8.1     7.8         7.0
        Dividends            _ ._ .        21.1 20.9 20.9 2i3 20.4 21.3 20.5                         21.5
        Undistributed profits               9.6 14.1 6.9 11.4 14.1 14.7 16.1                         18.6
    Inventory valuation adjustment-       -4.5 -4.4 -2.6 -3.5 -4.4 -5.8 -4.0                        -5.6    Table 11.—Personal Consumption Expenditures by Major Type (2.3)
 Cash flow, gross of dividends         _. 84.8    94.3   83.5     89.8   93.0     96.1      98.3    103.7
 Cash flow, net of dividends              63.7    73.4   62.7     68.5   72.6     74.8      77.8     82.2
                                                                                                                  Personal consumption expendi-
                                                                                                                   tures                    - - 615.8 662.1 624.7 644. 9 657.4 668.8 677.2                           691.8
                                                          Billions of 1958 dollars                                                                                                                                   107.6
                                                                                                            Durable goods                             88.6 100.5 84.9          96.6   99.1 102.8 103.6

        Gross product originating in                                                                         Automobiles and parts.             37.1          46.2    32.7     43.8   45.3     48.2       47.6        48.7
         nonfinancial corporations   425.0 437.3 416.7 431.3 435.6 436.5 446.0                      458.8    Furniture and household equipment. 37.4          39.6    37.6     38.8   39.4     39.6       40.8        43.6
                                                                                                             Other                              14.2          14.7    14.6     14.0   14.5     15.1       15.2        15.4

                                                                    Dollars                                 Nondurable goods                          264.7 278.6 270.9 273.2 277.8 280.2 283.3                      288.0
                                                                                                              Food and beverages                      131.8 136.5 134.3 134.4 136.3 137.3 138.1                      140.7
        Current dollar cost per unit of                                                                       Clothing and shoes                       52.6 57.0 54.2 55.4 57.0 57.4 58.0                             59.0
         1958 dollar gross product                                                                            Gasoline and oil                         22.9 24.4 23.5 23.8 23.8 24.5 25.4                             25.4
         originating in nonfinancial                                                                          Other                                    57.5 60.8 59.0 59.6 60.8 61.0 61.8                             62.9
         corporations 2                 1.215 1.264 1.242 1.253 1.264 1.271 1.270                   1.281
                                                                                                                                                      262.5 282.9 268.9 275.0 280.5 285.8 290.3                      296.2
                                                                                                            Services           -      -
 Capital consumption allowances            .127   .136   .134     .132   .134     .138      .139     .138
 Indirect business taxes plus transfer                                                                        Housing             -       -            91.2 99.7 94.1 96.5 98.7 100.7 102.8                          104.8
   payments less subsidies.                .117   .124   .122     .122   .122     .125      .126     .125     Household operation     .                36.1 39.2 36.9 37.7 38.9 39.9 40.5                             41.2
 Compensation of employees                 .810   .828   .829     .822   .828     .832      .829     .836     Transportation        -                  17.9 19.1 18.3 18.6 19.0 19.2 19.6                             20.0
 Net interest                              .035   .037   .037     .036   .037     .038      .038     .037     Other                     -             117.3 124.9 119.5 122.3 124.0 125.9 127.4                      130.2

 Corporate profits and inventory valu-
  ation adjustment          _          .125       .140   .120     .139   .143     .139      .138     .145   Table 12.—Foreign Transactions in the National                                         Income and
        Profits tax liability          .064       .070   .059     .072   .074     .069      .065     .070                      Product Accounts (4.1)
        Profits after tax plus inven-
          tory valuation adjustment... .062       .070   .060     .068   .069     .069      .073     .075
                                                                                                              Receipts from foreigners                 63.8   66.1    64.0     66.9    87.3    68.9       61.1        69.9
   *See footnote on page 13.                                                                                Exports of goods and services              62.9   65.3    63.2     66.2   66.5     68.2       60.4        69.2
   1. Excludes gross product originating in the rest of the world.
  2. This is equal to the deflator for gross product of nonfinancial corporations, with the decimal         Capital grants received by the United
 point shifted two places to the left.                                                                       States..                                    .9     .7      .9       .7      .7         .7          .7        .7
   3. Personal saving as a percentage of disposable personal income.
                                                                                                              Payments to foreigners           -       63.8   66.1    64.0     66.9   67.3     68.9       61.1        69.9

                                                                                                            Imports of goods and services              59.3   65.3    60.5     61.5   66.4     68.2       65.0        75.4

                                                                                                            Transfers to foreigners                    3.1     3.4     3.3      3.1    3.4         3.7     3.5         3.8
                                                                                                              Personal                                  .9      .9      .9       .9     .9         1.0      .9         1.0
                                                                                                              Government                               2.2     2.5     2.4      2.2    2.5         2.7     2.6         2.8

                                                                                                            Net foreign investment             -        1.3 -2.6        .2      2.3 -2.5 -3.0            -7.4        -9.2
June 1972



      14                                                                    SURVEY OF CURRENT BUSINESS                                                                                                                   June 1972

                                                               1970                       1971                1972                                                                   1970                   1971                      1972

                                                1970   1971     IV         I         II      III       IV      I                                                      1970   1971     IV       I       II      III        IV           I

                                                                Seasonally adjusted at annual rates                                                                                   Seasonally adjusted at annual rates

                                                                      Billions of dollars                                                                                                  Billions of dollars
                                                                                1
                       Table 9.—Gross Corporate Product (1.14)                                                                   Table 10.—Personal Income and its Disposition (2.1)
            Gross corporate product            541.6 580.9 544.3 567.9 578.2 583.0 594.6                      616.8   Personal income                                 S03 6 857 0 816 7 833 5 353 4 364 6 876 7                       900 1
    Capital consumption allowances              56.2   61.9    58.0      59.4       61.0     62.7      64.4    66.3     Wage and salary disbursements..... 541.4             574.2   547.2   561.4    571.0   577.3      587.0        608.9
    Indirect business taxes plus transfer                                                                                Commodity-producing industries.. 200.7              205.7   198.4   202. 5   205.7   205.6      209. 0       216.2
      payments less subsidies                   52.2   56.9    53.4      55.3       55.7     57.3      59.1    59.9        Manufacturing _ . .             158 3             160 8   155 1   158 9    160 7   160 5      163 2        168 9
                                                                                                                         Distributive industries . ... . . 129 1             138 8   131 8   135 3    137 9   139 6      142 4        148 1
    Income originating in corporate busi-                                                                                Service industries             .. 96 7              105 9    99 7   102 6    104 9   107 1      108 9        112 4
        ness, _                           433. 1 462.2 432.9            453.1 461,5 463.1 471.1               490.4      Government                        114 8             123 8   117 3   121 0    122 6   125 0      126 7        132 3
      Compensation of employees           366.0 386.0 367.9             377.9 384.5 387.4 394.3               408.6     Other labor income                            30 g   33 7    32 0     32 6    33 4     34 1 34 6               35 2
        Wages and salaries __             324.2 339.9 325. 2            333.1 338.8 340.9 346.9               358.8
        Supplements.                       41.8 46.1 42.7                44.8 45.7 46.5 47.4                   49.7    Proprietors' income                          66 9   68     3 65 9 66 4         67 2      70 5
                                                                                                                                                                                                               69 2                    71 2
                                                                                                                         Business and professional                  51 0   52     1 51 5 51 6         51 9     52 3
                                                                                                                                                                                                                52 5                   52 6
      Net interest                          1.1 1.0 1.0                   1.0        1.0         1.0    1.0     1.1      Farm                                   . . 15 8   16     3 14 4 14 8         15 2     17 0
                                                                                                                                                                                                                18 1                   18 7
       Corporate profits and inventory                                                                                  Rental income of persons                      23 3 24     3 23 7 23 8         24 2 24 5 24 g                   24 8
          valuation adjustment                  66.0    75.2   64.0      74.2    75.9        74.7 75.7         81.0     Dividends                                     25 0 25     5 25 0 25 6         25 4 25 7 25*3                   25 8
        Profits before tax                      70.6    79.6   66.6      77.8    80.3        80.5 79.7         86.7     Personal interest income                      64 7 67     5 66 7 66 6         66 7 68 1 68*6                   68 7
          Profits tax liability                 34.1    37.8   32i3      38.3    39.1        37.5 36.4         39.4
          Profits after tax.                    36.4    41.8   34.3      39.5    41.2        42.9 43.4         47.3     Transfer payments - . .                       79 6    94 7   84 8     87 9    96 4     96 9       97 7         99 5
            Dividends                  _        22.8    22.7   22.7      23.1    22.2        23.2 22.3         23.4       Old-age, survivors, disability, and
            Undistributed profits               13.6    19.1   n.6       16.4
                                                                        -3.5
                                                                                 19.0
                                                                                -4.4
                                                                                             19.8 21.1
                                                                                            -5.8 -4.0
                                                                                                               23.9         health insurance benefits                 38 5    44 8    39 4    40 7    47 0     45 6       45 9         46 6
        Inventory valuation adjustment..       -4.5    -4.4    -2.6                                           -5.6        State unemployment insurance
                                                                                                                            benefits                                    3 9 5 8 5.1 5 0 6 1 6 3 6 0                                     57
    Cash flow, gross of dividends.              92.6 103.6     92.3 99.0 102.1 105.6 107.8                    113.5      Veterans benefits           -                  9 7 11.5 10.4 11 0 11 4 11 5 11.9                              12 0
    Cash flow, net of dividends                 69.8 80.9      69.6 75.8 79.9 82.4 85.6                        90.2       Other                                        27 4 32 6 29.8 31 1 31 9 33 4 34.0                              35 3
            Gross product originating in                                                                               Less: Personal contributions for
             financial institutions             25.4   27.9    26.9      27.6       27.7     28.3 28.1         28.8       social insurance. ..                        28.0    31.2   28.4     30.7    31.0     31.3       31.7         34.2
            Gross product originating in                                                                              Less: Personal tax and nontax pay-
             nonfinancial corporations   516.2 553. 0 517.4 540.3 550.5 554.7 566.5                           588.0    ments                     -       115 9 115.8 115.2 111.6 113 8 116 0 121.7                                    135.7
    Capital consumption allowances              54.1 59.3      55.7      67.0       58.6     60.1 61.8         63.5   Equals: Disposable personal income... 687.8 741.3 701.5 722.0 739.6 748.5 755.0                                 764.3
    Indirect business taxes plus transfer
      payments less subsidies _                 49.9   54.2    50.9      52.8       53.2 54.6          56.4    57.1   Less : Personal outlays             -- 633 7 680.7 643.0 663.3 676.0 887.6 686.0                                710.8
                                                                                                                        Personal consumption expenditures- 615.8 662.1 624.7 644.9 657.4 668.8 677.2                                  691.8
    Income originating in nonfinancial                                                                                 Interest paid by consumers             16.9 17.7 17.4 17.6 17.7 17.8 17.9                                       18.0
        corporations. _                 412.2          439.4 410.7 430.5 438.8 440.0 448.3                    467.4     Personal transfer payments to for-
                                                                                                                         eigners                                .9'   .9    .9    .9    .9 1.0      .9                                  1.0
      Compensation of employees         344.2          362.0 345.4 354.7 360.6 363.1 369.8                    383.4
        Wages and salaries..     _  . . 305.2          319.2 305.6 313.0 318.1 319.9 325.7                    337.1   Equals : Personal saving -                      54.1 60.5 58.5          58.6    63.6     61.0       59.0         53.5
        Supplements          .. ..       39.0           42.9 39.8 41.7 42.5 43.2 44.1                          46.3
      Net interest                       14.8           16.2 15.4 15.7 16.0 16.4 16.8                          17.2   Addenda :
                                                                                                                      Disposable personal income:
      Corporate profits and inventory                                                                                  Total billions of 1958 dollars          531.5 550.6 532.5 542.7 550.5 553.2 556.1                              558.0
         valuation adjustment                   53.3    61.1    50.0     60.1        62.3    60.5 61.8         66.8    Per capita, current dollars        __ _ 3,358 3,581 3,410 3,500 3,577 3,611 3,633                              3,670
       Profits before tax                       57.8    65.6    52.6     63.6        66.7    66.3 65.8         72.5    Per capita, 1958 dollars.          ...- 2, 595 2,660 2,588 2,631 2,663 2,669 2,676                             2,679
         Profits tax liability                  27.1    30.6    24.8     30.9        32.1    30.2 29.2         32.2
         Profits after tax                      30.7    35.0    27.8     32.7        34.6    36.0 36.6         40.3   Personal saving rate ,3 percent _ _         7.9 8.2 8.3 8.1 8.6 8.1 7.8                                           7.0
           Dividends                            21.1    20.9    20.9     24.3        20.4    21.3 20.5         21.5
           Undistributed profi ts_               9.6    14.1     6.9     11.4        14.1    14.7 16.1         18.8
       Inventory valuation adjustment-         -4.5    -4.4    -2.6     -3.5        -4.4    -5.8 -4.0         -5.6
                                                                                                                      Table 11.—Personal Consumption Expenditures by Major Type (2.3)
     Cash flow, gross of dividends              84.8 94.3 83.5           89.8 93.0 96.1 98.3                  103.8
     Cash flow, net of dividends                63.7 73.4 62.7           68.5 72.6 74.8 77.8                   82.3
                                                                                                                           Personal consumption expendi-
                                                                                                                             tures                        615.8 662.1 624.7 644.9                     657.4 668.8 677.2               691.8
                                                                 Billions of 1958 dollars
                                                                                                                      Durable goods                        88.6 100.5 84.9 96.6                       99.1 102.8 103.6                107.6
            Gross product originating in                                                                               Automobiles and parts               37.1 46/2 32.7 43.8                        45.3 48.2           47.6         48.7
             nonfinancial corporations   425.0 437.3 416.7 431.3 435.6 436.5 446.0                            459.0    Furniture and household equipment- 37. 4 39.6 37.6 38.8                        39.4 39.6           40.8         43.6
                                                                                                                       Other                               14.2 14.7 14.6 14.0                        14.5 15.1           15.2         15.4
                                                                            Dollars                                   Nondurable goods                            264.7 278.6 270.9 273.2             277.8 280.2 283.3               288.0
                                                                                                                        Food and beverages                        131.8 136.5 134.3 134.4             136.3 137.3 138.1               140.7
           Current dollar cost per unit of                                                                              Clothing and shoes                       . 52.6 57.0 54.2 55.4                 57.0 57.4 58.0                  59.0
             1958 dollar gross product                                                                                  Gasoline and oil            - -            22.9 24.4 23.5 23.8                 23.8 24.5 25.4                  25.4
             originating in nonfinancial                                                                                Other                                      57.5 60.8 59.0 59.6                 60.8 61.0 61.8                  62.9
             corporations 2                1.215 1.264         1.242 1.253 1.264 1.271 1.270                  1.281
                                                                                                                                                                                                                                      296.2
                                                                                                                      Services                              -         262. 5 282.9 268.9 275.0 280.5 285.8 290.3
     Capital consumption allowances, _      .127 .136          .134 .132 .134 .138                     .139    .138
     Indirect business taxes plus transfer                                                                              Housing                                        91.2 99.7 94.1 96.5 98.7 100.7 102.8                           104.8
       payments less subsidies              .117 .124          .122 .122 .122 .125                     .126    .124     Household operation                            36.1 39.2 36.9 37.7 38.9 39.9 40.5                              41.2
     Compensation of employees              .810 .828          .829 .822 .828 .832                     .829    .835     Transportation                    - -          17.9 19.1 18.3 18.6 19.0 19.2 19.6                              20.0
     Net interest        . ..               .035 .037          .037 .036 .037 .038                     .038    .037     Other                                         117.3 124.9 119.5 122.3 124.0 125.9 127.4                       130.2

     Corporate profits and inventory valu-
      ation adjustment              .      .125 .140 .120 .139 .143 .139                               .138    .146   Table 12.—Foreign Transactions in the National Income and
            Profits tax liability          .064 .070 .059 .072 .074 .069                               .065    .070                      Product Accounts (4.1)
            Profits after tax plus inven-
              tory valuation adjustment... .062 .070 .060 .068 .069 .069                               .073    .075
                                                                                                                        Receipts fro m foreigners                     63.8 66.1 64.0 66.9 87.3 68.9 61.1                               69.9
       1. Excludes gross product originating in the rest of the world.                              .                 Exports of goods and services                   62.9   65.3 63.2        66.2    66.5     68.2       60.4         69.2
       2. This is equal to the deflator for gross product of nonfinancial corporations, with the decimal
     point shifted two places to the left.                                                                            Capital grants received by the United
       3. Personal saving as a percentage of disposable personal income.                                               States                                           .9     .7      .9       .7      .7          .7      .7             .7
                                                                                                                       Payments t o foreigners                        63.8   66.1    64.0     66.9    67.3     68.9       61.1         69.9
                                                                                                                      Imports of goods and services                   59.3   65.3    60.5     61.5    66.4     68.2       65.0         75.4
                                                                                                                      Transfers to foreigners                   ---    3.1    3.4     3.3      3.1     3.4         3.7    3.5           3.8
                                                                                                                        Personal                 -                      .9     .9      .9       .9      .9         1.0     .9           1.0
                                                                                                                        Government        - .. -   -                   2.2    2.5     2.4      2.2     2.5         2.7    2.6           2.8
                                                                                                                      Net foreign investment                           1.3 -2.6        .2      2.3 -2.5 -3.0             -7.4         -9.2
                                                                                                                                                                                                                                  1
July 1972



     July 1972                                                            SURVEY OF CUKKENT BUSINESS

                                                                              1971                    1972                                                                                           1971                     1972


                                               1970    1971     I        II      III    IV       I       11*                                                     1970        1971      I       II       III      IV       I       II*

                                                                Seasonally adjusted at annual rates                                                                                   Seasonally adjusted at annual rates

                                                                     Billions of dollars                                                                                                   Billions of dollars


                      Table 9.—Gross Corporate Product 1 (1.14)                                                                 Table 10.—Personal Income and its Disposition (2.1)

            Gross corporate product.          544.4 580.3 566.9 577. 6 583.4 593.5 613.7                             Personal income            .        _       806.3 861.4 838.0 858.1 867.9 881.5 907.0 922.5

    Capital consumption allowances             55.2   60.3    57.5      59.4    61.2    63.0    64.8         68.4      Wage and salary disbursements             541.9   572.9
                                                                                                                                                                         !
                                                                                                                                                                                    560.4    569.5     575.9   585.9    608.0    620.2
    Indirect business taxes plus transfer                                                                               Commodity-producing industries-          201.0   206. 1     202.9    205.7     206.0   209.9   !217. 5   222.4
      payments less subsidies      .           52.8   56.9    55.6      56.0    57.2    58.9    59.2         59.9         Manufacturing                          158.3   160 3      158.5    160.2     160.0   162.7    168.8    173.8
                                                                                                                        Distributive industries                  129.2   138.2      134.8    137.2     139.1   141.7    147.2    150.0
    Income originating in corporate busi-                                                                               Service industries                        96 7   105 0      101 6    103 9     106.3   108.4    111 9    114.7
        ness        --.                   436.5 463.1 453.7 462.2 465.0 471.6 489.8                                     Government                               115.1   123 5      121 1    122 7     124.6   125.9    131.4    133.1
      Compensation of employees              368.8 388.8 379.9 386.8 390.4 398.2 412.2                  422.2          Other labor income                        32.1 36.5 34.8               36.1 37.2         38.0    38.8 39.8
       Wages and salaries                    325.5 340.2 333.0 338.6 341.2 348. 1 359.7                 368.4          Proprietors' income                                   70 0 68.1 69 3 70.7 71.8 73.3 73.5
       Supplements              ..            43.2 48.6 46.9 48.3 49.1 50.1 52.5                         53.8                                                    66.8
                                                                                                                         Business and professional. _            49.9        52.6 51.3 52 4 53.1 53.8 54.3 54.7
      Net interest                             2.6     1.5     2.0       1.6     1.3    1.2     1.1          1.0         Farm       _                            16.9        17.3 16.8 16.9 17.6 18.1 19.1 18.7
      Corporate profits and inventory                                                                                  Rental income of persons                  23 3 24 5 23 9 24 4 24 8 25 0 25 2 24 4
         valuation adjustment             65.2 72.8 71.8 73.8 73.3 72.2                        76.5                    Dividends                                 24.8 25.4 25 5 25 4 25 5 25.2 26 0 26.2
       Profits before tax                 69.6 77.4 76.5 78.1 79.1 76.1                        82.9                    Personal interest income _ _              65.8 69 6 68.6 69 1 70 2 70.6 71.0 72.7
         Profits tax liability            34.1 37.3 38.0 38.6 37.5 35.3                        38.8
         Profits after tax                35.4 40.1 38.4 39.5 41.6 40.8                        44.2                    Transfer payments                         79.5 93.6           87.3 95.2 95.0             96.8    99.2 100.8
           Dividends                      22.4 22.2 23.0 21.9 22.8 21.1                        23.0                      Old-age, survivors, disability, and
           Undistributed profits.   .     13.0 17.9 15.5 17.7 18.8 19.7                        21.2                        health insurance benefits             38.5 44 5 40 4               46 7     45 0 45.7 46 8            48 2
       Inventory valuation adjustment .. -4.4 -4.7 —4.7 —4.4 —5.8 —3.9                         —6.5     —5.5             State unemployment insurance
                                                                                                                           benefits..                             3.9 5.7 5.0 5.7 5.9 6.2 5.4 5.6
    Cashflow,gross of dividends.. ...         90.6 100.4      96.0      98.9 102.8 103.8 109. 0                         Veterans benefits                         9 7 11 3 11 0 11 2 11 3 11 6 11 9 12 3
    Cash flow, net of dividends               68.2 78.2       73.0      77.0 80.0 82.7 85.9                              Other .                                 27.4 32 2 30 9 31 6 32 8 33.3 35 1 34 7
          Gross product originating in                                                                                Less: Personal contributions for
           financial institutions             28.3    30.9    30.7      30.7    31.2   30.9    31.4                    social insurance                          28.0        31 2    30 5     31 0     31 3 31 9 34 6            35 1
          Gross product originating in                                                                              Less: Personal tax and nontax pay-
           nonfinancial corporations   516.1 549.4 536.2 546.9 552.2 562.6 582.4                                       ments                           116.7 117.0 112.3 115.2 117.5 123.0 136.5 139.6
    Capital consumption allowances            53.2    58.0    55.4      57.1    58.8   60.5    62.1      65.5       Equals: Disposable personal income          689.5 744.4 725.7 742.9 750.4 758.5 770.5 782.9
    Indirect business taxes plus transfer                                                                           Less: Personal outlays.             634.7 683.4 666.4 678.8 689.4 699.2 714. 9 731.5
      payments less subsidies                 50.3    54.3    53.0     53.4     54.6   56.2    56.5      57.2        Personal consumption expenditures- 616.8 664.9 648.0 660.4 670.7 680.5 696.1 712.5
    Income originating in nonfinancial                                                                               Interest paidby consumers           16.9 17.6 17.4 17 5 17.6 17.7 17.8 18.0
        corporations                   412.6 437.2 427.8 436.3 438.8 445.9 463.8                                     Personal transfer payments to for-
                                                                                                                       eigners                            1.0 1 0       9     9 1 i 1.1 1.0 1 0
      Compensation of employees              346.9 365.0 356.8 363.0 366.2 373.8 387.0                  396.5       Equals: Personal saving .                    54.9        60.9 59.3 64.1 61.0                59.3    55.7     51.5
      Wages and salaries     -               306.5 319.6 313.1 318.0 320.4 327.1 338.0                  346.3
       Supplements                          - 40.4 45.3 43.7 45.0 45.8 46.7 48.9                         50.2
     Net interest                             15.0    16.1    15.8     16.0     16.3   16.6    16.8      17.1       Addenda:
                                                                                                                    Disposable personal income :
      Corporate profits and inventory                                                                                Total, billions of 1958 dollars            533.2 554.7 546.6 554.6 556.5 560.9 565.7 570.9
         valuation adjustment                 50.7 56.1 55.2 57.4 56.3 55.6 59.9                                     Per capita, current dollars                3,366 3,595 3,517 3 592 3,620 3,649 3,700 3,753
       Profits before tax.            _.      55.1 60.8 59.8 61.7 62.1 59.4 66.4                                      Per capita, 1958 dollars                  2,603 2,679 2,650 2,682 2,684 2,698 2,716 2,736
         Profits tax liability— .             26.9 29.4 30.0 30.8 29.5 27.4 31.1
         Profits after tax                    28.2 31.3 29.8 30.9 32.6 32.0 35.4                                    Personal saving rate,3 percent                8.0        8.2     8.2       8.6      8.1     7.8      7.2      6.6
           Dividends                          19.9 19.5 20.1 19.2 20.0 18.6 20.3
           Undistributed profits               8.3 11.9  9.7 11.7 12.6 13.5 15.1
       Inventory valuation adjustment- _     -4.4 -4.7 -4.7 -4.4 -5.8 -3.9 -6.5                         -5~5        Table 11.—Personal Consumption Expenditures by Major Type (2.3)
    Cash flow, gross of dividends..           81.4    89.3    85.2     88.0     91.5   92.5    97.5
    Cash flow, net of dividends               61.5    69.8    65.1     68.8     71.4   73.9    77.2                      Personal consumption expendi-
                                                                                                                           tures                       616.8 664.9 648.0 660.4 670.7 680.5 696.1                                 712.5
                                                               Billions of 1958 dollars                             Durable goods        .              90.5 103.5 99.8 101.9 106.1 106.1 111.0                                  113.6

         Gross product originating in                                                                                   Automobiles and parts                    37.3 46.7          44.9     45.4 48.8         47.9    49.9       51.3
          nonfinancial corporations   427.4 438.8 432.0 436.8 438. 9 447.3 459.6                                        Mobile homes                             2.5         3.3     28       3 3 3.6           3.5     3.9        4.1
                                                                                                                        Furniture and household equip-
                                                                                                                         ment           .                       39.0     42.0       41.0     41.4      41.9    43.5    46.5       46.6
                                                                         Dollars                                        Other                                   14.2     14.8       13 9     15 0      15.5    14.7    14.7       15.7
                                                                                                                    Nondurable goods                            264.4 278.1 273 4 277 2 278.5 283.4 288.3                        296.3
         Current dollar cost per unit of                                                                                                                                                                                         143.3
          1958 dollar gross product                                                                                   Food and beverages                        132.1 136.4 135.1 135.9 136.6 137.9 140.3
          originating in nonfinancial                                                                                 Clothing and shoes                         52.0 56.9 55.1 56.7 57.4 58.5 59.4                               61.7
          corporations2                       .208 1.252 1.241 1.252 1.258 1.258 1.267                                Gasoline and oil                           22.2 23.5 23.0 23.0 23.5 24.3 24.6                               24.9
                                                                                                                      Other _                                    58.1 61.3 60.1 61.6 60.9 62.8 64.0                               66.5
   Capital consumption allowances             .124    .132    .128     .131     .134   .135    .135                 Services.                                   261.8 283.3 274.8 281.3 286.1 290.9 296.7                        302.6
   Indirect business taxes plus transfer
     payments less subsidies                  .118    .124    .123     .122    .124    .126    .123                   Housing.    _ ._                     . 90.9 99.2 95.8 98.1                      100.3 102.5 104.2          106.0
   Compensation of employees                  .812    .832    .826     .831    .834    .836    .842                                                                                                    40.0 40.7 41.2             42.6
   Net interest                               .035    .037    .037     .037    .037    .037    .037                   Household operation                    36.3 39.5 38.0 39.1
                                                                                                                      Transportation                         18.2 19.9 19.3 19.8                       20.2 20.4 21.0             21.5
   Corporate profits and inventory valu-                                                                              Other .                       . .. .  116.3 124.8 121.8 124.3                   125.7 127.3 130.3          132.5
    ation adjustment                  _ _ . .119      .128    .128     .131    .128    .124    .130
          Profits tax liability..           .063      .067    .070     .071    .067    .061    .068
          Profits after tax plus inven-                                                                             Table 12.—-Foreign Transactions in the National Income and
            tory valuation adjustment. . .056         .061    .058     .061     ,061   .063    .063                                     Product Accounts (4.1)
     v Preliminary.                                                                                                  Receipts from foreigners                   63.7     66.9       67.0     67.4     69.2 63.7        71.5      70.7
     1. Excludes gross product originating in the rest of the world.
     2. This is equal to the deflator for gross product of nonfinancial corporations, with the                      Exports of goods and services               62.9     66.1 66.3 66.7 68.5 63.0                      70.7      70.0
   decimal point shifted two places to the left.
     3. Personal saving as a percentage of disposable personal income.                                              Capital grants received by the United
                                                                                                                     States                                       .9         .7       .7       .7       .7      .7       .7          .7
                                                                                                                     Payments to foreigners..                   63.7     66.9       67.0    67.4      69.2     63.7    71.5      70.7
                                                                                                                    Imports of goods and services               59.3 65.4 61.8 66.6                   68.2     65.1 75.3         74.9
                                                                                                                    Transfers to foreigners                      3.2         3.6    3.2       3.4      3.8      4.0     3.8       3.8
                                                                                                                      Personal                                   1.0         1.0     .9        .9      1.1      1.1     1.0       1.0
                                                                                                                      Government                _    _ ._ . .    2.2         2.6    2.2       2.5      2.7      2.9     2.8       2.9
                                                                                                                    Net foreign investment                       1.2 —2.1            2.1 —2.5 —2.7 -5.4 -7.7 -8.0

     471-191 O - 72 - 2
July 1972



       July 1972                                                                 SUEVEY OF CUREENT BUSINESS                                                                                                                                                      25

       2.—Personal Income and Outlay
                                                                         Table 2.1.—Personal Income and Its Disposition

                                                                                                                            1968                                    1969                                   1970                                   1971
                                                             1968        1969       1970        1971
                                                                                                              I       II           III       IV       I        II           III      IV       I       II           III    IV            I    II          III     IV

                                                                      Millions of dollars                                                 Billions of dollars, seasonally adjusted at annual rates

     Personal income        -     - --       .             688,924 750,921 806,261 861,382 664.0 681.2 697.8 712.6                                 726.5 743.3 759.6 774.3 785.7 806.1 813.4 819.8 838.0 858.1 867.9                                            881.5
       Wage and salary disbursements                      464,862      509,690    541,927     572,897    447.8      458.9      471.1       481.6   491.3     503.6     517.0       526.8    532.4 541.6       546.5      547.2   560.4      569.5    575.9      585.9
        Commodity-producing industries                    181, 458     197, 509   200, 974    206, 117   175.1      179.2      183.3       188.2   191.4     196.3     200.0       202.4    201.8 201.3       202.2      198.6   202.9      205.7    206.0      209.9
          Manufacturing                                   145,874      157, 562   158, 316    160, 327   141.1      144.2      147.3       151.0   153.1     156.7     159.7       160.8    159.6 159.2       159.6      154.9   158.5      160.2    160.0      162.7
        Distributive industries                           109, 232     119,987    129, 151    138, 190   105.2      107.8      110.8       113.1   115.4     118.7     121.4       124.4    12&;3 127.9       130.6      131.8   134.8      137.2    139.1      141.7
        Service industries                           . .- 78,478        88,072     96, 701    105,043      75.6      77.6       79.4        81.4    84.5      86.9      89.0        91.9     94.4  95.9        97.2       99.3   101.6      103.9    106.3      108.4
        Government                   _                     95. 694     104, 122   115, 101    123, 547    92.0       94.3       97.6        98.9   100.0     101.7     106.6       108.1    109.9 116.5       116.5      117.6   121.1      122.7    124.6      125.9
       Other labor income                                   25,396      28,449     32, 139     36,547     24.0       25.0          25.9     26.7    27.3      27.9         28.8     29.7    30.7   31.5           32.6   33.7      34.8     36.1 37.2            38.0
       Proprietors' income                                  64,214      67,191     66,800      69,967     63.1       63.8 64.6              65.3     67.1     67.4         67.1 67.2        67.7   67.1 66.6             65.8      68.1     69.3         70.7    71.8
         Business and professional                          49, 534     50, 450    49, 922     52, 639    48.7       49.8 49.9              49.8     50.6     50.9         50.5 49.8        49.7   50.0 50.1             49.9      51.3     52.4         53.1    53.8
         Farm...                                    .       14, 680     16, 741    16, 878     17,328     14.4       14.1 14.7              15.5     16.5     16.5         16.6 17.4        18.0   17.1 16.5             15.9      16.8     16.9         17.6    18.1
       Rental income of persons                             21, 160 - 22,551       23,345 24,548          21.2       21.1 21.1 21.3                 22.0      22.6         22.7 22.9        23.0   23.2           23.4   23.8      23.9     24.4 24.8            25.0
       Dividends     ._ .                                   23,552 24,331          24,795 25,425          22.5       23.4 24.1 24.3                 24.0      24.2         24.4 24.7        24.8   24.7           24.9   24.7      25.5     25.4 25.5            25.2
       Personal interest income                             52,948 59,265          65,781 69,595          51.0       52.3 53.6 54.9                 56.5      58.5         60.1 62.0        63.5   64.9           66.8   68.0      68.6     69.1 70.2            70,6
       Transfer payments                              59,556            65,768     79,462      93,583     56.5       59.2          60.5     62.1    63.8      65.1         66.2     68.0    71.1   80.9           80.9   85.0      87.3     95.2         95.0    96.8
         Old-age, survivors, disability, and health
           insurance benefits _       . „             30, 279           32,963     38,492 44,458          28.2       30.3          30.9     31.8    32.3      32.9         33.1     33.5    34.2   41.4           39.0   39.4      40.4     46.7         45.0    45.7
         State unemployment insurance benefits         2,060             2,149      3,891 5,679            2.1        2.0           2.0      2.1     2.1       2.0          2.2      2.4     2.7    3.6            4.2    5.1       5.0      5.7          5.9     6.2
        Veterans benefits                          -. 7,254              8,290      9,683 11, 270          7.1        7.2           7.3      7.5     7.9       8.3          8.3      8.7     9.1    9.4            9.8   10.5      11.0     11.2         11.3    11.6
        Other       _.                                19.9C3            22.366     27,396 32, 176         19.1       19.7          20.3     20.8    21.5      22.0         22.6     23.4    25.2   26.5           28.0   29.9      30.9     31.6         32.8    33.3
       Leas: Personal contributions for social in-
        surance                                             22,764      26,324     27,988      31, 180    21.9       22.5          23.1     23.5    25.6      26.0         26.7     27.0    27.4   27.8           28.3   28.4      30.5     31.0         31.3    31.9
     Less: Personal tax and nontax payments                 97,927 116,535 116,737 117,007                89.0       92.9 102.7 107.1 114.0 117.6 116.4 118.2 117.8 119.0 114.3 115.8 112.3 115.2 117.5                                                         123.0
     Equals : Disposable personal income                   590,997 634,386 689,524 744,375 575.0 588.3 595.2 605.5 612.5 625.7 643.2 656.1 667.9 687.2 699.1 704.0 725.7 742.9 750.4                                                                            758.5
     Less: Personal outlays - -                            551,239 596,179 634,673 683,444 533.8 543.8 559.3 568.1 580.1 592.4 600.6 611.6 621.6 631.2 641.1 644.8 666.4 678.8 689.4                                                                            699.2
       Personal consumption expenditures                 ^ 536, 178 579, 457 616, 761 664, 901 519.3 529.0 544.0 552.5 564.0 575.8 583.7 594.4 604.1 613.4  623.0 626.5 648.0 660.4 670.7                                                                       680.5
       Interest paid by consumer                            14, 299 15,827 16, 900 17, 555 13.8 14.1 14.5 14.9 15.3 15.7 16.0 16.2 16.5 16.8 17.1 17.3 17.4                    17.5 17.6                                                                         17.7
       Personal transfer payments to foreigners                 762      895     1,012     988    .7    .7    .8    .8    .8    .9     9     9   1.0    1.0   1.0   1.0    .9    .9   1.1                                                                         1.1
     Equals: Personal saving                                39,758      38,207     54,851      60,931     41.2       44.6          35.9     37.3    32.4      33.3         42.6     44.6    46.3   55.9           58.0   59.2      59.3     64.1         61.0    59.3

     Addenda:
     Disposable personal income:
     Total, billions of 1958 dollars                        499.0        513.6      533.2       554.7 492.3 498.8 500.8 504.3 505.5 510.0 517.3 521.2 524.2 534.2 538.9 535.4 546.6 554.6 556.5                                                                 560.9
       Per capita, current dollars                           2,945       3, 130     3,366       3,595 2,875 2,935 2,961 3,004 3,033 3,091 3,169 3,223 3,273 3,359 3,407 3,421 3,517 3,592 3,620                                                                 3,649
       Per capita, 1958 dollars                              2,486       2,534      2,603       2,679 2,462 2,488 2,492 2,502 2,503 2,520 2,549 2,560 2,569 2,611 2,626 2, 602 2,650 2,682 2,684                                                                2,698
       Personal saving as a percentage of disposable
         personal income                                        6.7        6.0        8.0         8.2         7.2     7.6          6.0       6.2     5.3      5.3           6.6      6.8     6.9      8.1          8.3    8.4       8.2      8.6          8.1     7.8


                                           Table 2.2.—Personal Income: Seasonally Adjusted Monthly Totals at Annual Rates
                                                                                                              [Billions of dollars]

                                                           Wage and salary disbursements                                                            Proprietors'
                                                                                                                                                      income
                                                                                                                                                                                                                           Less:
                                                                                                                                    Other                                         Rental               Personal Transfer personal Nonagri-
       Year and Month        Personal                     Commodity                                                                 labor                                         income     Divi-     interest   pay-   contribu- cultural
                             income                        producing                                                               income         Business                           of      dends     income    ments tions for   income
                                          All in-                                 Distrib-      Service           Govern-                         and pro-     Farm               persons                                  social
                                         dustries                                  utive                           ment                           fessional                                                              insurance
                                                        Total        Manu-
                                                                    facturing

         1968                   688.9       464. 9        181.5         145.9        109.2             78.5          95.7                 25.4        49.5          14.7             21.2      23.6               52.9          59.6          22.8              668.8
     January                    656.1       442.2         172.7         139.6        103.9             74.5          91.0                23.6         48.3          14.8             21.2      22.2               50.5          55.1          21.7              635.9
     February. _                663.8       448.6         175.7         141.5        105.2             75.7          92.0                24.0         48.7          14.4             21.2      22.5               50.9          55.6          21.9              644. 1
     March. .                   672.1       452.7         176.9         142.2        106.5             76.5          92.8                24.4         49.1          14.0             21.1      22.8               51.4          58.7          22.1              652.7
     April                      675.0       454.3         176.8         141.7        107.1             76.8          93.6                24.7         49.4          13.8             21.1      23.2               51.9          59.0          22.4              655.9
     May.                       681.3       459.0         180.0         145.0        107.1             77.6          94.3                25.0         49.9          14.0             21.1      23.5               52.3          59.1          22.6              662.0
     June                       687.4       463.5         180.9         145.8        109.2             78.4          95.0                25.5         50.0          14.4             21.1      23.4               52.8          59.4          22.7              667.6
     July                       692.9       467.4         182.0         146.3        109.7             78.7          97.1                25.7         49.9          14.5             21.1      23.9               53.3          60.0          23.0              672.9
     August                     697.5       470.8         182.9         146.9        110.9             79.3          97.8                25.8         49.8          14.7             21.1      24.1               53.7          60.5          23.1              677.1
     September                  703.1       475.1         184.9         148.6        111. 9            80.1          98.1                26.0         50.0          14.9             21.1      24.3               54.0          61.0          23.2              682.7
     October                    708.0       478.2         186.6         149.8        112.4             80.6          98.5                26.3         49.9          15.3             21.2      24.4               54.4          61.7          23.4              687.0
     November                   712.7       481.7         188.0         150.9        113.4             81.4          98.9                26.7         49.8          15.5             21.3      24.5               54.9          61. 8         23.4              691.5
     December                   717.2       484.9         190.0         152.2        113.5             82.1          99.3                27.2         49.6          15.7             21.3      23.9               55.3          62.8          23.6              695.8
        1969.                   750.9       509.7         197.5         157.6        120.0             88.1         104.1                 28.4        50.5          16.7             22.6      24.3               59.3          65.8          26.3              728.3
     January                    720.6       487.7         190.0         152.0        114.3             83.7          99.7                 27.3        50.4          16.3             21.7      23.9               55.7          63.2          25.4              698.7
     February                   725.8       490.4         190.7         152.5        115.2             84.5         100.1                 27.3        50.7          16.7             22.0      24.0               56.5          63.7          25.5              703.5
     March..                    733.0       495.9         193.4         154.6        116.9             85.2         100.4                 27.3        50.7          16.5             22.3      24.1               57.3          64.6          25.7              710.9
     April                      738.1       499.7         195.1         155.8        117.3             86.1         101.1                 27.6        50.9          16.5             22.5      24.1               57.9          64.9          25.9              715.7
     May                        743.1       503.6         196.1         156.4        118.9             86.8         101.7                 27.9        51.0          16.5             22.6      24.1               58.5          65.1          26.0              720.8
     June                       748.5       507.7         197.7         157.9        119.7             87.9         102.4                 28.2        50.7          16.5             22.7      24.4               59.1          65.4          26.2              726.4
     July                       754.1       512.9         198.8         158.8        120.3             88.3         105.5                 28.5        50.4          16.5             22.7      24.3               59.6          65.7          26.5              731.7
     August                     759.8       517.2         199.9         159.9        121. 6            88.9         106.8                 28.8        50.6          16.5             22.7      24.4               60.0          66.1          26.7              737.3
     September _                764.8       52.0.9        201.3         160.5        122.4             89.8         107.4                 29.1        50.5          16.6             22.7      24.6               60.6          66.7          26.8              742.2
     October                    769.8       524.2         202.1         161.0        123.4             90.9         107.8                 29.4        50.2          17.1             22.8      24.6               61.3          67.2          27.0              746.6
     November                   773.8       526.5         201.7         160.1        124.8             91.9         108.1                 29.7        49.7          17.5             22.9      24.7               62.0          67.8          27.0              750.0
      December                  779.4       529.7         203.3         161. 2       125.0             92.8         108.5                 30.1        49.6          17.6             23.1      24.8               62.8          68.9          27.1              755.5
August 1972




    August 1972                                                      SURVEY OF CURRENT BUSINESS                                                                                                                                        13

                                                                          1971                       1972                                                                                           1971                        1972


                                                    1971    I       II           III   IV       I       II*                                                        1970    1971      I         II          III    IV       I           II
                                             1970

                                                            Seasonally adjusted at annual rates                                                                                      Seasonally adjusted at annual rates

                                                                Billions of dollars                                                                                                      Billions of dollars


                    Table 9.—Gross Corporate Product 1 (1.14)                                                                  Table 10.—Personal Income and its Disposition (2.1)

                                                                                                                    Personal income               •_ _            806.3 861.4 838.0 858.1 867 9 881 5 907 0                        922 1
         Gross corporate product            544.4 580.3 566.9 577.6 583.4 593.5 613.7                   633.2
                                                                                              64.8          68.0      Wage and salary disbursements               541.9   572. 9   560 4     569 5    575 9      585 9   608 0     620 5
    Capital consumption allowances        - 55.2    60.3   57.5    59.4      61.2      63.0                            Commodity-producing industries _.          201.0   206.1    202.9     205.7    206.0      209.9   217.5     222.6
    Indirect business taxes plus transfer                                                                                Manufacturing                            158 3   160 3    158 5     160 2    160 0      162 7   168 8     174 1
      payments less subsidies -_ -          52.8    56.9   55.6    56.0      57.2      58.9   59.2          60.2       Distributive industries                    129.2   138 2    134 8     137 2    139 1      141 7   147 2     150 1
                                                                                                                       Service industries                          96.7   105. 0   101 6     103 9    106 3      108 4   111 9     114 7
    Income originating in corporate busi-                                                                              Government                                 115.1   123.5    121.1     122 7    124 6      125 9   131 4     133 1
        ness                - - - - - - - - - 436.5 463.1 453.7 462.2 465.0 471.6 489.8                 505.0
                                                                                                                      Other labor income                          32 1     36 5    34 8       36 1     37 2      38 0    38 8       39 g
      Compensation of employees               368.8 388.8 379.9 386.8 390.4 398.2 412.2                 422.4
        ^Wages and salaries          --     - 325. 5 340.2 333.0 338.6 341.2 348 1 359.7                368.6         Proprietors' income.                        66.8     70.0    68.1       69.3     70 7      71 8    73 3          73 2
        Supplements             -              43.2 48.6 46.9 48.3 49.1 50.1 52.5                        53.8           Business and professional-                49.9     52.6    51.3       52.4     53.1      53 8    54 3          54 4
                                                                                                                        Farm                                      16.9     17.3    16 8       16 9     17 6      18 1    19 1          18 7
     Net interest                             2.6    1.5    2.0     1.6          1.3    1.2    1.1           1.0
                                                                                                                      Rental income of persons                    23.3     24.5    23.9       24.4     24.8      25.0    25.2          24.2
      Corporate profits and inventory                                                                                 Dividends             _                   . 24.8     25.4    25.5       25.4     25.5      25 2    26 0          26 2
         valuation adjustment               65.2 72.8 71.8 73.8 73.3 72.2 76.5                          81.6          Personal interest income                    65.8     69.6    68.6       69.1     70.2      70 6    71 0          72 7
       Profits before tax         - -       69.6 77.4 76.5 78.1 79.1 76.1 82.9                          87.2
         Profits tax liability              34.1 37.3 38.0 38.6 37.5 35.3 38.8                          40.7          Transfer payments _              . _ .. 79.5         93.6    87.3       95.2     95 0      96 8    99 2      100 6
         Profits after tax                  35 4 40 1 38 4 39 5 41.6 40.8 44.2                          46.5            Old-age, survivors, disability, and
           Dividends                        22.4 22.2 23.0 21.9 22 8 21.1 23.0                          22.9              health insurance benefits           38.5         44.5    40.4       46.7     45.0      45.7    46.8          48 1
           Undistributed profits            13.0 17.9 15.5 17.7 18.8 19.7 21.2                          23.6            State unemployment insurance
       Inventory valuation adjustment-.     —4.4 —4.7 —4.7 -4.4 —5.8 -3.9 —6.5                          —5.5              benefits                    . _ _ 3.9             5.7     50         57       59        62      54            56
                                                                                                                       Veterans benefits                       9.7         11.3    11.0       11.2     11.3      11.6    11 9          12 3
    Cash flow gross of dividends             90.6 100. 4   96.0    98.9 102. 8 103.8 109.0              114.5           Other                                 27.4         32.2    30.9       31.6     32.8      oo o
                                                                                                                                                                                                                         35.1          34 6
    Cash flow net of dividends               68.2 78.2     73.0    77.0 80.0 82.7 85.9                   91.6
                                                                                                                      Less: Personal contributions for
         Gross product originating in                                                                                  social insurance                           28.0     31.2    30.5       31.0     31 3      31.9    34 6          35 1
          financial institutions- .          28.3   30.9   30.7    30.7      31.2      30.9   31.4          32.5
                                                                                                                    Less: Personal tax and nontax pay-
         Gross product originating in                                                                                  ments                           116.7 117 0 112 3 115 2 117 5 123 0 136 5                                   139 5
          nonfinancial corporations   516.1 549.4 536.2 546.9 552.2 562. 6 582.4                        600.7
                                                                                                                    Equals: Disposable personal income           689.5 744.4 725.7 742.9 750.4 758.5 770. 5                        782.6
   Capital consumption allowances            53.2   58.0   55.4    57.1      58.8      60.5   62.1          65.2
   Indirect business taxes plus transfer                                                                            Less: Personal outlays            .. 634.7 683.4 666. 4 678.8 689.4 699.2 714.9                                732.5
     payments less subsidies                 50.3   54.3   53.0    53.4      54. 6     56.2   56.5          57. 4    Personal consumption expenditures. _ 616.8 664.9 648.0 660.4 670.7 680.5 696.1                                713.4
                                                                                                                     Interest paidby consumers             16.9 17.6 17.4 17.5 17.6 17.7 17.8                                       18.0
    Income originating in nonfinancial                                                                               Personal transfer payments to for-
        corporations                   412.6 437.2 427.8 436.3 438.8 445.9 463. 8                       478.0          eigners.          _                  1.0   1.0    .9    .9   1.1 1.1 1.0                                         1.1
     Compensation of employees . _          346 9 365.0 356.8 363.0 366. 2 373.8 387.0                  396.7       Equals: Personal saving                       54.9     60.9    59.3       64.1     61.0      59.3    55.7          50.1
     W^ages and salaries                    306.5 319.6 313.1 318.0 320.4 327.1 338.0                   346.5
      Supplements                            40.4 45.3 43.7 45.0 45.8 46.7 48.9                          50.2
     Net interest         -                  15.0   16.1   15.8    16.0      16.3      16.6   16.8          17.1    Addenda:
                                                                                                                    Disposable personal income:
      Corporate profits and inventory                                                                                Total, billions of 1958 dollars             533.2 554.7 546.6 554.6 556.5 560.9 565.7                         571.4
         valuation adjustment                50.7 56.1 55.2 57.4 56.3 55.6 59.9                                      Per capita, current dollars                 3,366 3,595 3,517 3,592 3,620 3,649 3,700                         3,751
                                                                                 64.2                                 Pe/ capita, 1958 dollars                   2, 603 2,679 2,650 2,682 2,684 2,698 2,716                        2, 739
       Profits before tax                    55. 1 60.8 59.8 61.7 62.1 59.4 66.4 69.7
         Profits tax liability               26.9 29.4 30.0 30.8 29,5 27.4 31.1 32.7
         Profits after tax       _ _  _      28.2 31.3 29.8 30.9 32.6 32.0 35.4 37.0                                Personal saving rate,3 percent                 8.0      8.2     0    0
                                                                                                                                                                                               8.6         8.1    7.8     7.2           6.4
           Dividends                         19.9 19.5 20.1 19.2 20.0 18.6 20.3 20.1
           Undistributed profits              •8.3 11.9  9.7 11.7 12.6 13.5 15.1 16.9
       Inventory valuation adjustment _ -   -4.4 -4.7 -4.7 -4.4 -5.8 -3.9 -6.5 —5.5                                 Table 11.—Personal Consumption Expenditures by Major Type (2.3)
    Cash flow gross of dividends            81.4    89.3   85.2    88.0      91.5      92.5   97.5      102.3
    Cash flow, net of dividends             61.5    69.8   65.1    68.8      71.4      73.9   77.2       82.1             Personal consumption expendi-
                                                                                                                           tures.                       616.8             664. 9 648.0 660.4 670.7 680.5 696.1                    713.4
                                                           Billions of 1958 dollars                                 Durable goods                 _               90.5 103.5       99.8 101. 9 106.1 106.1 111,0                  113.9
         Gross product originating in                                                                                 Automobiles and parts                       37.3    46.7     44.9      45.4     48.8       47.9    49.9          51.3
          nonfinancial corporations   427.4 438.8 432.0 436.8 438.9 447.3 459.6                         472.8          Mobile homes                                2.5     3.3      2.8       3.3      3.6        3.5     3.9           4.1
                                                                                                                      Furniture and household equip-
                                                                                                                       ment                 - -                   39.0    42.0     41.0      41.4     41.9       43.5    46.5          46.8
                                                                     Dollars                                          Other                     -                 14.2    14.8     13,9      15.0     15.5       14.7    14.7          15.7
                                                                                                                    Nondurable goods __                      - . 264.4 278.1 273.4 277.2 278.5 283.4 288. 3                       297.2
         Current dollar cost per unit of
           1958 dollar gross product                                                                                  Food and beverages        __               132.1 136. 4 135. 1 135.9 136. 6 137. 9 140.3                     144.1
           originating in nonfinancial                                                                                Clothing and shoes                          52.0 56.9 55.1 56.7 57.4 58.5 59.4                                61.5
           corporations2--- ._ _ _ _     1.208 1. 252 1.241 1.252 1.258 1.258 1.267                     1.271         Gasoline and oil-       _ _ _               22.2 23.5 23.0 23.0 23.5 24.3 24.6                                24.5
                                                                                                                      Other                                       58. 1 61.3 60.1 61.6 60.9 62.8 64.0                               67.1
   Capital consumption allowances         .124 .132 .128 .131 .134 . 135 .135                               .138
   Indirect business taxes plus transfer                                                                                                                         261.8 283.3 274.8 281.3             286.1 290.9 29S.7            302.4
     payments less subsidies              .118 .124 .123 .122 .124 .126 .123                                        Services                      - - --•
                                                                                                            .122
   Compensation of employees-             .812 .832 .826 .831 .834 .836 .842                                .839                                                  90.9 99.2 95.8              98.1 100.3 102.5 104.2               108.1
   Net interest                           .035 .037 .037 .037 .037 .037 .037                                          Housing                                                                                                       42.7
                                                                                                            .036      Household operation                         36.3 39.5 38.0              39.1 40.0 40.7 41.2
                                                                                                                      Transportation                              18.2 19.9 19.3              19.8 20.2 20.4 21.0                   21.5
   Corporate profits and inventory valu-                                                                                                                         116.3 124.8 121.8           124.3 125.7 127.3 130.3               132.0
    ation adjustment                     .119       .128   .128    .131                                               Other                            - -
                                                                             .128      .124   .130          .136
          Profits tax liability          .063       .067   .070    .071      .067      .061   .068          .069
          Profits after tax plus inven-
            tory valuation adjustment- . .056       .061   .058    .061      .061      .063   .063          .067    Table 12.—Foreign Transactions in the National Income and
                                                                                                                                       Product Accounts (4.1)
      !• Excludes gross product originating in the rest of the world.
      2. This is equal to the deflator for gross product of nonfinancial corporations, with the                                                                   63.7    66.9     67.0      67.4     69.2       63.7    71.5          70.7
    decimal point shifted two places to the left.                                                                    Receipts from foreigners
      3. Personal saving as a percentage of disposable personal income                                                                                      62.9          66.1     66.3      66.7     68.5       63.0    70.7          70.0
      *See footnote on page 12.                                                                                     Exports of goods and services -
                                                                                                                    Capital grants received by the United                                                          .7      .7           .7
                                                                                                                     States                             ---   .9            .7       .7        .7          .7
                                                                                                                                                                  63.7    66.9     67.0      67.4     69.2       63.7    71.5      70.7
                                                                                                                      Payments to foreigners
                                                                                                                                                                  59.3    65.4     61.8      66.6     68.2       65. 1 75.3             5.2
                                                                                                                    Imoorts of goods and services
                                                                                                                                                                   3.2     3.6      3.2       3.4          3.8    4.0     3.8          3.8
                                                                                                                    Transfers to foreigners                                                                1.1    1.1     1. 0
                                                                                                                                                                   1.0     1.0       .9        .9                                       n a
                                                                                                                                                                   2.2     2.6      2.2       2.5          2.7    2.9     2. 8

                                                                                                                                                                   1.2 -2.1         2.1 —2.5 —2.7 —5.4 —7.7                       —8.3
                                                                                                                    Net foreign investment               -
September 1972



     8                                                                SURVEY OF CURRENT BUSINESS                                                                                                September 1972


                                                                          1971                     1972                                                                                1971                          1972


                                              1970   1971    I       II      III       IV      I          II                                              1970    1971    I       II      III        IV          I          II

                                                             Seasonally adjusted at annual rates                                                                         Seasonally adjusted at annual rates

                                                                 Billions of dollars                                                                                          Billions of dollars

                      Table 9.—Gross Corporate Product 1 (1.14)                                                            Table 10.—Personal Income and its Disposition (2.1)

                                                                                                      631.9      Personal income                         806 3 861 4 838 0 858 1 867 9              001    K   QA7 A    922.1
           Gross corporate product           544.4 580.3 566.9 577.6 583.4 593.5 613.7
                                              55.2   60.3   57.5    59.4     61.2      63.0               68.0     Wage and salary disbursements         541 9 572 9 560 4 569 5 575 9 585 9 608 0                      A9ft K.
     C aortal consumption allowances                                                          64.8                  Commodity-producing industries-      201.0 206. ! 202.9 205.7 206.0 209. 9 217.5
     Indirect business taxes plus transfer                                                                                                                                                                              222.6
                                                                                                          60.2        Manufacturing                      158 3 160 3 158 5 160 2 160 0 162 7 IRQ Q                      174. 1
       pavments less subsidies        --      52.8   56.9   55.6    56.0     57.2      58.9   59.2                  Distributive industries              129 2 138 2 134 8 137 2 139 1 141* 7 147 2                     1KO 1
     Income originating in corporate busi-
                                                                                                                    Service industries
                                                                                                                    Government
                                                                                                                                                          96 7 105 0 101 6 103 9 106 3 108 4 111 9
                                                                                                                                                         115 1 123 5 121 1 122 7 124 6 125 9 m A
                                                                                                                                                                                                                        m
                                                                                                                                                                                                                        •JOO
                                                                                                                                                                                                                             fj
                                                                                                                                                                                                                                   1
         ness                              436.5 463.1 453.7 462. 2 465.0 471.6 489.8                 503.7
                                                                                                      422.4        Other labor income                     32.1    36 5   34 8    36 1     37 2       38 0      38 8         on O
       Comrjensation of employees            368.8 388.8 379.9 386.8 390. 4 398.2 412.2
        "Wases and salaries                  325.5 340.2 333.0 338.6 341.2 348.1 359.7                368.6        Proprietors' income                    66 8    70 0                                                      70 o
                                              43.2 48.6 46.9 48.3 49.1 50.1 52.5                       53.8                                                              68 1    69 3     70 7       71 8      73 3
        Supplements         -                                                                                        Business and professional            49.9    52 6   51 3    52 4     53 1       53 8      54*3         fid A.
                                                     1.5                                                   1.0       Farm                                 16 9    17 3   16 8    16 9     17 6       18 1       IQ* 1       187
       Net interest                           2.6            2.0     1.6         1.3    1.2    1.1
                                                                                                                   Rental income of persons               23.3    24 5   23 9    24 4     24 g       25 0   25 2            9A. 9
       Corporate profits and inventory                                                                             Dividends                              24 8    25 4   25 5    25 4     25 5       2*5* 2 2fi n           9R 9
          valuation adjustment                65.2 72.8 71.8 73.8 73.3 72.2 76.5 80.3                              Personal interest income               65 8    69 6   68 6    69 1
        Profits before tax         __ _       69.6 77.4 76.5 78.1 79.1 76.1 82.9 85.9                                                                                                     70 2       70 6 71 0              79 7
          Profits tax liability               34.1 37.3 38.0 38.6 37.5 35.3 38.8 40.1                              Transfer payments                       79.5   93 6   87 3
                                              35.4 40.1 38.4 39.5 41.6 40.8 44.2 45.8                                                                                            95 2     95 0       96 8       99 2    100 6
          Profits after tax                                                                                          Old-age, survivors, disability, and
            Dividends           -             22.4 22.2 23.0 21.9 22.8 21.1 23.0 23.0                                  health insurance benefits     .. _. 38 5   44 5   40 4    46 7
            Undistributed profits             13.0 17.9 15.5 17.7 18.8 19.7 21.2 22.8                                                                                                     45 0       45 7       46 8        AQ 1
                                                                                                                     State unemployment insurance
        Inventory valuation adjustment _.    -4.4 —4.7 -4.7 -4.4 -5.8 -3.9 -6.5 —5.5                                   benefits                             39     57     50      57       59         62        54           fi R
                                                                                                                    Veterans benefits                       9 7   11 3   11 0    11 2     11 3       11 6      11 9         19 ^
     Cash flow gross of dividends             90.6 100.4    96.0    98.9 102.8 103.8 109.0            113.8          Other ._.                             27.4   32 2   30 9
     Cash flow net of dividends               68.2 78.2     73.0    77.0 80.0 82.7 85.9                90.8                                                                      31 6     32 8       33 3      35 1         34 6
                                                                                                                   Less: Personal contributions for
           Gross product originating in                                                                             social insurance                      28 0    31 2   30 5     31 0    31 3       31 9       34 6        Off    1
            financial institutions            28.3   30.9   30.7    30.7     31.2      30.9   31.4        32.6
                                                                                                                 Less: Personal tax and nontax pay-
           Gross product originating in                                                                             ments                           116 7 117 0 112 3 115 2 117 5 123 0 136 5                           139 5
            nonfinancial corporations.  516.1 549.4 536.2 546.9 552.2 562.6 582.4                     599.3
                                                     58.0   55.4             58.8             62.1               Equals: Disposable personal income      689.5 744.4 725.7 742.9 750. 4 758.5 770.5                     782.6
     Capital consumption allowances         53.2                    57.1               60.5               65.2
     Indirect business taxes plus transfer                                                                       Less: Personal outlays               634 7 683 4 666 4 678 8 689 4 699 2 714 9 732 5
       payments less subsidies    - _ _ _ _ 50.3     54.3   53.0    53.4     54.6      56.2   56.5        57.4    Personal consumption expenditures- 616.8 664.9 648.0 660.4 670.7 680.5 696.' 1 713.4
                                                                                                                   Interest paidby consumers           16.9 17 6 17 4 17 5 17 6 17 7 17 8         18 0
     Income originating in nonfinancial                                                                            Personal transfer payments to for-
         corporations               - - - 412.6 437.2 427.8 436.3 438.8 445.9 463.8                   476.6          eigners                            10 10         9     9   11 11 1 0          11
       Compensation of employees             346.9 365.0 356.8 363.0 366.2 373.8 387.0                396.7      Equals: Personal saving                  54.9    60.9   59.3    64 1 61 0           59.3      55 7         50 1
       ^^ages and salaries                   306.5 319.6 313.1 318.0 320.4 327.1 338.0                346.5                                                                                                             •
         Supplements             --           40.4 45.3 43.7 45.0 45.8 46.7 48.9                       50.2
       Net interest                           15.0   16.1   15.8    16.0     16.3      16.6   16.8        17.1   Addenda:
                                                                                                                 Disposable personal income :
       Corporate profits and inventory                                                                            Total, billions of 1958 dollars        533 2 554 7 546 6 554 6 556 5 560 9 565 7                      571 4
          valuation adjustment                50.7 56. 1     55.2 57.4 56.3 55.6 59.9 62.8                        Per capita, current dollars            3,366 3,595 3,517 3 592 3 620 3,649 3 700                      3 751
        Profits before tax                    55.1 60.8      59.8 61.7 62.1 59.4 66.4 68.4                         Pe/ capita, 1958 dollars.             2,603 2,679 2,650 2,682 2,684 2,698 2,716                      2 739
          Profits tax liability               26.9 29.4      30.0 30.8 29.5 27.4 31.1 32.1
          Profits after tax                   28.2 31.3      29.8 30.9 32.6 32.0 35.4 36.3                       Personal saving rate,3 percent            8.0     8.2    8.2      86         81      7.8        7.2         6 4
            Dividends                         19.9 19.5      20.1 19.2 20.0 18.6 20.3 20.3
            Undistributed profits              8.3 11.9       9.7 11.7 12.6 13.5 15.1 16.0
        Inventory valuation adjustment- _    -4.4 -4.7      -4.7 -4.4 -5.8 -3.9 -6.5 —5.5                        Table 11.—Personal Consumption Expenditures by Major Type (2.3)
     Cash flow gross of dividends             81.4   89.3   85.2    88.0     91.5      92.5   97.5    101.5
     Cash flow net of dividends               61.5   69.8   65.1    68.8     71.4      73.9   77.2     81.3            Personal consumption expendi-
                                                                                                                        tures                        616.8 664.9 648.0 660.4 670.7 680.5 696.1                          713.4
                                                             Billions of 1958 dollars                            Durable goods. __                        90.5 103.5     99.8 101.9 106.1 106.1 111.0                   113.9
           Gross product originating in                                                                            Automobiles and parts                  37.3    46.7   44.9    45.4     48.8       47.9      49.9         51.3
            nonfinancial corporations   427.4 438.8 432.0 436.8 438.9 447.3 459.6                     471.7         Mobile homes                           2.5     3.3    2.8     3.3      3.6        3.5       3.9          4.1
                                                                                                                   Furniture and household equip-
                                                                                                                    ment           -                      39.0    42.0   41.0    41.4     41.9       43.5      46.5         46.8
                                                                      Dollars                                      Other _               _                14.2    14.8   13.9    15.0     15.5       14.7      14.7         15.7

           Current dollar cost per unit of                                                                       Nondurable goods                        264 4 278 1 273 4 277.2 278.5 283.4 288.3                      297.2
            1958 dollar gross product                                                                              Food and beverages                    132.1 136.4 135.1 135.9 136.6 137.9 140.3                      144.1
            originating 2in nonfinancial                                                                           Clothing and shoes                     52.0 56 9 55.1 56.7 57.4 58.5 59.4                             61.5
            corporations                   1.208 1.252 1.241 1.252 1.258 1.258 1.267                  1.271        Gasoline and oil                       22.2 23.5 23.0 23.0 23.5 24.3 24.6                             24.5
     Capital consumption allowances                  .132           .131     .134      .135   .135        .138     Other                                  58.1 61.3 60.1 61.6 60.9 62.8 64.0                             67.1
                                           .124             .128
     Indirect business taxes plus transfer                                                                       Services...          _                  261.8 283. £ 274.8 281.3 286.1 290.9 296.7                     302.4
       payments less subsidies             .118      .124   .123     .122    .124      .126   .123        .122
     Compensation of employees             .812      .832   .826     .831    .834      .836   .842        .841     Housing                                90.9 99.2 95.8 98.1            100.3 102.5 104.2              106.1
     Net interest.                _ . __ .035        .037   .037     .037    .037      .037   .037        .036     Household operation                    36. 3 39.5 38.0 39.1            40.0 40.7 41.2                 42. 7
                                                                                                                   Transportation.                        18.2 19.9 19.3 19.8             20.2 20.4 21.0                 21.5
     Corporate profits and inventory valu-                                                                         Other                                 116 3 124.8 121.8 124.3         125.7 127.3 130.3              132. 0
      ation adjustment                     .119      .128   .128     .131    .128      .124   .130        .133
            Profits tax liability          .063      .067   .070     .071    .067      .061   .068        .068
            Profits after tax plus inven-
              tory valuation adjustment. _ .056      .061   .058     .061    .061      .063   .063        .065   Table 12.—Foreign Transactions in the National Income and
                                                                                                                                    Product Accounts (4.1)
        1. Excludes gross product originating in the rest of the world.
        2. This is equal to the deflator for gross product of nonfinancial corporations, with the                 Receipts from foreigners                63.7    66.9   67.0    67.4     69.2      63.7       71. 5        70.7
      decimal point shifted two places to the left.
        3. Personal saving as a percentage of disposable personal income.                                        Exports of goods and services            62. 9   66.1   66.3    66.7     68.5      63.0       70.7         70.0
                                                                                                                 Capital grants received by the United
                                                                                                                  States.....                               .9      .7     .7      .7         .7          .7      .7              .7
                                                                                                                   Payments to foreigners                 63.7    66.9   67.0    67.4     69.2       63.7      71.5         70.7

                                                                                                                 Imports of goods and services            59.3    65.4   61.8    66.6     68.2       65.1      75.3          5.2

                                                                                                                 Transfers to foreigners                   o 2     3.6    3.2     3.4         3.8     4.0        3.8         3.8
                                                                                                                   Personal                                1.0     1.0     .9      .9         1.1     1.1        1.0         1.1
                                                                                                                   Government                              2.2     2.6    2.2     2.5         2.7     2.9        2.8         2.8

                                                                                                                 Net foreign investment                    1.2 —2.1       2.1 -2.5 -2.7 -5.4 -7.7                       -8.3
October 1972


    October 1972                                                       SUBVEY OF CURKENT BUSINESS                                                                                                                                13

                                                                     1971                      1972                                                                                           1971                     1972

                                             1970    1971    II       III    IV                 II     III«                                                         1970    1971     II       III     IV        I        II    III*

                                                             Seasonally adjusted at annual rates                                                                                     Seasonally adjusted at annual rates

                                                                  Billions of dollars                                                                                                     Billions of dollars

                     Table 9.—Gross Corporate Product 1 (1.14)                                                             Table 10.—Personal Income and its Disposition (2.1)

                                                                                                               Personal income                           806 3             861 4    858 1   867 9    881 5    907 0    922 1 939 5
         Gross corporate product .          544.4 580.3 577. 6 583.4 593.5 613.7              631. 9
                                                                                                                 Wage and salary disbursements.          541. 9            572.9    569.5   575.9    585.9    608.0    620.5 630.4
   Capital consumption allowances         55.2      60.3    59.4     61.2   63.0    64.8       68.0     68.4       Commodity-producing industries ._ 201.0                 206. 1   205.7   206.0    209. 9   217.5    222.6 224.9
   Indirect business taxes plus transfer                                                                             Manufacturing.                       158.3            160 3    160.2   160 0    162 7    168 8    174 1 176 5
     payments less subsidies             •52.8      56.9    56.0     57.2   58.9    59.2       60.2     61.5       Distributive industries                129. 2           138.2    137.2   139. 1   141.7    147 2    150 1 152 3
                                                                                                                   Service industries                      96 7            105 0    103 9   106 3    108 4    111 9    114 7 117 5
   Income originating in corporate busi-                                                                           Government                             115 1            123 5    122 7   124 6    125 9    131 4    133 1 135 7
       ness           ---                436.5 463.1 462.2 465.0 471.6 489.8 503.7                               Other labor income                        32 1             36 5     36 1    37 2     38 0     38 8     39 8 40 8
     Compensation of employees        368. 8 388.8 386.8 390.4 398.2 412.2 422.4                       428.9     Proprietors' income                       66 8             70 0     69 3    70 7     71 8     73 3     73 2  75 3
      Wages and salaries              325.5 340.2 338.6 341.2 348.1 359.7 368.6                        374.0       Business and professional               49 9             52 6     52 4    53 1     53 8     54 3     54 4  56 2
      Supplements              _ _ __ 43.2 48. 6 48.3 49.1 50.1 52.5 53.8                               54.8       Farm.           _.                      16.9             17.3     16 9    17 6     18 1     19 i     18 7  19 1
                                                                                                                 Rental income of persons     ..           23.3             24 5     24.4    24 8     25 0     25 2     24 2  26 2
     Net interest                            2.6     1.5     1.6      1.3    1.2        1.1     1.0      1.0     Dividends—.......                  ..... 24.8              25.4     25.4    25.5     25.2     26.0     26 2  26 5
                                                                                                                 Personal interest income                  65.8             69.6     69.1    70.2     70.6     71.0     72 7 73.4
     Corporate profits and inventory
        valuation adjustment               65.2     72.8 73.8 73.3  72.2 76.5 80.3                               Transfer payments ._        _             79.5             93.6     95.2    95.0     96.8     99.2    100 6 102.7
      Profits before tax                   69.6     77.4 78.1 79.1 76.1 82.9 85.9                                  Old-age, survivors, disability, and
        Profits tax liability      .. _ __ 34.1     37.3 38.6 37.5 35.3 38.8 40.1                                    health insurance benefits             38.5             44.5    46.7     45 0     45 7     46 8     48 1    48.8
        Profits after tax... __.....    .. 35.4     40.1 39.5 41.6 40.8 44.2 45.8                                  State unemployment insurance
          Dividends                        22.4     22.2 21.9 22.8 21 1 23.0 23.0                                    benefits                               39               57      57       59       62       54       56      5.8
          Undistributed profits            13.0      17.9 17.7 18.8 19.7 21.2 22.8                                 Veterans benefits .                      9.7             11.3    11 2     11 3     11 6     11 9     12 3    12.6
      Inventory valuation adjustment- . -4.4                                                                       Other                                   27 4             32 2    31 6     32 8     33 3     35 1     34 6    35.6
                                                    —4.7 -4.4 —5.8 —3.9 —6.5 —5.5 ~-6." I
                                                                                                                 Less: Personal contributions for
   Cash flow, gross of dividends            90.6 100.4      98.9 102. 8 103.8 109.0 113.8                          social insurance               _        28.0             31.2    31.0     31.3     31.9     34.6    35.1     35.7
   Cash flow, net of dividends....          68. 2 78.2      77.0 80.0 82.7 85.9 90.8                           Less: Personal tax and nontax pay-
                                                                                                                   ments                                 116 7             117 0    115 2   117 5    123 0    136 5    139 5   140.8
         Gross product originating in
          financial institutions . _ . . : 28.3     30.9    30.7     31.2   30.9    31.4      32.6             Equals: Disposable personal income. . .   689.5             744.4    742.9   750.4    758.5    770.5    782.6   798.7
         Gross product originating in                                                                          ^ess: Personal outlays                    634.7             683 4    678.8   689 4    699 2    714 9    732 5   747.4
          nonfi nancial corporations. 516. 1 549.4 546.9 552.2 562.6 582.4 599.3                                 Personal consumption expenditures- 616.8                  664.9    660.4   670.7    680.5    696.1    713.4   728.1
                                                                                                                Interest paidby consumers        .         16.9             17. 6    17.5    17.6     17.7     17. 8    18.0    18.2
   Capital consumption allowances           53.2    58.0    57.1     58.8   60.5    62.1      65.2      65.5     Personal transfer payments to for-
                                                                                                                   eigners                                  10               10    .9         1 i 11 1.0                11       1.1
   Indirect business taxes plus transfer
     payments less subsidies.               50.3    54.3    53.4     54.6   56. 2   56. 5     57.4      58.7   Equals:PersonaI saving                      54.9             60.9 64.1        61.0 59.3 55.7            50.1     51.3
   Income originating in nonfinancial                                                                          Addenda:
       corporations                   412. 6 437.2 436,3 438.8 445.9 463.8 476.6                               Disposable personal income :
                                                                                                                 Total, billions of 1958 dollars                   533.2 554.7 554.6 556.5 560.9 565. 7 571.4 579.9
     Compensation of employees             346.9 365.0 363. 0 366 2 373.8 387.0 396.7                  402.7     Per capita current dollars                        3,366 3, 595 3 592 3 620 3 649 3 700 3 751 3 821
     Wages and salaries        --          306.5 319.6 318.0 320.4 327.1 338.0 346.5                   351.5     Per capita 1958 dollars         .                 2,603 2,679 2,682 2,684 2,698 2,716 2 739 2,774
      Supplements                           40.4 45.3 45.0 45.8 46.7 48.9 50.2                          51.2
                                                                                                               Personal saving rate.3 percent.                       8.0    8.2 8.6     8.1 7.8 7.2       6.4   6.4
     Net interest                           15.0    16.1    16.0     16.3   16.6    16.8      17.1      17.4
     Corporate profits and inventory                                                                           Table 11.—Personal Consumption Expenditures by Major Type (2.3)
        valuation adjustment                50.7 56.1 57.4 56.3 55.6 59.9                     62.8
      Profits before tax__._         ..     55.1 60.8 61.7 62.1 59.4 66.4                     68.4
        Profits tax liability.. . _         26.9 29.4 30.8 29.5 27.4 31.1                     32.1
        Profits after tax                   28.2 31.3 30.9 32.6 32.0 35.4                     36.3                   Personal consumption expendi-
          Dividends          __..'          19.9 19.5 19.2 20.0 18.6 20.3                     20.3                    tures                        616.8                   664. 9 660.4 670.7 680. 5 696. 1 713.4              728.1
          Undistributed profits ..           8.3 11.9 11.7 12.6 13.5 15.1                     16.0
      Inventory valuation adjustment. _    -4.4 -4.7 -4.4 -5.8 -3.9 -6.5                      —5.5     -6.1    Durable goods          .                            90.5 103. 5 101.9 106.1 106.1 111.0 113. 9                  118.4

   Cashflow,gross of dividends . . .        81.4    89.3    88.0     91.5   92.5    97.5 101.5                   Automobiles and parts          37.3                       46.7     45.4     48.8    47.9     49.9     51.3     54.7
   Cash flow, net of dividends    _..       61. 5   69.8    68.8     71.4   73.9    77.2 81.3                     Mobile homes.      _.    . .. 2.5                         3.3      3.3      3.6     3.5      3.9      4.1      3.8
                                                                                                                 Furniture and household equip-
                                                                                                                  ment                          39.0                       42.0     41.4     41.9    43.5     46.5     46.8     48.0
                                                             Billions of 1958 dollars                            Other                          14.2                       14.8     15.0     15. 5   14.7     14.7     15.7     15.7

         Gross product originating in                                                                          Nondurable goods. ..                                264.4 278. 1 277.2 278.5 283.4 288.3 297. 2                 301.4
          nonfinancial corporations. - - . _ _ 427. 4 438.8 436.8 438.9 447.3 459.6 471. 7                                                                                                                                     145.6
                                                                                                                 Food and beverages                                132.1 136.4 135.9 136.6 137.9 140.3 144.1
                                                                                                                 Clothing a n d shoes.. _ _ _ _ _ _ _ _ _ _         52.0 56.9 56.7 57.4 58.5 59. 4 61.5                         62.3
                                                                                                                 Gasoline and oil                                   22.2 23.5 23.0 23.5 24.3 24.6 24.5                          25.7
                                                                       Dollars                                   Other _                                            58.1 61.3 61.6 60.9 62.8 64.0 67.1                          67.8

         Current dollar cost per unit of                                                                       Services                            _   _           261.8 283.3 281.3 286.1 290.9 296.7 302.4                   308.3
          1958 dollar gross product                                                                                                                                                                                            108.2
          originating 2in nonfinancial                                                                           Housing          _                                 90.9 99.2 98.1          100.3 102. 5 104.2 106.1
          corporations                   1.208 1.252 1.252 1.258 1. 258 1. 267 1.271                             Household operation                                36.3 39.5 39.1           40.0 40.7 41.2 42.7                43.9
                                                                                                                 Transportation                                     18.2 19.9 19.8           20.2 20.4 21.0 21.5                21.9
  Capital consumption allowances            . 124 .132      .131     .134                                        Other _.         _                                116.3 124.8 124.3        125.7 127.3 130.3 132.0            134.3
                                                                            .135    .135      .138
  Indirect business taxes plus transfer
    payments less subsidies         •_       118     124     122     124      126  123        .122
  Compensation of employees. . . _ _ _ :    .812    .832    .831    .834    .836 .842         .841             Table 12.—Foreign Transactions in the National Income                                                           and
  Net interest                              .035    .037    .037    .037    . 037 .037        .036
                                                                                                                                  Product Accounts (4.1)
   Corporate profits and inventory valu-
    ation adjustment---.                 .119         128    131     128     124     130      .133
          Profits tax liability.         .063       .067    .071    .067    .061    .068      .068              Receipts from foreigners. __ _         _••_ ._ 63.7        66.9     67.4    69.2     63.7     71.5     70.7    75.7
          Profits after tax plus inven-
            tory valuation adjustment. . .056       .061    .061     .061   .063    . 063     .065             Exports of goods and services                       62.9    66.1     66.7    68.5     63.0     70.7     70.0    75.0
                                                                                                               Capital grants received by the United
                                                                                                                States.             _      _                         .9      .7       .7       .7      .7       .7       .7       .7
     1. Excludes gross product originating in the rest of the world.
     2. This is equal to the deflator for gross product of nonfinancial corporations, with the                   Payments to foreigners                            63.7    66. 9    67.4    69.2     63.7     71.5     70.7    75.7
   decimal point shifted two places to the left.
     3. Personal saving as a percentage of disposable personal income.                                         Imports of goods and services.                      59.3    65.4     66.6    68.2     65.1     75.3     75.2    78.4
     v
       Preliminary.
                                                                                                               Transfers to foreigners                              3.2     3.6      3.4      3.8     4.0      3.8      3.8     4.0
                                                                                                                 Personal                                           1.0     1.0       .9      1.1     1.1      1.0      1.1     1.1
                                                                                                                 Government.           __.                    ._    2.2     2.6      2.5      2.7     2.9      2.8      2.8     2.9

                                                                                                               Net foreign investment                               1.2 —2.1 —2.5 —2.7 —5.4 —7.7 -8.3                          -6.7




   478-721 O - 7 2 - 2
November 1972




       14                                                                 SURVEY OF CURRENT BUSINESS                                                                                                        November 1972


                                                                        1971                     1972                                                                                      1971                      1972


                                                1970    1971    II       III    IV                II      III                                                   1970    1971      II       III      IV        I       II      III

                                                                Seasonally adjusted at annual rates                                                                                Seasonally adjusted at annual rates

                                                                     Billions of dollars                                                                                               Billions of dollars

                       Table 9.—Gross Corporate Product 1 (1.14)                                                               Table 10.—Personal Income and its Disposition (2.1)
                                                                                                                    Personal income.       _          _     806. 3      861. 4   858.1    867.9    881.5    907. 0   922.1    939.9
            Gross corporate product            544.4 580.3 577.6 583.4 593.5 613.7 631.9                  644. 2      Wage and salary disbursements . . . 541.9
                                                                                                                                                            .           572.9             575.9    585.9             620. 5
                                                                                                                                                                                 569. 5                     608. 0            630.8
      Capital consumption allowances            55.2    60.3            61.2                               fis A        Commodity-producing industries -_ 201.0         206. 1   205.7    206.0    209.9    217.5    222.6    225.1
                                                               59. 4            63.0    64.8     68.0                     JManufacturing                    158.3       160.3    160.2    160.0    162.7    168.8    174.1    176.6
      Indirect business taxes plus transfer                                                                            Distributive industries              129.2       138. 2   137.2    139.1    141.7    147.2    150.1    152.4
        payments less subsidies                 52.8                                                       61 7
                                                        56.9   56.0     57.2    58.9    59.2     60.2                   Service industries                   96.7       105.0    103.9    106.3    108.4    111.9    114.7    117.5
      Income originating in corporate busi-                                                                             Government                          115.1       123.5    122. 7   124.6    125.9    131.4    133.1    135.8
          ness              __.          ' _ _ 436.5 463. 1 462.2 465.0 471.6 489.8 503.7                 514. 1      Other labor income                     32.1        36.5     36.1     37.2     38.0     38.8     39.8     40.8
                                                                                                          42o  o      Proprietors' income      .._•          66.8        70.0     69.3     70.7     71.8     73.3     73.2     75.3
                                               368.8 388.8 386.8 390.4 398.2 412. 2 422.4                 m/ 6  o       B usiness and professional _         49.9        52.6     52.4     53.1     53.8     54.3     54.4     56.2
          Wages and salaries                   325.5 340.2 338. 6 341.2 348.1 359. 7 368.6                6
                                                                                                            '*'
                                                                                                           55.0          Farm
                                                                                                                        *arm                                 16.9        17.3     16.9     17.6     18.1     19. 1    18.7     19.1
          Supplements                           43.2 48.6 48.3 49.1 50.1 52.5 53.8
                                                                                                                     Rental income of persons                23.3        24.5     24.4     24.8     25.0     25.2     24.2     26.2
        Net interest                             2.6     1.5    1.6      1.3     1.2       1.1    1.0       10        Dividends                              24.8        25.4     25.4     25.5     25.2     26.0     26.2     26.5
                                                                                                                     Personal interest income                65.8        69.6     69.1     70.2     70.6     71.0     72.7     73.4
        Corporate profits and inventory                                                                                                                      79.5        93.6                       96.8     99.2    100. 6   102.7
                                             65.2 72.8 73.8 73.3                                           Ro q       Transfer payments..                                         95.2     95.0
                                                                                72.2 76.5 80.3             JQ Q         Old-age, survivors, disability, and
          Profits before tax      .  _•__-__ 69.6 77.4 78.1 79. 1                76.1 82.9 85.9                                                              38.5        44.5     46.7     45.0     45. 7    46.8     48.1     48.8
            Profits tax liability            34.1 37.3 38.6 37.5                35.3 38.8 40.1             JQ JJ        State unemployment insurance
            Profits after tax                35.4 40.1 39.5 41.6                 40.8 44.2 45.8            £*•"           benefits                            3.9         5.7      5.7   5.9        6.2       5.4      5.6      5.8
                                             22.4 22.2 21.9 22.8                 21.1 23.0 23.0            OA «         Veterans benefits                     9.7        11.3     11.2 .11.3       11.6      11. 9    12.3     12.5
              Undistributed profits          13.0 17.9 17.7 18.8                 19.7 21.2 22.8            24. 1
                                                                                                          -6. 6         Other
                                                                                                                        umer                                 27.4        32.2     31.6 32.8        33.3      35.1     34.6     35.6
          Inventory valuation adjustment-- —4.4 -4.7 —4.4 —5.8                  —3. 9 —6.5 —5.5
                                                                                                                     Less: Personal contributions for
      Cashflow,gross of dividends _.          . 90.6 100.4     98.9 102.8 103.8 109.0 113. 8              116 3         social insurance..         __   _:   28.0        31.2     31.0     31.3     31.9     34.6     35.1     35.8
      Cash flow, net of dividends            '.. 68.2 78.2     77.0 80.0 82.7 85.9 90.8                    <J3
                                                                                                               -°   Less: Personal tax and nontax pay-
                                                                                                                        ments                               116.7       117.0    115.2    117.5    123.0     136.5   139.5    141.1
            Gross product originating in
             financial institutions             28.3    30.9   30.7     31.2    30.9    31.4     32.6      33. 8    Equals : Disposable personal income. _ . 5
                                                                                                                                                            689.        744.4    742. 9   750.4    758.5     770.5   782.6    798.8
                                                                                                                    Less: Personal outlays                  634. 7      683.4    678.8    689. 4   699.2     714.9   732.5    748.0
            Gross product originating in                                                                  610 4       Personal consumption expenditures.. 616.8         664.9    660.4    670.7    680. 5    696.1   713.4    728.6
              nonfinancial corporations             516.1 549.4 546.9 552.2 562.6 582.4 599.3                                                                16.9        17.6     17.5     17.6     17.7      17.8    18.0     18.2
      Capital consumption allowances.                                                                     ' - -       Personal transfer payments to for-
                                                     53.2 58.0 57.1 58.8 60.5 62.1 65.2                    oo. o        eigners                               1.0         1.0       .9      1.1      1.1      1.0      1.1      1.2
      Indirect business taxes plus transfer
        payments less subsidies                      50.3 54.3 53. 4 54.6 56.2 56.5 57. 4                  58 8     Equals :Personal saving .                54.9        60.9     64.1     61.0     59.3     55.7     50.1     50.8
      Income originating in nonfinancial                                                                            Addenda:
          corporations                              412.6 437.2 436.3 438.8 445.9 463.8 476.6             48o. 1    Disposable personal income:
                                                                                                                     Total billions of 1958 dollars            533.2 554.7 554.6 556.5 560.9 565.7 571.4                      579.6
        Compensation of employees . _ . _ - - - _ . 346. 9 365.0 363. 0 366.2 373.8 387.0 396.7                                                                3,366 3,595 3,592 3,620 3,649 3,700 3,751                      3,821
        Wages and salaries _ _ -   -. _ _ _         306.5 319. 6 318.0 320.4 327. 1 338.0 346.5           351 8       Per capita' 1958 dollars                 2,603 2,679 2,682 2,684 2,698 2,716 2,739                      2, 773
          Supplements                                40.4 45.3 45.0 45.8 46.7 48.9 50.2
                                                                                                                    Personal saving rate 3 percent               8.0   8.2   8.6   8.1 7.8     7.2   6.4                         6.4
                                                 15.0 16.1 16.0 16.3 16.6 16.8                   17.1
        Corporate profits and inventory                                                                             Table 11.—Personal Consumption Expenditures by Major Type (2.3)
           valuation adjustment                  50.7 56.1 57.4 56.3 55.6 59.9                   62.8      65. 6
         Profits before tax          _ _ _ _ . 1 55.1 60.8 61.7 62.1 59.4 66.4                   68.4
           Profits tax liability                 26.9 29.4 30.8 29.5 27.4 31.1                   32.1
           Profits after tax                     28.2 31.3 30.9 32.6 32.0 35.4                             ??'Q           Personal consumption expendi-
                                                                                                 36.3      6L y
                                                                                                                           tures
                                                                                                                           l re                         616.8 664.9 660.4 670.7 680.5 696.1 713. 4                            728.6
             Dividends               . _ _ _ . 119.9 19.5 19.2 20.0 18.6 20.3                    20.3      20.5
             Undistributed profits                8.3 11.9 11.7 12.6 13.5 15.1                   16.0                                                                                                                         118.6
         Inventory valuation adjustment. _ -4.4 -4.7 -4.4 -5.8 -3.9 -6.5                                   ^•j      Durable goods                ..             90.5 103.5 101.9 106.1 106.1 111.0 113.9
                                                                                                 —5.5
                                                                                                          -~ 0 4
                                                                                                               A      Automobiles and parts                37.3          46.7     45.4    48.8     47.9      49.9     51.3     54. 8
                                                81.4    89.3   88.0     91.5     92.5   97.5 101.5        I0.*- ,      Mobile homes       _                 2.5           3.3      3.3     3.6      3.5       3.9      4.1      3.7
                                                61.5    69.8   68. 8    71.4     73.9   77.2 81.3          »2.y       Furniture and household equip-
                                                                                                                       ment            _                   39.0          42.0     41.4    41.9     43.5      46.5     46.8     47.9
                                                                                                                      Other .      _.          - _ _ - . _ 14.2          14.8     15.0    15.5     14.7      14.7     15.7     15.9
                                                                Billions of 1958 dollars
                                                                                                                                                               264.4 278.1 277.2 278.5 283.4 288.3 297.2                      302.0
            Gross product originating in
             nonfinancial corporations _ 427.4 438.8 436.8 438.9 447. 3 459.6 471.7                       479. 2      Food and beverages                     ..... 132. 1 136.4 135.9     136.6 137.9 140.3 144.1             145.8
                                                                                                                      Olnthing and shoes.                           52.0 56.9 56.7         57.4 58.5 59.4 61.5                 62.6
                                                                                                                      Gasoline and oil.                _ _ _ _ _ _ 22. 2 23.5 23.0         23.5 24.3 24. 6 24.5                25.4
                                                                           Dollars                                    Other                                         58.1 61.3 61.6         60.9 62.8 64.0 67.1                 68.2
                                                                                                                    Services                                   261.8 283.3 281.3 286.1 290.9 296.7 302.4                      308.0
            Current dollar cost per unit of
             1958 dollar gross product                                                                                                                                                                                        108.1
             originating in nonfinancial                                                                              Housing                           -. _    90.9 99.2 98.1 100.3 102.5 104.2 106.1
                                                                                                    - „_.             Household operation. _.                   36.3 39.5 39.1 40.0 40.7 41.2 42.7                             44.0
                                                1.208 1.252 1.252 1.258 1. 258 1.267 1.271          i.j/4             Transportation                            18.2 19.9 19.8 20.2 20.4 21.0 21.5                             •21.9
                                                                                                         _            Other...                                 116.3 124.8 124.3 125.7 127.3 130.3 132.0                      134.0
                                                 .124   .132   .131      .134    .135   . 135 . 138 . 10
                                                                                                       137
       Indirect business taxes plus transfer
         payments less subsidies                 .118   .124   .122      .124    . 126 .123       .122     .123                                                                                                                 _
       Compensation of employees— -              .812   .832   .831      .834    .836 .842        .841     .841     Table 12. — Foreign Transactions in the National Income                                                   and
       Net interest       .. _                   .035   .037   .037      .037    .037 .037        .036       036
                                                                                                                                                      Product Accounts (4.1)
       Corporate profits and inventory valu-
        ation adjustment _                   .119       .128   .131      .128    .124   .130      . 133      1 ^7
              Profits tax liability          .063       .067   .071      .067    .061   .068               ' nyn     Receipts from foreigners                   63.7     66.9     67.4     69.2    63.7      71.5    70.7      75.1
                                                                                                  .068
              Profits after tax plus inven-
                tory valuation adjustment. . .056       .061   .061      .061    . 063 .063                  n««    Exports of goods and services ...           62.9     66. 1    66.7     68.5    63.0      70.7    70.0      74.4
                                                                                                  .065
                                                                                                                    Capital grants received by the United
                                                                                                                                                                   .9      .7       .7       .7       .7       .7       .7       .7
         1. Excludes gross product originating in the rest of the world.
         2. This is equal to the deflator for gross product of nonfinancial corporations, w th the                    Payments to foreigners _ -                 63.7    66.9     67.4     69.2     63.7     71.5    70.7      75.1
       decimal point shifted two places to the left.
         3. Personal saving as a percentage of disposable personal income.                                          Imports of goods and services                59.3    65. 4    66.6     68. 2    65.1     75.3     75.2     77.8
         * See footnote on page 13.
                                                                                                                    Transfers to foreigners               .       3.2     3.6      3.4      3.8      4.0      3.8      3.8      3.8
                                                                                                                      Personal                                    1.0     1.0       .9      1.1      1.1      1.0      1.1      1.2
                                                                                                                      Government                                  2.2     2.6      2.5      2.7      2.9      2.8      2.8      2. 6
                                                                                                                    Net foreign investment                        1.2 —2.1 -2.5 -2.7 —5.4 —7.7 -8.3                           -6.5
December 1972



      December 1972                                                     SURVEY OF CURRENT BUSINESS                                                                                                                            13

                                                                      1971                     1972                                                                                       1971                     1972


                                               1970   1971    II       III    IV                II     III                                                     1970    1971      II       III     IV        I        II      III

                                                              Seasonally adjusted at annual rates                                                                                Seasonally adjusted at annual rates

                                                                   Billions of dollars                                                                                                Billions of dollars

                       Table 9.—Gross Corporate Product 1. (1.14)                                                            Table 10.—Personal Income and its Disposition (2.1)
                                                                                                                 Personal income                          806.3       861.4    858.1    867.9    881.5    907. 0   922.1     939.9
           Gross corporate product            544.4 580.3 577.6 583.4 593.5 613.7 631.9                                                                   541.9       572.9    569.5    575. 9   585.9    608. 0   620. 5    630.8
     Capital consumption allowances... ....    55.2   60.3   59.4     61.2           64.8      68.0    fiB A         Commodity-producing industries. .201.0           206. 1   205. 7   206.0    209.9    217.5    222.6     225.1
                                                                             63.0                                      Manufacturing                      158.3       160.3    160.2    160.0    162. 7   168.8    174.1     176. 6
     Indirect business taxes plus transfer                                                                          Distributive industries               129.2       138. 2   137.2    139.1    141.7    147.2    150.1     152.4
       payments less subsidies                 52.8          56.0     57.2           59.2      60.2    61 7
                                                      56.9                   58.9                                    Service industries...                 96.7       105.0    103.9    106.3    108.4    111.9    114.7     117.5
     Income originating in corporate busi-                                                                           Government                           115.1       123.5    122.7    124.6    125.9    131.4    133.1     135.8
         ness              -               436.5 463.1 462.2 465.0 471.6 489.8 503.7                  513. 7       Other labor income                      32.1        36.5     36.1     37.2     38.0     38.8     39.8      40.8
                                              368.8 388.8 386.8 390.4 398.2 412.2 422.4               49q «        Proprietors' income                     66.8        70.0     69.3     70.7     71.8     73.3     73.2      75.3
         Wages and salaries                   325.5 340.2 338.6 341.2 348.1 359.7 368.6               Q^'Q
                                                                                                      374 3
                                                                                                                     Business and professional             49.9        52.6     52.4     53.1     53.8     54.3     54.4      56.2
         Supplements                           43.2 48.6 48.3 49.1 50.1 52.5 53.8                      55.0 '        Farm
                                                                                                                     -cdiiii—                           .. 16.9        17.3     16.9     17.6     18.1     19.1     18.7      19.1
                                                                                                                   Rental income of persons                23.3        24.5     24.4     24.8     25.0     25.2     24.2      26.2
       Net interest-                           2.6     1.5    1.6      1.3    1.2        1.1    1.0      10        Dividends                               24.8        25.4     25.4     25.5     25.2     26.0     26.2      26.5
                                                                                                                   Personal interest income                65.8        69.6     69.1     70.2     70.6     71.0     72.7      73.4
       Corporate profits and inventory                                                                                                                                                                                       102.7
                                          65.2 72.8 73. 8 73.3 72.2 76.5 80.3                          QQ          Transfer payments                       79.5        93.6     95.2     95.0     96.8     99.2    100.6
         Profits before tax               69.6 77.4 78.1 .79.1 76.1 82.9 85.9                          °jj- \
                                                                                                       8
                                                                                                                     Old-age , survivors, disability, and
           Profits tax liability          34.1 37.3 38.6 37.5 35.3 38.8 40.1                            ~x             health insurance benefits           38.5        44.5     46.7     45.0     45.7     46.8     48.1      48.8
           Profits after tax   .' ..      35.4 40.1 39.5 41.6 40.8 44.2 45.8                             i'2         State unemployment insurance
             Dividends                    22.4 22.2 21.9 22.8 21.1 23.0 23.0                           „'•'            benefits                             3.9         5.7      5.7   5.9         6.2      5.4      5.6       5.8
                                                                                                       ;f-"         Veterans benefits                       9.7        11.3     11.2 .11.3        11.6     11.9     12.3      12.5
                                          13.0 17.9 17.7 18.8 19.7 21.2 22.8                           ^1            Other .                                                                                                  35.6
         Inventory valuation adjustment.. —4.4 —4.7 —4.4 —5.8 —3.9 —6.5 —5.5                          —6.1                                                 27.4        32.2     31.6 32.8         33.3     35.1     34.6
                                                                                                                   Less: Personal contributions for
     Cash flow, gross of dividends            90.6 100.4     98.9 102.8 103.8 109.0 113.8             116 1         social insurance                       28.0        31.2     31.0     31.3     31.9     34.6     35.1     35.8
     Cash flow, net of dividends              68.2 78.2      77.0 80.0 82.7 85.9 90.8                  93<
                                                                                                             •*• Less: Personal tax and nontax pay-
           Gross product originating in                                                                             ments                                 116.7       117.0    115. 2   117.5    123.0    136.5    139.5    141. 1
            financial institutions. .         28.3    30.9   30.7     31.2   30.9   31.4       32.6    33. 7     Equals : Disposable personal income. . . 689.5       744.4    742.9    750.4    758.5    770.5    782.6    798.8
           Gross product originating in                                                                          Less : Personal outlays                  634.7       683.4    678.8    689.4    699.2    714.9    732. 5   748.0
             nonfinancial corporations     516. 1 549.4 546.9 552.2 562.6 582.4 599.3                 Am ft Personal consumption expenditures.. 616.8                 664.9    660. 4   670.7    680.5    696.1    713.4    728.6
                                                                                                          •       Interest paidby consumers                16.9        17.6     17.5     17.6     17.7     17.8     18.0     18.2
     Capital consumption allowances         53.2 58.0 57.1 58.8 60.5 62.1 65.2                         ag'5
                                                                                                       65 K
                                                                                                                  Personal transfer payments to for-
     Indirect business taxes plus transfer                                                                -         eigners                                 1.0         1.0       .9      1.1 1.1 1.0                1.1      1.2
       payments less subsidies _ _          50.3 54.3 53.4 54.6 56.2 56.5 57.4                         58 8      Eouals* Personal saving                   54.9        60.9     64.1     61.0 59.3 55.7             50.1     50.8
     Income originating in nonfinancial                                                                          Addenda:
         corporations                      412.6 437.2 436.3 438.8 445.9 463.8 476.6 485.7                       Disposable personal income:
       Compensation of employees                                                                                   Total, billions of 1958 dollars             533.2 554.7 554.6 556.5 560.9 565.7 571.4                    579.6
                                           346.9 365.0 363.0 366.2 373.8 387.0 396.7 403. 1                        per capita, current dollars               _ 3,366 3,595 3, 592 3,620 3,649 3, 700 3,751                  3,821
         Wages and salaries                306.5 319.6 318.0 320.4 327.1 338.0 346.5 351.8                         Per capita, 1958dollars                     2,603 2,679 2,682 2,684 2,698 2,716 2,739                    2,773
         Supplements                        40.4 45.3 45.0 45.8 46.7 48.9 50.2
                                                                                                                 Perso nal saving rate 3 percent                 8.0   8.2 8.6      8.1 7.8      7.2   6.4                    6.4
       Net interest                         15.0 16.1 16.0 16.3 16.6 16.8 17.1
       Corporate profits and inventory
          valuation adjustment                 50.7 56.1 57.4 56.3 55.6 59.9 62.8                                Table 11. —Personal Consumption Expenditures by Major Type (2.3)
                                                                                                        65. &
        Profits before tax                     55.1 60.8 61.7 62.1 59.4 66.4 68.4
          Profits tax liability                26.9 29.4 30.8 29.5 27.4 31.1 32.1
          Profits after tax                    28.2 31.3 30.9 32.6 32.0 35.4 36.3                       ?2t5,          Personal consumption expendi-
            Dividends                          19.9 19.5 19.2 20.0 18.6 20.3 20.3                       £•!             tures                        616.8 664.9 660.4 670.7 680.5 696.1 713.4                              728.6
            Undistributed profits               8.3 11.9 11.7 12.6 13.5 15.1 16. 0
                                              -4.4 -4.7 -4.4 -5.8 -3.9 -6.5 —5. 5                      •^'j      Durable goods                            .... 90.5 103.5 101.9 106.1 106.1 111.0 113. 9                    118.6
     Cash flow gross of dividends             81.4    89.3   88.0     91.5   92.5   97.5 101.5           o
                                                                                                      1 ,,,,       Automobiles and parts                       37.3   46.7     45.4     48.8     47.9     49.9     51.3      54.8
     Cash flow net of dividends               61.5    69.8   68.8     71.4   73.9   77.2 81.3         Kg-*          Mobile homes                                2.5    3.3      3.3      3.6      3.5      3.9      4.1       3.7
                                                                                                      °°'u         Furniture and household equip-
                                                                                                                    ment                                       39.0   42.0     41.4     41.9     43.5     46.5     46.8      47.9
                                                              Billions of 1958 dollars                             Other                                       14.2   14.8     15.0     15.5     14.7     14.7     15.7      15.9
          Gross product originating in                                                                                                                        264.4 278.1 277.2 278.5 283.4 288.3 297.2                     302.0
           nonfinancial corporations   427.4 438.8 436.8 438.9 447.3 459.6 471.7                      478.9        Food and Averages                          132.1 136.4 135.9 136.6 137. 9 140.3 144.1                    145.8
                                                                                                                   Clothing and shoes                          52.0 56.9 56.7 57.4 58.5 59.4 61.5                            62.6
                                                                                                                   Gasoline and oil                            22.2 23.5 23.0 23.5 24.3 24.6 24.5                            25.4
                                                                       Dollars                                     Other                                       58.1 61.3 61.6 60.9 62.8 64.0 67.1                            68.2

          Current dollar cost per unit of                                                                        Services-                                    261.8 283.3 281.3 286.1 290.9 296.7 302.4                     308.0
           1958 dollar gross product
           originating 2in nonfinancial                                                                           Housing.                       _. . _        90.9 99.2 98.1 100.3 102.5 104.2 106.1                       108.1
           corporations                   1 208 1.252 1.252 1.258 1.258 1.267 1.271                   t 07 .      Household operation.          ._             36.3 39.5 39.1 40.0 40.7 41.2 42.7                            44.0
                                                                                                      i. ^74      Transportation                               18.2 19.9 19.8 20.2 20.4 21.0 21.5                            21.9
                                              .124    .132   .131                                        1Q-      Other                                       116.3 124.8 124.3 125.7 127.3 130.3 132.0                     134.0
                                                                     .134    .135   .135       .138    .137
     Indirect business taxes plus transfer
       payments less subsidies                .118    .124   .122    .124    .126   .123       .122    .123
     Compensation of employees                .812    .832   .831    .834    .836   .842       .841    .842      Table 12.«— Foreign Transactions in the National Income and
     Net interest          ....               .035    .037   .037    .037    .037   .037       .036     036
                                                                                                                                      Product Accounts (4.1)
     Corporate profits and inventory valu-
      ation adjustment..                   .119       .128   .131    .128    .124   .130       .133      i ^fi
            Profits tax liability .        .063       .067   .071    .067    .061   .068       .068    ' Q7o      Receipts from foreigners                    63.7    66.9     67.4     69.2     63.7     71.5     70.7     75.1
            Profits after tax plus inven-
              tory valuation adjustment. . .056       .061   .061    .061    .063   .063       .065      ng«     Exports of goods and services                62.9    66.1     66.7     68.5     63.0     70.7     70.0     74.4
                                                                                                                 Capital grants received by the United
                                                                                                                                                                .9      .7       .7       .7       .7       .7       .7        .7
       1. Excludes gross product originating in the rest of the world.
       2. This is equal to the deflator for gross product of nonfinancial corporations, wil h thp                  Payments to foreigners                     63.7    66.9     67.4     69.2     63.7     71.5     70.7     75.1
     decimal point shifted two places to the left.
       3. Personal saving as a percentage of disposable personal income.                                         Imports of goods and services _              59.3    65.4     66.6     68.2     65.1     75.3     75.2     77.8
                                                                                                                 Transfers to foreigners                       3.2    3.6      3.4       3.8     4.0      3.8      3.8       3.8
                                                                                                                   Personal                                    1.0    1.0       .9       1.1     1.1      1.0      1.1       1.2
                                                                                                                   Government                                  2.2    2.6      2.5       2.7     2.9      2.8      2.8,      2.6
                                                                                                                 Net foreign investment . .          ....      1.2 --2.1 --2.5 --2.7 --5. 4 --7.7 --8.3                     -6.5
January 1973


January 1973                                                          SUEVEY OF CURRENT BUSINESS                                                                                                                         9
                                                               1971                     1972                                                                                  1971                       1972


                                         1971 1972'      III      IV        I      II      III       IV»                                               1971 1972P       III       IV        I       II          III    IVP


                                                         Seasonally adjusted at annual rates                                                                            Seasonally adjusted at annual rates

                                                            Billions of dollars                                                                                               Billions of dollars

                 Table 9.—Gross Corporate Product 1 (1.14)                                                            Table 10.—Personal Income and its Disposition (2.1)
                                                                                                                onal income .                         861.4      ;.8   867.9    881.5     907.0   922.1    939.9      974.3
     Gross corporate product            580.3 S38.1 583.4 593.5 613.7 631.9 643.7                             Wage and salary disbursements           572.9   627.0    575.9    585.9     608.0   620.5    630.8      648.5
Capital consumption allowances           60.3   67.7    61.2     63.0     64.8    68.0     68.4      69.5       Commodity-producing industries.       206.1   224.6    206.0    209.9     217.5   222.6    225.1      233.3
Indirect business taxes plus transfer                                                                             Manufacturing                       160.3   175.9    160.0    162.7     168.8   174.1    176.6      183.9
  payments less subsidies.               56.9   61.0    57.2     58.9     59.2    60.2     61.7      62.9       Distributive industries               138.2   151.5      l.l    141.7     147.2   150.1    152.4      156.3
                                                                                                                Service industries                    105.0   116.1    106.3    108.4     111.9   114.7    117.6      120.1
Income originating in corporate busi-                                                                           Government.                           123.5   134.8    124.6    125.9     131.4   133.1    135.8      138.8
    ness_.                           - 463.1 509.4 465.0 471.6                   503.7 513.7                  Other labor income                       36.5    40.3    37.2      38.0      38.8    39.8     40.8       41.8
  Compensation of employees                   426.6 390.4   i.2 412.2 422.4 429.3 442.6                       Proprietors' income                      70.0    75.2    70.7      71.8      73.3    73.2     75.3       79.0
   Wages and salaries                   340.2 372.2 341.2 348.1 159.7 368.6 374.3 388.2                         Business and professional              52.6    55.6    53.1      53.8      54.3    54.4     56.2       57.4
   Supplements                           48.6 54.4 49.1 50.1 52.5 53.8 55.0 56.4                                Farm                                   17.3    19.6    17.6      18.1      19.1    18.7     19.1       21.6
                                                                                                              Rental income of persons                 24.5    25.6    24.8      25.0      25.2    24.2     26.2       26.9
 Net interest                             1.5     1.0    1.3      1.2      1.1     1.0         1.0    1.0     Dividends                                25.4    26.4    25.5      25.2      26.0    26.2     26.5       26.7
                                                                                                              Personal interest income                 69.6    72.9    70.2      70.6      71.0    72.7     73.4       74.5
  Corporate profits and inventory                                                                                                                                                                          102.7
     valuation adjustment                72.8 81.8 73.3 72.2 76.5               83.4                          Transfer payments.                       93.6   104.0    95.0      96.8     99.2    100.6               113.5
   Profits before tax                    77.4 87.8 79.1 76.1 82.9 85.9 89.5                                     Old-age, survivors, disability, and
     Profits tax liability               37.3 41.0 37.5 35.3 38.8 40.1            1.8
                                                                                                                  health insurance benefits            44.5    50.2    45.0      45.7     46.8     48.1     48.8       57.2
     Profits after tax..                 40.1 46.8 41.6 40.8 44.2 45.8            7.7
                                                                                                                State unemployment insurance
       Dividends                         22.2 23.0 22.8 21.1 23.0 23.0 23.0                                       benefits                              5.7     5.4   5.9         6.2      5.4     5.6       5.8        5.0
                                                                                                                Veterans benefits                      11.3    12.7 .11.3        11.6     11.9    12.3      12.5       14.0
       Undistributed profits.            17.9 23.7 18.8 19.7 21.2 22.8 24.7                                     Other                                  32.2                                                 35.6
   Inventory valuation adjustment.      - 4 . 7 - 6 . 0 —5.8 - 3 . 9 —6.5 —5.5 - 6 . 1 - 5 . 9                                                                 35.7 32.8         33.3     35.1    34.6                 37.3
                                                                                                             Less: Personal contributions for
Cash flow, gross of dividends           100.4 114.4 102.8 103.8 109.0 113.8 116.1                              social insurance                    31.2        35.5    31.3      31.9     34.6    35.1      35.8      36.5
Cash flow, net of dividends              78.2 91.4 80.0 82.7 85.9 90.8 93.1                                 Less: Personal tax and nontax pay-
     Gross product originating in                                                                              ments                              117.0     140.7 117.5 123.0 136.5 139.5                  141.1      145,9
        financial institutions           30.9   33.1    31.2     30.9     31.4   32.6      33.7             Equals: Disposable personal income... 744.4     795.1 750.4 758.5 770.5 782.6                  798.8      828.4
     Gross product originating in                                                                           Less: Personal outlays                683.4     740.4    U 699.2 714.9 732.5                   748.0      766.0
      nonfinancial corporations   549.4 604.9 552.2 562.6 582.4 599.3 610.0                                  Personal consumption expenditures- 664.9       721.1 670.7 680.5 696.1 713.4                  728.6      746.2
                                                                                                             Interest paidby consumers -           17.6      18.2  17.6 17.7 17.8 18.0                      18.2       18.6
Capital consumption allowances           58.0   64.8    58.8      K).5    62.1    65.2     65.5      66.5    Personal transfer payments to for-
Indirect business taxes plus transfer                                                                          eigners                                  1.0   1.1   1.1   1.1   1.0   1.1                    1.2       1.2
  payments less subsidies._              54.3   58.2    54.6      >6.2    56.5    57.4     58.8      60.0   Equals-.Personal saving                    60.9 54.8 61.0 59.3 55.7 50.1                        50.8      62.4
Income originating in nonfinancial                                                                          Addenda:
    corporations   _               437.2 481.9 438.8 445.9                       476.6    485.7             Disposable personal income:
  Compensation of employees                                                                                  Total,billionsof 1958 dollars..          554.7 578.7 556.5 560.9 565.7 571.4 579.6 597.9
                                        365.0 400.7 366.2 373.8 387.0 396.7 403.1 416.1                       Per capita, current dollars..           3,595 3,807 3,620 3,649 3,700 3,751 3,821 3,954
   Wages and salaries                   319.6 350.0 320.4 327.1       346.5 351.8 363.5                       Per capita, 1958 dollars                2,679 2,771 2,684 2,698 2,716 2,739 2,773 2,854
   Supplements                           45.3 50.8 45.8 46.7           50.2 51.3 52.7
                                                                                                            Personal saving rate,8 percent.             8.2   6.9   8.1   7.8   7.2   6.4   6.4   7.5
  Net interest                           16.1   17.3    16.3     16.6     16.8    17.1     17.4      17.7
  Corporate profits and inventory
     valuation adjustment                 56.1 63.9 56.3 55.6                    62.8 65.2
                                                                                                            Table 11.—Personal Consumption Expenditures by Major Type (2.3)
   Profits before tax                    60.8 69.9 62.1 59.4 66.4 68.4 71.3
     Profits tax liability               29.4 32.8 29.5 27.4 31.1 32.1 33.5
     Profits after tax                   31.3 37.1 32.6 32.0 35.4 36.3 37.7                                      Personal consumption expendi-
       Dividends-_.                       19.5 20.3 20.0 18.6 20.3 20.3 20.2                                       tures                       664.9 721.1 670.7 680.5 696.1 713.4 728.6 746.2
       Undistributed profits              11.9 16.8 12.6 13.5 15.1 16.0 17.5
   Inventory valuation adjustment..     - 4 . 7 - 6 . 0 - 5 . 8 - 3 . 9 - 6 . 5 —5.5 - 6 . 1 - 5 . 9        Durable goods                      103.5 116.3 106.1 106.1 111.0 113.9 118.6 1*1.5
Cash flow, gross of dividends            19.3 101.9     91.5     92.5     97.5 101.5 103.2                   Automobiles and parts        . . . 46.7 52.9 48.8 47.9 49.9 51.3 54.8 55.5
Cash flow, net of dividends..                  81.6     71.4     73.9     77.2 81.3 83.0                        Mobile homes                     3.3   4.0   3.6   3.5   3.9   4.1   3.7   4.2
                                                                                                              Furniture and household equip-
                                                                                                               ment ._                 -        42.0 47.7 41.9 43.5 46.5 46.8 47.9 49.4
                                                         Billions of 1958 dollars                             Other                             14.8 15.7 15.5 14.7 14.7 15.7 15.9 16.6
     Gross product originating in                                                                           Nondurable goods                   278.1 299.5 278.5 283.4 288.3 297.2 302.0 310.4
      nonfinancial corporations   438.8 475.3 438.9 447.3 459.6 471.7 478.9
                                                                                                              Food and beverages               136.4 144.8 136.6 137.9 140.3 144.1 145.8 149.1
                                                                                                              Clothing and shoes. .             56.9 61.9 57.4 58.5 59.4 61.5 62.6 64.2
                                                                                                              Gasoline and oil                  23.5 25.2 23.5 24.3 24.6 24.5 25.4 26.1
                                                                      Dollars                                 Other .                           61.3 67.6 60.9 62.8 64.0 67.1 68.2 71.0
     Current dollar cost per unit of                                                                        Services.                          283.3 305.4 286.1 290.9 296.7 302.4 308.0 314.3
      1958 dollar gross product
      originating 2in nonfinancial                                                                            Housing-                          99.2 107.2 100.3 102.5 104.2 106.1 108.1 110.2
      corporations                   1.252 1.273 1.258 1.258 1.267 1.271 1.274                                Household operation               39.5 43 3 40.0 40.7 41.2 42.7 44.0 45.2
                                                                                                             Transportation               _ . 19.9 21.7 20.2 20.4 21.0 21.5 21.9 22.4
Capital consumption allowances          .132    .136    .134     .135                      .137               Other                            124.8 133.2 125.7 127.3 130.3 132.0 134.0 136.6
                                                                          .135   .138
Indirect business taxes plus transfer
  payments less subsidies               .124    .122    .124     .126     .123   .122      .123
Compensation of employees               .832    .843    .834     .836     .842   .841      .842             Table 12.—Foreign Transactions in the National Income and
Net interest            _               .037    .036    .037     .037     .037   .036      .036                                Product Accounts (4.1)
Corporate profits and inventory valu-
 ation adjustment                     .128 .134         .128     .124     .130   .133      .136
       Profits tax liability          .067 .069         .067     .061     .068             .070              Receipts from foreigners                  66.9   74.4     69.2     63.7      71.5    70.7     75.1       80.4
       Profits after tax plus inven-                                             .068
         tory valuation adjustment.. .061 .065          .061     .063     .063   .065      .066             Exports of goods and services              66.1   73.7     68.5     63.0      70.7    70.0     74.4       79.7
                                                                                                            Capital grants received by the United
                                                                                                              States                                     .7     .7       .7          .7     .7      .7          .7      .7
  1. Excludes gross product originating in the rest of the world.                                                                                                                                                     80.4
  2. This is equal to the deflator for gross product of nonfinancial corporations, with the                   Payments to foreigners                   66.9   74.4     69.2     63.7      71.5    70.7     75.1
decimal point shifted two places to the left.
  3. Personal saving as a percentage of disposable personal income.                                         Imports of goods and services              65.4   77.8     68.2     65.1      75.3    75.2     77.8       82.7
  * Preliminary.                                                                                                                                                                                                       3.8
                                                                                                            Transfers to foreigners                     3.6    3.8      3.8      4.0      3.8      3.8      3.8
                                                                                                                                                        1.0    1.1      1.1      1.1      1.0      1.1      1.2        1.2
                                                                                                              Personal                                  2.6    2.7      2.7      2.9      2.8      2.8      2.6        2.6
                                                                                                              Government
                                                                                                            Net foreign investment                    - 2 . 1 - 7 . 1 —2.7 - 5 . 4 —7.7 - 8 . 3 - 6 . 5 - 6 . 1
February 1973



   16                                                                     SURVEY OF CURRENT BUSINESS                                                                                                February 1973


                                                                   1971                    1972                                                                                 1971                       1972

                                            1971 1972*      III       IV        I     II      III        IV                                               1971    1972    III       IV        I       II          III     IV

                                                             Seasonally adjusted at annual rates                                                                          Seasonally adjusted at annual rates

                                                                Billions of dollars                                                                                             Billions of dollars

                    Table 9.—Gross Corporate Product 1 (1.14)                                                             Table 10.—Personal Income and its Disposition (2.1)
                                                                                                               Personal income..                         861.4   935.9   867.9    881.5     907.0 922.1                 974.6
        Gross corporate product            580.3 637.7 583.4 593.5 613.7 631.9 643.7
                                                                                                                 Wage and salary disbursements           572.9   627.0   575.9    585.9 608.0       620.5               648.8
   Capital consumption allowances           60.3    67.7    61.2     63.0     64.8   68.0     68.4      69.5       Commodity-producing industries..      206.1   224.6   206.0    209.9 217.5       222.6    225.1      233.4
   Indirect business taxes plus transfer                                                                             Manufacturing                       160.3   175.8   160.0    162.7 168.8       174.1    176.6      183.9
     payments less subsidies                56.9    61.0    57.2     58.9     59.2   60.2     61.7      63.0       Distributive industries               138.2   151.5   139.1    141.7 147.2       150.1    152.4      156.4
                                                                                                                   Service industries                    105.0   116.1   106.3    108.4 111.9       114.7    117.5      120.2
   Income originating in corporate busi-                                                                           Government                            123.5   134.8   124.6    125.9 131.4       133.1    135.8      138.8
       ness                     -        463.1 509.0 465.0 471.6 489.8 503.7 513.7                               Other labor income                       36.5    40.3    37.2     38.0  38.8        39.8     40.8       41.8
     Compensation of employees             388.8 426.7 390.4 398.2 412.2 422.4 429.3 442.7                       Proprietors'income                       70.0  75.2     70.7      71.8  73.3        73.2     75.3       79.0
      Wages and salaries                   340.2 372.3 341.2 348.1 359.7 368.6 374.3 386.4                         Business and professional              52.6  55.6     53.1      53.8  54.3        54.4     56.2       57.4
      Supplements                           48.6 54.4 49.1 50.1 52.5 53.8 55.0 56.4                                Farm                                   17.3  19.6     17.6      18.1  19.1        18.7     19.1       21.6
                                                                                                                 Rental income of persons                 24.5  25.6     24.8      25.0  25.2        24.2     26.2       26.9
    Net interest.                            1.5     1.0     1.3      1.2      1.1    1.0         1.0    1.0    Dividends                                 25.4  26.4     25.5      25.2  26.0        26.2     26.5       26.7
                                                                                                                Personal interest income                  69.6  72.9     70.2      70.6  71.0        72.7     73.4       74.5
     Corporate profits and inventory                                                                             Transfer payments
        valuation adjustment                72.8 81.3 73.3 72.2 76.5 80.3 83.4                                                                            93.6 104.0     95.0      96.8 99.2        100.6    102.7      113.5
      Profits before tax                    77.4 87.4 79.1 76.1 82.9 85.9 89.5                                     Old-age, survivors, disability, and
                                                                                                                     health insurance benefits            44.5 50.2      45.0                                 48.8      57.2
        Profits tax liability               37.3 40.8 37.5 35.3 38.8 40.1 41.8                                                                                                     45.7 46.8        48.1
        Profits after tax                   40.1 46.6 41.6 40.8 44.2 45.8 47.7                                     State unemployment insurance
          Dividends                         22.2 23.0 22.8 21.1 23.0 23.0 23.0                                       benefits                              5.7    5.4     5.9       6.2      5.4     5.6       5.8        6.0
          Undistributed profits             17.9 23.6 18.8 19.7 21.2 22.8 24.7                                    Veterans benefits                       11.3   12.7    11.3      11.6     11.9    12.3      12.5       14.0
      Inventory valuation adjustment-.     - 4 . 7 - 6 . 0 - 5 . 8 - 3 . 9 - 6 . 5 —5.5 - 6 . 1 - 5 . '            Other                                  32.2   35.7    32.8               35.1    34.6      35.6       37.3
                                                                                                                Less: Personal contributions for
   Cash flow, gross of dividends           100.4 114.2 102.8 103.8 109.0 113.8 116.1                              social insurance                        31.2   35.5     31.3     31.9     34.6    35.1      35.8       36.5
   Cash flow, net of dividends              78.2 91.2 80.0 82.7 85.9 90.8 93.1                                 Less: Personal tax and nontax pay-
        Gross product originating in                                                                               ments                                 117.0   140.8   117.5    123.0     136.5139.5       141.1      146.4
         financial institutions            30.9    33.1    31.2      30.9     31.4   32.6     33.7             Equals: Disposable personal income...     744.4   795.1   750.4    758.5     770.5782.6       798.8      828.2
        Gross product originating in                                                                           Less: Personal outlays                    683.4   740.2   689.4    699.2     714.9732.5       748.0      765.5
         nonfinancial corporations   549.4 604.6 552.2 562.6 582.4 599.3 610.0                                  Personal consumption expenditures..      664.9   721.0   670.7    680.5     696.1713.4       728.6      745.7
                                                                                                                Interest paid by consumers                17.6    18.2    17.6     17.7      17.8             18.2       18.6
                                                                                                                Personal transfer payments to for-                                                18.0
  Capital consumption allowances           58.0    64.8    58.8      60.5     62.1   65.2     65.5                eigners                                                                                         1.2     1.2
  Indirect business taxes plus transfer                                                                                                                    1.0    1.1     1.1       1.1      1.0   1.1
    payments less subsidies                54.3    58.2    54.6      56.2     56.5   57.4     58.8      60.2   Equals:Personal saving                     60.9   54.8    61.0      59.3     55.7 50.1                    62.8
   Income originating in nonfinancial                                                                          Addenda:
       corporations                   137.2 481.6 438.8 445.9 463.8 476.6 485.7                                Disposable personal income:
                                                                                                                 Total, billions of 1958 dollars..       554.7 578.5 556.5 560.9 565.7 571.4 579.6 597.3
    Compensation of employees              565.0 400.8 366.2 373.8 387.0 396.7 403.1 416.3                       Per capita, current dollars...          3,595 3,807 3,620 3,649 3,700 3,751 3,821 3,953
     Wages and salaries                    319.6 350.0 320.4 327.1 338.0 346.5 351.8 363.6                       Per capita, 1958dollars                 2,679 2,770 2,684       2,716 2,739 2,773 2,851
     Supplements                            45.3 50.8 45.8 46.7 48.9 50.2 51.3 52.7
                                                                                                               Personal saving rate,3 percent..            8.2   6.9   8.1   7.8   7.2   6.4   6.4   7.6
    Net interest                           16.1    17.3    16.3      16.6     16.8   17.1     17.4      17.7
    Corporate profits and inventory                                                                            Table 11.—Personal Consumption Expenditures by Major Type (2.3)
       valuation adjustment                 56.1 63.5 56.3 55.6 59.9 62.8 65.2
     Profits before tax                     60.8 69.5 62.1 59.4 66.4 68.4 71.3
       Profits tax liability                29.4 32.6 29.5 27.4 31.1 32.1 33.5
       Profits after tax                    31.3 36.9 32.6 32.0 35.4 36.3 37.7                                       Personal consumption expendi-
         D i vi dends                       19.5 20.2 20.0 18.6 20.3 20.3 20.2                                        tures                        664.9 721.0 670.7 680.5 696.1 713.4 728.6 745.7
         Undistributed profits              11.9 16.7 12.6 13.5 15.1 16.0 17.5
     Inventory valuation adjustment. _     -4.7 -6.0 -5.8 -3.9 -6.5 - 5 . 5 -6.1 -5.'                          Durable goods                 . .         103.5 116.1 106.1 106.1 111.0 113.9 118.6 120.8

   Cash flow, gross of dividends           89.3 101.7      91.5      92.5     97.5 101.5 103.2                   Automobiles and parts                    46.7   52.8    48.8      47.9     49.9    51.3      54.8      55.2
                                                                                                                  Mobile homes                             3.3    4.0     3.6       3.5      3.9      4.1         3.7    4.3
   Cash flow, net of dividends             69.8 81.5       71.4      73.9     77.2 81.3 83.0                     Furniture and household equip-
                                                                                                                  ment            -                       42.0   47.6    41.9      43.5     46.5    46.8      47.9      49.1
                                                             Billions of 1958 dollars                            Other. .                                 14.8   15.7    15.5      14.7     14.7    15.7      15.9      16.5

        Gross product originating in                                                                           Nondurable goods                          278.1 299.5 278.5 283.4 288.3 297.2 302.0 310.4
         nonfinancial corporations   438.8 475.0 438.9 447.3 459.6 471.7 478.9                                   Food and beverages                      136.4 144.7 136.6 137.9 140.3 144.1 145.8 148.5
                                                                                                                 Clothing and shoes..                     56.9 62.0 57.4 58.5 59.4 61.5 62.6 64.5
                                                                                                                 Gasoline and oil                         23.5 25.2 23.5 24.3 24.6 24.5 25.4 26.3
                                                                          Dollars                                Other                                    61.3 67.6 60.9 62.8 64.0 67.1 68.2 71.0

        Current dollar cost per unit of                                                                        Services                                  283.3 305.4 286.1 290.9 296.7 302.4 308.0 314.5
         1958 dollar gross product                                                                               Housing                                  99.2 107 2 100.3 102.5 104.2 106.1 108.1 110.2
         originating 2in nonfinancial                                                                                                                     39.5 43.3 40.0 40.7 41.2 42.7 44.0 45.1
         corporations                      .252 1.273 1.258 1.258 1.267 1.271 1.274                              Household operation
                                                                                                                 Transportation _ .                       19.9 21.7 20.2 20.4 21.0 21.5 21.9 22.4
   Capital consumption allowances          .132    .136                                                          Other. .                                124.8 133.3 125.7 127.3 130.3 132.0 134.0 136.9
                                                           .134      .135     .135   .138     .137
   Indirect business taxes plus transfer
     payments less subsidies               .124    .123    .124      .126     .123   .122     .123
   Compensation of employees               .832    .844    .834      .836     .842   .841     .842             Table 12.—Foreign Transactions in the National Income and
   Net interest                            .037    .036    .037      .037     .037   .036     .036                                Product Accounts (4.1)
   Corporate profits and inventory valu-
    ation adjustment... .                .128      .134    .128      .124     .130   .133     .136
          Profits tax liability          .067              .067      .061     .068            .070              Receipts from foreigners                  66.9   74.4    69.2     63.7      71.5    70.7     75.1       80.3
          Profits after tax plus inven-            .069                              .068
            tory valuation adjustment.. .061       .065    .061                      .065                      Exports of goods and services              66.1   73.7    68.5     63.0      70.7    70.0     74.4       79.6
                                                                     .063     .063            .066
                                                                                                               Capital grants received by the United
                                                                                                                States                                      .7     .7      .7          .7     .7      .7          .7      .7
     1. Excludes gross product originating in the rest of the world.                                                                                                                                                    80.3
     2. This is equal to the deflator for gross product of nonfinancial corporations, with the                   Payments to foreigners                   66.9   74.4    69.2      63.7     71.5    70.7     75.1
   decimal point shifted two places to the left.                                                                                                                                                                        83.1
     3. Personal saving as a percentage of disposable personal income.                                         Imports of goods and services              65.4   77.9    68.2      65.1     75.3    75.2     77.8
     •See footnote on page 15.
                                                                                                               Transfers to foreigners                     3.6    3.7     3.8       4.0      3.8     3.8   3.33.8
                                                                                                                                                           1.0    1.1     1.1       1.1      1.0     1.1   1.21.2
                                                                                                                 Personal                                  2.6    2.6     2.7       2.9      2.8     2.8      2.6
                                                                                                                 Government                                                                                2.2
                                                                                                               Net foreign investment                    - 2 . 1 - 7 . 1 —2.7 —5.4 - 7 . 7 —8.3 - 6 . 5 - 6 . 1
March 1973



     14                                                                   SUKVEY OF CUKKENT BUSINESS                                                                                                           March 1973


                                                                   1971                       1972                                                                                  1971                       1972


                                             1971 1972*      III       IV       I        II      III       IV*                                               1971    1972    III        IV       I        II          III    IV

                                                             Seasonally adjusted at annual rates                                                                              Seasonally adjusted at annual rates

                                                                   Billions of dollars                                                                                              Billions of dollars


                     Table 9.—Gross Corporate Product 1 (1.14)                                                                   Table 10.—Personal Income and its Disposition (2.1)
                                                                                                                  Personal income..                   861.4         935.9 1867.9      |881.5|907.0     922.1     939.9      974.6
          Gross corporate product           580.3 638.7 583.4 593.5 613.7 631.9 643.7 665.5                         Wage and salary disbursements     572.9         627.0 575.9        585.9 608.0     620.5     1630.8     648.8
    Capital consumption allowances           60.3    67.7   61.2      63.0    64.8   68.0        68.4      69.5       Commodity-producing industries- 206.1         224.6 206.0        209.9 217.5     222.6     225.1      233.4
                                                                                                                        Manufacturing.                 160.3        175.8 160.0        162.7 168.8     174.1     176.6      183.9
    Indirect business taxes plus transfer                                                                             Distributive industries          138.2        151.5    .1        141.7 147.2     150.1                156.4
      payments less subsidies.              56.9     61.0   57.2      58.9    59.2   60.2        61.7      63.0                                                                                                  152.4
                                                                                                                      Service industries              [105.0        116.1 106.3        108.4 111.9     114.7     117.5      120.2
    Income originating in corporate busi-                                                                             Government                       123.5        134.8 124.6        125.9 131.4     133.1     135.8      138.8
        ness                                163.1 510.0 465.0 471.6 489.8 503.7 513.7 533.0                         Other labor income                  36.5         40.3  37.2         38.0  38.8      39.8      40.8       41.8
                                                                                                                    Proprietors' income                 70.0         75.2  70.7         71.8  73.3      73.2      75.3       79.0
      Compensation of employees             388.8 426.7 390.4 398.2 412.2 422.4 429.3 442.7                           B usiness and professional        52.6         55.6  53.1         53.8  54.3
        Wages and salaries                  540.2 372.3 341.2 348.1 359.7 368.6 374.3 386.4                                                                                                             54.4      56.2       57.4
        Supplements.                         48.6 54.4 49.1 50.1 52.5 53.8 55.0 56.4                                  Farm                              17.3         19.6  17.6         18.1  19.1      18.7      19.1       21.6
                                                                                                                    Rental income of persons...         24.5         25.6  24.8         25.0  25.2      24.2      26.2       26.9
      Net interest                            1.5    1.0     1.3       1.2     1.1       1.0         1.0    1.0     Dividends                           25.4         26.4  25.5         25.2  26.0      26.2      26.5       26.7
                                                                                                                    Personal interest income            69.6         72.9  70.2         70.6  71.0      72.7      73.4       74.5
      Corporate profits and inventory                                                                               Transfer payments                   93.6                                                     102.7
         valuation adjustment.. _            72.8 82.4 73.3 72.2 76.5 80.3 83.4 89.3                                  Old-age, survivors, disability, and           104.0  95.0        96.8 99.2       100.6                113.5
       Profits before tax                    77.4 88.4 79.1 76.1 82.9 85.9 89.5 95.2                                    health insurance benefits            44.5
         Profits tax liability               37.3 41.3 37.5 35.3 38.8 40.1 41.8 44.5                                  State unemployment insurance
                                                                                                                                                                     50.2    45.0      45.7 46.8        48.1                57.2
         Profits after tax                   40.1 47.1 41.6 40.8 44.2 45.8 47.7 50.7                                    benefits..-                           5.7     5.4     5.9       6.2      5.4     5.6       5.8       5.0
           Dividends         _               22.2 23.0 22.8 21.1 23.0 23.0 23.0 22.9                                  Veterans benefits                      11.3    12.7    11.3      11.6     11.9    12.3      12.5      14.0
           Undistributed profits             17.9 24.1 18.8 19.7 21.2 22.8 24.7 27.8                                  Other..                                32.2    35.7    32.8      33.3     35.1    34.6      35.6      37.3
       Inventory valuation adjustment..     - 4 . 7 - 6 . 0 —5.8 - 3 . 9 - 6 . 5 —5.5 - 6 . 1 - 5 . 9
                                                                                                                   Less: Personal contributions for
    Cash flow, gross of dividends..     _. 100.4 114.8 102.8 103.8 109.0 113.8 116.1 120.2                           social insurance                        31.2    35.5    31.3      31.9     34.6    35.1      35.8      36.5
    Cash flow, net of dividends             78.2    91.8    80.0      82.7    85.9   90.8        93.1      97.2   Less: Personal tax and nontax pay-
                                                                                                                     ments                             117.0        140.8    117.5     123.0 136.5 139.5 141.1 146.4
          Gross product originating in
           financial institutions           30.9    33.2    31.2      30.9    31.4   32.6        33.7      34.9   Equals: Disposable personal income...744.4        795.1   |750.4    758.5 770.5 782.6 798.8 J828.2
                                                                                                                  Less: Personal outlays.              683.4        740.2    689.4    1699.2 714.9 732.5 748.0 765.5
          Gross product originating in                                                                              Personal consumption expenditures- 664.9        721.0    670.7    680. 5
           nonnnancial corporations    549.4 605.6 552.2 562.6 582.4 599.3 610.0                                                                                                                   713.4 728.6 745.7
                                                                                                                    Interest paid by consumers...       17.6         18.2     17.6      17.7 17.8 18.0 18.2 18.6
    Capital consumption allowances         58.0     64.8    58.8      60.5    62.1               65.5      66.5     Personal transfer payments to for-
                                                                                     65.2                             eigners                                 1.0     1.1     1.1       1.1      1.0     1.1       1.2       1.2
    Indirect business taxes plus transfer
      payments less subsidies              54.3     58.2    54.6      56.2    56.5   57.4        58.8      60.2   Equals:Personal saving                     60.9    54.8    61.0      59.3     55.7    50.1      50.8      62.8
    Income originating in nonfinancial                                                                            Addenda:
        corporations                      137.2     82.5 438.8 445.9 463.8 476.6 485.7 504.0                      Disposable personal income:
                                                                                                                   Total, billions of 1958 dollars..        554.7 578.5 556.5 560.9 565.7 571.4 579.6 597.3
      Compensation of employees           365.0     400.8 366.2 373.8 387.0 396.7 403.1 416.3                       Per capita, current dollars...          3,595 3,807 3,620 3,649 3,700 3,751 3,821 3,953
        Wages and salaries                $19.6      50.0 320.4 27.1 338.0 346.5 351.8                              Per capita, 1958dollars                 2,679 2,770 2,684       2,716 2,739 2,773 2,851
        Supplements                        45.3      50.8 45.8 46.7 48.9 50.2 51.3 52.7
                                                                                                                  Personal saving rate,3 percent..            8.2         8.1   7.8   7.2   6.4   6.4   7.6
      Net interest                         16.1     17.3    16.3      16.6    16.8   17.1        17.4      17.7
      Corporate profits and inventory                                                                             Table 11.—Personal Consumption Expenditures by Major Type (2.3)
         valuation adjustment.               56.1 64.5 56.3 55.6 59.9 62.8 65.2 70.0
       Profits before tax                    60.8 70.5 62.1 59.4 66.4 68.4 71.3 75.9
         Profits tax liability               29.4 33.1 29.5 27.4 31.1 32.1 33.5 35.8                                     Personal consumption expendi-
         Profits after tax                   31.3 37.4 32.6 32.0 35.4 36.3 37.7 40.1
                                                                                                                          tures                        664.9 721.0 670.7 680.5 696.1 713.4 728.6 745.7
           Dividends                         19.5 20.2 20.0 18.6 20.3 20.3 20.2 20.2
           Undistributed profits             11.9 17.1 12.6 13.5 15.1 16.0 17.5 19.9                                                                        103.5 116.1 106.1 106.1 111.0 113.9 118.6 120.8
       Inventory valuation adjustment..     - 4 . 7 - 6 . 0 - 5 . 8 - 3 . 9 - 6 . 5 —5.5 - 6 . 1 - 5 . 9          Durable goods
                                                                                                                   Automobiles and parts           46.7 52.8 48.8 47.9 49.9                            51.3       54.8      55.2
    Cash flow, gross of dividends           89.3    02.2    91.5      92.5    97.5   01.5        03.2 106.6                                               4.0   3.6   3.5   3.9                         4.1        3.7       4.3
                                            69.8    82.0    71.4      73.9    77.2   81.3        83.0 86.4           Mobile homes                   o o
    Cash flow, net of dividends                                                                                    Furniture and household equip-
                                                                                                                     ment                          42.0 47.6 41.9 43.5 46.5                            46.8       47.9      49.1
                                                                                                                   Other                           14.8 15.7 15.5 14.7 14.7                            15.7       15.9      16.5
                                                             Billions of 1958 dollars
          Gross product originating in                                                                            Nondurable goods                278.1 299.5 278.5 283.4 288.3                        297.2 302.0 310.4
           nonfinancial corporations   438.8 |475.7 |438.9 |447.3 J459.6 (471.7 |478.9 | 492.8                                                    136.4 144.7 136.6 137.9 140.3           144.1 145.8 148.5
                                                                                                                   Food and beverages
                                                                                                                   Clothinc and shoes              56.9 62.0 57.4 58.5 59.4                61.5 62.6 64.5
                                                                                                                   Gasoline and oil                23.5 25.2 23.5 24.3 24.6                24.5 25.4 26.3
                                                                          Dollars                                  Other _                         61.3 67.6 60.9 62.8 64.0                67.1 68.2 71.0

          Current dollar cost per unit of                                                                         Services                                  283.3 305 4 286.1 290.9 296.7 302.4 308.0 314.5
           1958 dollar gross product                                                                                TToiisintr                               99.2 107 2 100.3 102.5 104.2 106.1 108.1 110.2
           originating in nonfinancial                                                                              Household oDeration                      39.5 43.3 40.0 40.7 41.2 42.7 44.0 45.1
           corporations2                    .252 1.273 1.258 1.258 1.267 1.271 1.274 1.280                          Transportation                           19.9 21.7 20.2 20.4 21.0 21.5 21.9 22.4
    Capital consumption allowances                                                                                  Other                                   124.8 133.3 125.7 127.3 130.3 132.0 134.0 136.9
                                            .132    .136    .134      .135    .135   .138        .137      .135
    Indirect business taxes plus transfer
      payments less subsidies               .124    .122    .124      .126    .123   .122        .123      .122
    Compensation of employees                832    .842    .834      .836    .842   .841        .842      .845   Table 12.—Foreign Transactions in the National Income and
    Net interest                             037    .036    .037      .037    .037   .036        .036                                Product Accounts (4.1)
    Corporate profits and inventory valu-
      ation adjustment                       128    .136    .128      .124    .130   .133        .136      .142                                                                                                   75.1      80.3
            Profits tax liability            067    .070    .067      .061    .068                                                                           66.9   74.4    69.2       63.7     71.5   70.7
                                                                                     .068        .070      .073
            Profits after tax plus inven-                                                                                                                                                              70.0       74.4      79.6
              tory valuation adjustment-.    061    .066    .061      .063    .063   .065        .066                                                        66.1   73.7    68.5       63.0     70.7
                                                                                                                  Capital grants received by the United                                                                       .7
                                                                                                                   States                                      .7      .7      .7          .7     .7      .7           .7
      1. Excludes gross product originating in the rest of the world.                                                                                               74.4               63.7     71.5   70.7       75.1      80.3
      2. This is equal to the deflator for gross product of nonfinancial corporations, with the                                                              66.9           69.2
    decimal point shifted two places to the left.                                                                                                                                                                 77.8      83.1
      3. Personal saving as a percentage of disposable personal income.                                                                                      65.4   77.9    68.2       65.1     75.3   75.2
      *See footnote on page 13.                                                                                                                                                                                       3.8    3.3
                                                                                                                                                              3.6     3.7    3.8        4.0     3.8     3.8
                                                                                                                                                              1.0     1.1    1.1        1.1     1.0     1.1           1.2    1.2
                                                                                                                    Government                                2.6     2.6    2.7        2.9     2.8     2.8           2.6    2.2

                                                                                                                                                            - 2 . 1 - 7 . 1 - 2 . 7 -5.4 - 7 . 7 - 8 . 3 - 6 . 5 - 6 . 1
April 1973


14                                                                 SURVEY OF CURRENT BUSINESS                                                                                                        April 1973


                                                       1971                  1972                 1973                                                             1971                1972                   1973

                                        1971    1972    IV        I     II          III    IV     I*                                               1971    1972     IV        I      II       III      IV      I*

                                                        Seasonally adjusted at annual rates                                                                         Seasonally adjusted at annual rates

                                                             Billions of dollars                                                                                         Billions of dollars

                 Table 9.—Gross Corporate Product i (1.14)                                                          Table 10.—Personal Income and its Disposition (2.1)
                                                                                                         Personal income                           861.4   935.9   881.5907.0       922.1 939.9       974.6 993.9
     Gross corporate product            580.3 638.6 593.5 613.7 631.9 643.7 665.2                          Wage and salary disbursements           572.9   627.0   585.9608.0       620.5                     668.4
                                                                                                                                                                                          630.8       648.8
                                                                                                             Commodity-producing industries..      206.1   224.6   209.9217.5       222.6 225.1       233.4   240.5
Capital consumption allowances           60.3 67.7 63.0 64.8 68.0 68.4 .9.5                       70.6
                                                                                                               Manufacturing                       160.3   175.8   162.7168.8       174.1             183.9   189.3
Indirect business taxes plus transfer                                                                                                                                                     176.6
  payments less subsidies               56.9    61.0            59.2    60.2    61.7       63.0   64.7       Distributive industries               138.2   151.5   141.7147.2       150.1 152.4       156.4   160.4
                                                       58.9                                                  Service industries                    105.0   116.1   108.4111.9       114.7             120.2
                                                                                                                                                                                          117.5               124.0
Income originating in corporate busi-                                                                        Government                            123.5   134.8   125.9131.4       133.1 135.8       138.8   143.5
    ness                              463.1 510.0 471.6       503.7 513.7 532.7                            Other labor income                       36.5   40.3     38.0 38.8        39.8  40.8        41.8    42.7
  Compensation of employees           388.8 426.7 398.2 412.2 422.4 429.3 442.7 459.3
                                                                       .3                                  Proprietors' income                      70.0   75.2     71.8 73.3        73.2  75.3        79.0    81.2
    Wages and salaries                340.2 372.3 348.1 359.7 368.6 374.3 386.4 397.3                        Business and professional.             52.6   55.6     53.8 54.3        54.4  56.2        57.4    58.7
    Supplements                     -- 18.6 54.4 50.1 52.5 53.8 55.0 56.4 62.0                               Farm.                                  17.3   19.6     18.1 19.1        18.7  19.1        21.6    22.5
                                                                                                           Rental income of persons...              24.5   25.6     25.0 25.2        24.2  26.2        26.9    26.5
  Net interest                          1.5   1.0   1.2   1.1   1.0   1.0   1.0   1.0                      Dividends                                25.4   26.4     25.2 26.0        26.2  26.5        26.7    27.2
                                                                                                           Personal interest income...              69.6   72.9     70.6 71.0        72.7  73.4        74.5    76.2
  Corporate profits and inventory                                                                          Transfer payments.                                                             102.7               114.4
     valuation adjustment               72.8 82.3 72.2 76.5 80.3 83.4 88.9                                                                          93.6 104.0     96.8 99.2        100.6             113.5
   Profits before tax                   77.4 88.3 76.1 82.9 85.9 89.5 94.8                                   Old-age, survivors, disability, and
     Profits tax liability              37.3 41.3 35.3 38.8 40.1 41.8 44.3                                     health insurance benefits
                                                                                                             State unemployment insurance
                                                                                                                                                    44.5   50.2    45.7 46.8         48.1 48.8         57.2    58.4
     Profits after tax                  40.1 47.0 40.8 44.2 45.8 47.7 50.5                                     benefits                              5.7    5.4      6.2     5.4      5.6      5.8      5.0
       Dividends                        22.2 23.0 21.1 23.0 23.0 23.0 22.9                                                                                                                                      4.3
                                         17.9 24.1 19.7 21.2 22.8 24.7 27.6                                  Veterans benefits                      11.3   12.7     11.6    11.9     12.3     12.5     14.0    13.3
       Undistributed profits.                                                                                Other                                  32.2   35.7             35.1     34.6     35.6     37.3    38.5
   Inventory valuation adjustment..     -4.7 - 6 . 0 - 3 . 9 —6.5 —5.5 - 6 . 1 - 5 . 9 -13.3
                                                                                                           Less: Personal contributions for
Cash flow, gross of dividends     100.4 114.7 103.8 109.0 113.8 116.1 120.0                                  social insurance                       31.2    35.5    31.9     34.6   35.1      35.8     36.5    42.7
Cash flow, net of dividends        78.2 91.7 82.7 85.9 90.8            97.1                              Less: Personal tax and nontax pay-
                                                                                                             ments.                                117.0   140.8   123.0   136.5    139.5 141.1       146.4   143.0
     Gross product originating in
        financial institutions      10.9 33.2 30.9 31.4 32.6 33.7 34.9                                   Equals: Disposable personal income...     744.4   795.1   758.5   770.5    782.6 798.8       828.2   850.9
                                                                                                         Less: Personal outlays                    683.4   740.2   699.2   714.9    732.5 748.0       765.5   793.9
      Gross product originating in                                                                         Personal consumption expenditures-      >64.9   721.0                                              773.7
       nonfi nancial corporations  549.4 605.5 562.6 582.4 599.3 610.0 630.3                                                                                       680.5   696.1    713.4 728.6       745.7
                                                                                                           Interest paid by consumers               17.6    18.2    17.7    17.8     18.0              18.6    19.0
                                                                                                           Personal transfer payments to for-                                              18.2
Capital consumption allowances           58.0   64.8   60.5     62.1    65.2    65.5        6.5   67.5       eigners                                 1.0     1.1     1.1     1.0      1.1   1.2         1.2     1.2
Indirect business taxes plus transfer
  payments less subsidies                54.3   58.2   56.2     56.5    57.4    58.8       60.2   61.7   Equals:Personal saving                     60.9    54.8    59.3    55.7     50.1 50.8         62.8    56.9
Income originating in nonfinancial                                                                       Addenda:
    corporations                   437.2 482.5 445.9 463.8 476.6 485.7 501.0                             Disposable personal income:
                                                                                                           Total, billions of 1958 dollars.        554.7 578.5 560.9 565.7 571.4 579.6 597.3 605.9
  Compensation of employees             365.0 400.8 373.8 387.0       403.1 416.3 432.1                    Per capita, current dollars...          3,595 3,807 3,649 3,700 3,751 3,821 3,953 4,054
   Wages and salaries                   319.6 350.0 327.1 338.0 346.5 351.8 363.6 374.1                    Per capita, 1958dollars                 2,679 2,770       2,716 2,739 2,773 2,861 2,887
   Supplements                           45.3 50.8 46.7 48.9 50.2 51.3 52.7 58.0
                                                                                                         Personal saving rate,3 percent..            8.2   6.9   7.8   7.2   6.4   6.4   7.6   6.7
  Net interest                           16.1   17.3    16.6     16.8   17.1        17.4   17.7   18.0
  Corporate profits and inventory                                                                        Table 11.—Personal Consumption Expenditures by Major Type (2.3)
     valuation adjustment                56.1 64.4 55.6 59.9 62.8 65.2
   Profits before tax                    60.8 70.4 59.4 66.4 68.4 71.3 75.6
     Profits tax liability               29.4 33.1 27.4 31.1 32.1 33.5 35.6
     Profits after tax                   31.3 37.3 32.0 35.4 36.3 37.7 39.9                                    Personal consumption expendi-
       Dividends                         19.5 20.2 18.6 20.3 20.3 20.2 20.2                                     tures                        664.9 721.0 680.5 696.1 713.4 728.6 745.7 773.7
       Undistributed profits              11.9 17.1 13.5 15.1 16.0 17.5 19.8
   Inventory valuation adjustment- _    - 4 . 7 - 6 . 0 - 3 . 9 - 6 . 5 —5.5 - 6 . 1 - 5 . 9 -13.3       Durable goods                             103.5 116.1 106.1 111.0 113.9 118.6 120.8 130.1

Cash flow, gross of dividends            19.3 102.2     92.5     97.5 101.5 103.2 106.6                    Automobiles and parts.                   46.7 52.8 47.9 49.9 51.3 54.8 55.2 60.0
                                                                                                            Mobile homes                             3.3   4.0   3.5   3.9   4.1   3.7   4.3   4.6
Cash flow, net of dividends..                  82.0     73.9     77.2 81.3 83.0                            Furniture and household equip-
                                                                                                            ment                                    42.0   47.6    43.5     46.5    46.8      47.9     49.1    52.9
                                                                                                           Other                                    14.8   15.7    14.7     14.7    15.7      15.9     16.5    17.2
                                                         Billions of 1958 dollars
      Gross product originating                                                                          Nondurable goods                          278.1 299.5 283.4 288.3 297.2 302.0 310.4 322.9
       nonfinancial corporations..      438.8 475.7 447.3 459.6 471.7 478.9 492.5                          Food and beverages                      136.4 144.7 137.9 140.3 144.1 145.8 148.5 154.7
                                                                                                           Clothing and shoes                       56.9 62.0 58.5 59.4 61.5 62.6 64.5 68.0
                                                                                                           Gasoline and oil                         23.5 25.2 24.3 24.6 24.5 25.4 26.3 27.0
                                                                   Dollars                                 Other                                    61.3 67.6 62.8 64.0 67.1 68.2 71.0 73.2
                                                                                                         Services          _                       283.3 305.4 290.9 296.7 302.4                      314.5 320.7
      Current dollar cost per unit of
       1958 dollar gross product                                                                           Housing..        -.                      99.2 107.2 102.5 104.2 106.1 108.1 110.2 112.4
       originating in nonfinancial                                                                         Household operation. _                   39.5 43.3 40.7 41.2 42.7 44.0 45.1 45.9
       corporations2                  1.252 1.273 1.258 1.267 1.271 1.274 1.280                            Transportation                           19.9 21.7 20.4 21.0 21.5 21.9 22.4 23.0
Capital consumption allowances                                                                             Other..                                 124.8 133.3 127.3 130.3 132.0 134.0 136.9 139.4
                                         .132   .136    .135     .135   .138        .137   .135
Indirect business taxes plus transfer
  payments less subsidies                .124   .122    .126     .123   .122        .123   .122
Compensation of employees                .832   .843    .836     .842   .841        .842   .845          Table 12.—Foreign Transactions in the National Income and
Net interest                             .037   .036    .037            .036        .036
                                                                 .037                      .036                             Product Accounts (4.1)
 Corporate profits and inventory valu-
  ation adjustment                     .128     .135    .124     .130   .133        .136   .141
        Profits tax liability          .067     .069    .061     .068               .070                  Receipts from foreigners                  66.9   74.4    63.7     71.5    70.7      75.1     80.3    86.6
                                                                        .068               .072
        Profits after tax plus inven-
          tory valuation adjustment.. .061      .066    .063     .063   .065        .066                 Exports of goods and services              66.1   73.7    63.0     70.7    70.0    74.4       79.6    86.6
                                                                                           .069
                                                                                                         Capital grants received by the United
                                                                                                          States                                      .7      .7      .7       .7     .7        .7       .7      .0
   1. Excludes gross product originating in the rest of the world.                                                                                                                                     80.3
   2. This is equal to the deflator for gross product of nonfinancial corporations, with the               Payments to foreigners                   66.9   74.4     63.7    71.5    70.7      75.1             86.6
 decimal point shifted two places to the left.
   3. Persona] saving as a percentage of disposable personal income.                                     Imports of goods and services              65.4   77.9     65.1    75.3    75.2    77.8       83.1    91.0
   * Preliminary.
                                                                                                         Transfers to foreigners                     3.6    3.7     4.0       3.8    3.8       3.8     3.3      3.4
                                                                                                                                                     1.0    1.1     1.1       1.0    1.1       1.2     1.2      1.2
                                                                                                           Personal                                  2.6    2.6     2.9       2.8    2.8       2.6     2.2      2.2
                                                                                                           Government
                                                                                                         Net foreign investment                    - 2 . 1 - 7 . 1 - 5 . 4 —7.7 - 8 . 3 - 6 . 5 - 6 . 1 - 7 . 8
May 1973



  May 1973                                                             SURVEY OF CURRENT BUSINESS                                                                                                                  11

                                                             1971                 1972                 1973                                                              1971               1972                  1973


                                              1971    1972    IV        I     II         III    IV     I*                                                1971   1972      IV        I     II       III IV          I

                                                               Seasonally adjusted at annual rates                                                                        Seasonally adjusted at annual rates

                                                                   Billions of dollars                                                                                         Billions of dollars

                   Table 9.—Gross Corporate Product i (1.14)                                                             Table 10.—Personal Income and its Disposition (2.1)
                                                                                                              Personal income..                         861.4   935.9   881.5 907.0      922.1   939.9    974.6   993.9
        Gross corporate product               580.3 638.6 593.5 613.7 631.9 643.7 665.2 689.3                   Wage and salary disbursements           572.9                 608.0
                                                                                                                                                                627.0    585.9           620.5   630.8    648.8   668.1
  Capital consumption allowances              60.3    67.7   63.0     64.8   68.0    68.4       69.5   70.6       Commodity-producing industries-       206.1   224.6    209.9217.5      222.6   225.1    233.4   240.2
                                                                                                                    Manufacturing                       160.3   175.8    162.7168.8      174.1   176.6    183.9   189.0
  Indirect business taxes plus transfer                                                                           Distributive industries               138.2   151.5    141.7147.2      150.1            156.4
    payments less subsidies                   56.9    61.0   58.9     59.2   60.2    61.7       63.0   64.7                                                                                      152.4            160.5
                                                                                                                  Service industries..                  105.0   116.1    108.4111.9      114.7   117.5    120.2   123.9
  Income originating in corporate busi-                                                                           Government                            123.5   134.8    125.9131.4      133.1   135.8    138.8   143.5
      ness                              163.1 510.0 471.6 489.8 503.7 513.7 532.7 553.9                         Other labor income                       36.5   40.3      38.0 38.8       39.8    40.8     41.8    42.7
    Compensation of employees           388.8 426.7 398.2 412.2 422.4 429.3 442.7 459.0                         Proprietors' income                      70.0   75.2      71.8 73.3       73.2    75.3     79.0    81.2
      Wages and salaries                340.2 372.3 348.1 359.7 368.6 374.3 386.4 397.0                           Business and professional              52.6   55.6      53.8 54.3       54.4    56.2     57.4    58.7
                                         48.6 54.4 50.1 52.5 53.8 55.0 56.4 62.0                                  Farm                                   17.3   19.6      18.1 19.1       18.7    19.1     21.6    22.5
      Supplements
                                                                                                                Rental income of persons                 24.5   25.6      25.0 25.2       24.2    26.2     26.9    26.5
    Net interest         -                -     1.5    1.0     1.2     1.1    1.0        1.0     1.0    1.0     Dividends                                25.4   26.4      25.2 26.0       26.2    26.5     26.7    27.3
                                                                                                                Personal interest income                 69.6   72.9      70.6 71.0       72.7    73.4     74.5    76.3
    Corporate profits and inventory                                                                            Transfer payments                                                                 102.7            114.5
       valuation adjustment                    72.8 82.3 72.2 76.5 80.3 83.4 88.9 93.9                                                                   93.6 104.0      96.8 99.2       100.6            113.5
     Profits before tax                        77.4 88.3 76.1 82.9 85.9 89.5 94.8 107.9                           Old-age, survivors, disability, and
                                                                                                                    health insurance benefits            44.5   50.2     45.7 46.8        48.1     48.8    57.2    58.5
       Profits tax liability                   37.3 41.3 35.3 38.8 40.1 41.8 44.3 50.8                            State unemployment insurance
       Profits after tax.                      40.1 47.0 40.8 44.2 45.8 47.7 50.5 57.1                              benefits                              5.7    5.4      6.2      5.4     5.6      5.8     5.0     4.3
         Dividends                             22.2 23.0 21.1 23.0 23.0 23.0 22.9 24.3                            Veterans benefits                      11.3   12.7     11.6     11.9    12.3     12.5    14.0    13.3
         Undistributed profits                 17.9 24.1 19.7 21.2 22.8 24.7 27.6 32.8                            Other                                  32.2   35.7     33.3     35.1    34.6     35.6    37.3    38.5
     Inventory valuation adjustment-.         - 4 . 7 - 6 . 0 —3.9 - 6 . 5 —5.5 - 6 . 1 - 5 . 9 -14.1
                                                                                                                Less: Personal contributions for
  Cash flow, gross of dividends     100.4 114.7 103.8 109.0 113.8 116.1 120.0 127.7                               social insurance                       31.2   35.5     31.9     34.6    35.1     35.8   36.5     42.7
  Cash flow, net of dividends        78.2 91.7 82.7 85.9 90.8 93.1 97.1 103.4                                 Less: Personal tax and nontax pay-
       Gross product originating in
                                                                                                                  ments                                 117.0 140.8 123.0 136.5 139.5 141.1 146.4                 143.5
          financial institutions     30.9 33.2 30.9 31.4 32.6 33.7 34.9 36.1                                  Equals: Disposable personal income...     744.4 795.1 758.5 770.5 782.6 798.8    1.2                850.4
                                                                                                              Less: Personal outlays..                  683.4 740.2 19.2 714.9 732.5 748.0 765.5                  793.9
        Gross product originating in                                                                            Personal consumption expenditures..           721.0 680.5 696.1 713.4 728.6 745.7                 773.6
         nonfinancial corporations   549.4 605.5 562.6 582.4 599.3 610.0 630.3 653.2                                                                    664.9
                                                                                                               Interest paid by consumers                17.6  18.2 17.7 17.8 18.0 18.2 18.6                       19.0
  Capital consumption allowances              58.0           60.5     62.1           65.5       66.5            Personal transfer payments to for-
                                                      64.8                   65.2                      67.5       eigners                                 1.0   1.1 1.1     1.0   1.1   1.2   1.2                   1.2
  Indirect business taxes plus transfer
    payments less subsidies                    54.3   58.2   56.2     56.5   57.4    58.8       60.2   61.8   Equals:Personal saving                     60.9 54.8 59.3 55.7 50.1 50.8 62.8                        56.5
  Income originating in nonfinancial                                                                          Addenda:
      corporations                   437.2 482.4 445.9 463.8 476.6 485.7 503.7 523.9                          Disposable personal income:
                                                                                                               Total, billions of 1958 dollars..        554.7 578.5 560.9 565.7 571.4 579.6 597.3 604.9
    Compensation of employees        365.0 400.8 373.8 387.0 396.7 403.1 416.3 431.9                           Per capita, current dollars...           3,595 3,807 3,649 ,3,700 3,751 3,821 3,953 4,052
      Wages and salaries             319.6 350.0 327.1 338.0 346.5 351.8 363.6 373.9                            Per capita, 1958 dollars                2,679 2,770 2,698 2,716 2,739 2,773 2,851 2,882
      Supplements                     45.3 50.8 46.7 48.9 50.2 51.3 52.7 58.0
                                                                                                              Personal saving rate,3 percent..            8.2         7.8    7.2   6.4   6.4   7.6   6.6
    Net interest                               16.1   17.3    16.6    16.8   17.1    17.4       17.7   18.0
    Corporate profits and inventory                                                                           Table 11.—Personal Consumption Expenditures by Major Type (2.3)
       valuation adjustment                    56.1 64.4 55.6 59.9 62.8 65.2 69.6 74.0
     Profits before tax                        60.8 70.4 59.4 66.4 68.4 71.3 75.6 88.0
       Profits tax liability                   29.4 33.1 27.4 31.1 32.1 33.5 35.6 41.8                              Personal consumption expendi-
       Profits after tax                       31.3 37.3 32.0 35.4 36.3 37.7 39.9 46.3
         Dividends                             19.5 20.2 18.6 20.3 20.3 20.2 20.2 21.4                               tures.                       664.9 721.0 680.5 696.1 713.4 728.6 745.7 773.6
         Undistributed profits                 11.9 17.1 13.5 15.1 16.0 17.5 19.8 24.9
     Inventory valuation adjustment..         - 4 . 7 - 6 . 0 - 3 . 9 - 6 . 5 —5.5 - 6 . 1 - 5 . 9 -14.1      Durable goods                             103.5 116.1 106.1 111.0 113.9 118.6 120.8 130.4

  Cash flow, gross of dividends               89.3 102.2                                                        Automobiles and parts                    46.7   52.8     47.9     49.9    51.3   54.8     55.2     60.1
                                                             92.5     97.5 101.5 103.2 106.4 113.8               Mobile homes                             3.3    4.0      3.5      3.9     4.1    3.7      4.3      4.8
  Cash flow, net of dividends                 69.8 81.9      73.9     77.2 81.3 83.0 86.2 92.4                  Furniture and household equip-
                                                                                                                 ment                                    42.0   47.6     43.5     46.5    46.8   47.9     49.1     53.0
                                                                                                                Other                                    14.8   15.7     14.7     14.7    15.7   15.9     16.5     17. 2
                                                               Billions of 1958 dollars
        Gross product originating in                                                                          Nondurable goods .                        278.1 299.5 283.4 288.3 297.2 302.0 310.4 322.6
         nonfinancial corporations   438.8 475.7 447.3 459.6 471.7 478.9 492.5 504.7                            Food and beverages                      136.4 144.7 137.9 140.3 144.1 145.8 148.5 154.3
                                                                                                                Clothing and shoes .                     56.9 62.0 58.5 59.4 61.5 62.6 64.5 68.3
                                                                                                                Gasoline and oil                         23.5 25.2 24.3 24.6 24.5 25.4 26.3 27.1
                                                                        Dollars                                 Other                                    61.3 67.6 62.8 64.0 67.1 68.2 71.0 73.0

        Current dollar cost per unit of                                                                       Services                                  283.3 305.4 290.9 296.7 302.4 308.0 314.5 320.6
          1958 dollar gross product                                                                             Housing                                  99.2 107.2 102.5 104.2 106.1 108.1 110.2 112.4
          originating 2in nonfinancial                                                                          Household operation                      39.5 43.3 40.7 41.2 42.7 44.0 45.1 45.7
          corporations                  1.252 1.273 1.258 1.267 1.271 1.274 1.280 1.294                                                                  19.9 21.7 20.4 21.0 21.5 21.9 22.4 23.0
                                                                                                                Transportation. . .
                                                                                                                Other                                   124.8 133.3 127.3 130.3 132.0 134.0 136.9 139.5
  Capital consumption allowantnces       .132 .136 .135 .135 .138 .137 .135 .134
  Indirect business taxes plus
    payments less subsidies... transfer .124 .122 .126 .123 .122 .123 .122
  Compensation of employees.             .832 .843 .836 .842 .841 .842 .845 .856                              Table 12.—Foreign Transactions in the National Income and
  Net interest                           .037 .036 .037 .037 .036 .036 .036 .036                                                 Product Accounts (4.1)
  Corporate profits and inventory valu-
   ation adjustment                     .128          .135    .124    .130   .133        .136   .141   .147
         Profits tax liability          .067          .069    .061    .068               .070                  Receipts from foreigners..                66.9   74.4     63.7     71.5   70.7    75.1     80.3    87.6
                                                                             .098               .072   .083
         Profits after tax plus inven-                                                                                                                                                                    79.6
           tory valuation adjustment.. .061           .066    .063           .065        .066                 Exports of goods and services              66.1   73.7     63.0     70.7   70.0    74.4             87.6
                                                                      .063                      .069   .064
                                                                                                              Capital grants received by the United
                                                                                                               States                                      .7     .7       .7       .7     .7        .7     .7         .0
     1. Excludes gross product originating in the rest of the world.                                                                                                                                      80.3    87.6
     2. This is equal to the deflator for gross product of nonfinancial corporations, with the                  Payments to foreigners                   66.9   74.4     63.7     71.5   70.7    75.1
   decimal point shifted two places to the left.                                                                                                                                                                  89.8
     3. Personal saving as a percentage of disposable personal income.                                        Imports of goods and services              65.4   77.9     65.1     75.3   75.2    77.8
     *See footnote on page 10.                                                                                                                                                                             3.3     3.2
                                                                                                              Transfers to foreigners.                    3.6    3.7      4.0      3.8    3.8      3.8
                                                                                                                                                          1.0    1.1      1.1      1.0    1.1      1.2     1.2     1.2
                                                                                                                Personal                                  2.6    2.6      2.9      2.8    2.8      2.6     2.2     2.0
                                                                                                                Government
                                                                                                              Net foreign investment-                   - 2 . 1 - 7 . 1 —5.4 —7.7 - 8 . 3 - 6 . 5 - 6 . 1 - 5 . 5
June 1973



  6                                                                 SURVEY OF CURRENT BUSINESS                                                                                                                 June 1973


                                                                                1972                 1973                                                                  1971                  1972                   1973
                                                         1971

                                                                    I      II          III    IV      I                                                    1971    1972     IV        I     II          III      IV      I
                                          1971    1972    IV

                                                          Seasonally adjusted at annual rates                                                                               Seasonally adjusted at annual rates

                                                               Billions of dollars                                                                                               Billions of dollars


                     Table 9.—Gross Corporate Product i (1.14)                                                         Table 10.—Personal Income and its Disposition (2.1)
                                                                                                            Personal income                                861.4935.9 881.5        907.0   922.1    939.9      974.6 993.9
         Gross corporate product          580.3 638.6 593.5 613.7 631.9 643.7 665.2 688.8                     Wage and salary disbursements                572.9627.0 585.9        608.0   620.5    630.8      648.8    668.1
  C apital consumption allowances.        60.3 67.7 63.0 64.8 68.0 68.4 69.5 70.6                               Commodity-producing industries-            206.1224.6 209.9        217.5   222.6    225.1      233.4    240.2
                                                                                                                  Manufacturing                   _.       160.3175.8 162.7        168.8   174.1    176.6      183.9    189.0
  Indirect business taxes plus transfer                                                                         Distributive industries                    138.2151.5 141.7        147.2   150.1               156.4
    payments less subsidies             56.9      61.0   58.9     59.2    60.2     61.7       63.0   64.7                                                                                           152.4               160.5
                                                                                                                Service industries...                      105.0116.1 108.4        111.9   114.7    117.5      120.2    123.9
                                                                                                                Government                                 123.5134.8 125.9        131.4   133.1    135.8      138.8    143.5
  Income originating in corporate busi-
      ness                              463.1 510.0 471.6 489.8 503.7 513.7 532.7 553.4                       Other labor income                            36.5 40.3 38.0          38.8    39.8     40.8       41.8     42.7
    Compensation of employees. _ _        388.8 426.7 398.2 412.2 422.4 429.3 442.7 459.0                     Proprietors' income                           70.0 75.2 71.8          73.3    73.2     75.3       79.0     81.2
      Wages and salaries                 340.2 372.3 348.1 359.7        374.3 386.4 397.0                       Business and professional.                  52.6 55.6 53.8          54.3    54.4     56.2       57.4     58.7
                                                                                                                Farm                                        17.3 19.6 18.1          19.1    18.7                21.6     22.5
      Supplements                        48.6 54.4 50.1 52.5 53.8 55.0 56.4 62.0                                                                                                                     19.1
                                                                                                              Rental income of persons                      24.5 25.6 25.0          25.2    24.2     26.2       26.9     26.5
   Net interest                            1.5     1.0    1.2      1.1     1.0         1.0     1.0    1.0     Dividends..                                   25.4 26.4 25.2          26.0    26.2     26.5       26.7     27.3
                                                                                                              Personal interest income                      69.6 72.9 70.6          71.0    72.7     73.4       74.5     76.3
    Corporate profits and inventory                                                                           Transfer payments                                                                     102.7
       valuation adjustment                72.8 82.3 72.2 76.5           83.4          93.4                                                                93.6 104.0 96.8          99.2   100.6               113.5    114.5
     Profits before tax                    77.4 88.3 76.1 82.9 85.9 89.5 94.8 107.5                             Old-age, survivors, disability, and
                                                                                                                  health insurance benefits                44.5 50.2 45.7           46.8    48.1    48.8        57.2    58.5
       Profits tax liability               37.3 41.3 35.3 38.8 40.1 41.8 44.3 50.6                              State unemployment insurance
       Profits after tax                   40.1 47.0 40.8 44.2 45.8 47.7 50.5 56.9                                benefits                                  5.7     5.4     6.2      5.4     5.6         5.8     5.0      4.3
         Dividends                         22.2 23.0 21.1 23.0 23.0 23.0 22.9 23.4                              Veterans benefits                          11.3    12.7    11.6     11.9    12.3        12.5    14.0     13.3
         Undistributed profits             17.9 24.1 19.7 21.2 22.8 24.7 27.6 33.5                              Other                                      32.2    35.7    33.3     35.1    34.6        35.6    37.3     38.5
     Inventory valuation adjustment..     —4.7 - 6 . 0 —3.9 —6.5 —5.5 - 6 . 1 - 5 . 9 -14.1
                                                                                                              Less: Personal contributions for
  Cash flow, gross of dividends           100.4 114.7 103.8 109.0 113.8 116.1 120.0 127.5                       social insurance                           31.2    35.5    31.9     34.6    35.1        35.8    36.5     42.7
  Cash flow, net of dividends              78.2 91.7 82.7 85.9 90.8 93.1 97.1 104.1                         Less: Personal tax and nontax pay-
                                                                                                                ments                                      117.0   140.8   123.0   136.5   139.5    141.1       146.4   143.5
       Gross product originating in
          financial institutions           30.9   33.2     0.9    31.4    32.6     33.7       34.9   36.1   Equals: Disposable personal income...          744.4   795.1   758.5   770.5   782.6    798.8       828.2   850.4
                                                                                                            Less: Personal outlays                         683.4   740.2   699.2   714.9   732.5    748.0       765.5   793.9
        Gross product originating in                                                                          Personal consumption expenditures-           664.9   721.0   680.5   696.1   713.4    728.6       745.7   773.6
          nonfinancial corporations     549.4 605.5 562.6 582.4 599.3 610.0 630.3 652.7                       Interest paid by consumers                    17.6    18.2    17.7    17.8    18.0     18.2        18.6    19.0
                                                                                                              Personal transfer payments to for-
  Capital consumption allowances         58.0 64.8 60.5 62.1 65.2 65.5 66.5 67.5                                eigners                                     1.0     1.1     1.1      1.0     1.1     1.2         1.2      1.2
  Indirect business taxes plus transfer
    payments less subsidies              54.3 58.2 56.2 56.5 57.4 58.8 60.2 61.8                            Equals :Personal saving                        60.9    54.8    59.3     55.7    50.1    50.8        62.8     56.5
  Income originating in nonfinancial                                                                        Addenda:
      corporations                   437.2 482.4 445.9 463.8 476.6 485.7 503.7 523.4                        Disposable personal income:
                                                                                                              Total, billions of 1958 dollars..            554.7 578.5 560.9 565.7 571.4 579.6 597.3 604.9
    Compensation of employees        365.0 400.8 373.8 387.0 i6.7 403.1 416.3 431.9                           Per capita, current dollars...               3,595 3,807 3,649 3,700 3,751 3,821 3,953 4,052
      Wages and salaries             319.6 350.0 327.1 338.0 346.5 351.8 363.6 373.9                          Per capita, 1958dollars                      2,679 2,770 2,698 2,716 2,739 2,773 2,851 2,882
      Supplements                     45.3 50.8 46.7 48.9 50.2 51.3 52.7 58.0
                                                                                                            Personal saving rate,3 percent..                 8.2   6.9   7.8   7.2   6.4   6.4   7.6
      Net interest                         16.1   17.3    16.6    16.8    17.1     17.4       17.7   18.0
      Corporate profits and inventory                                                                       Table 11.—Personal Consumption Expenditures by Major Type (2.3)
         valuation adjustment              56.1 64.4 55.6 59.9 62.8 65.2                        73.5
       Profits before tax                  60.8 70.4 59.4 66.4 68.4 71.3 75.6 87.6
         Profits tax liability             29.4 33.1 27.4 31.1 32.1 33.5 35.6 41.5                                Personal consumption expendi-
         Profits after tax                 31.3 37.3 32.0 35.4 36.3 37.7 39.9 46.1
           Dividends           _            19.5 20.2 18.6 20.3 20.3 20.2 20.2 20.6                                tures                        664.9 721.0 680.5 696.1 713.4 728.6 745.7 773.6
           Undistributed profits            11.9 17.1 13.5 15.1 16.0 17.5 19.8 25.5
       Inventory valuation adjustment..   - 4 . 7 - 6 . 0 - 3 . 9 - 6 . 5 —5.5 - 6 . 1 - 5 . 9 -14.1        Durable goods                                  103.5 116.1 106.1 111.0 113.9 118.6 120.8 130.4

  Cash flow, gross of dividends            89.3 102.2    92.5     97.5 101.5 103.2 106.4 113.6                Automobiles and parts                        46.7    52.8    47.9     49.9    51.3    54.8        55.2    60.1
                                                                  77.2 81.3 83.0                               Mobile homes                                 3.3     4.0     3.5      3.9     4.1     3.7         4.3     4.8
  Cash flow, net of dividends              69.8 81.9     73.9                        16.2 93.0                Furniture and household             equip-
                                                                                                               ment                                        42.0    47.6    43.5     46.5    46.8    47.9        49.1     53.0
                                                                                                              Other                                        14.8    15.7    14.7     14.7    15.7    15.9        16.5     17.2
                                                           Billions of 1958 dollars
          Gross product originating in                                                                      Nondurable goods                               278.1 299.5 283.4 288.3 297.2 302.0 310.4 322.6
           nonfinancial corporations   438.8 475.7 447.3 459.6 471.7 478.9 492.5 504.4                        Food and beverages                           136.4 144.7 137.9 140.3 144.1 145.8 148.5 154.3
                                                                                                              Clothing and shoes.                           56.9 62.0 58.5 59.4 61.5 62.6 64.5 68.3
                                                                                                              Gasoline and oil                              23.5 25.2 24.3 24.6 24.5 25.4 26.3 27.1
                                                                     Dollars                                  Other      1                                  61.3 67.6 62.8 64.0 67.1 68.2 71.0 73.0
                                                                                                            Services                                       283.3 305.4 290.9 296.7 302.4 308.0 314.5 320.6
          Current dollar cost per unit of
           1958 dollar gross product                                                                          Housing                                       99.2 107.2 102.5 104.2 106.1 108.1 110.2 112.4
           originating 2in nonfinancial                                                                       Household operation                           39.5 43.3 40.7 41.2 42.7 44.0 45.1 45.7
           corporations                   1.252 1.273 1.258 1.267 1.271 1.274 1.280 1.294                     Transportation                                19.9 21.7 20.4 21.0 21.5 21.9 22.4 23.0
                                                                                                              Other                                        124.8 133.3 127.3 130.3 132.0 134.0 136.9 139.5
  Capital consumption allowances           .132   .136    .135     .135   .138         .137   .135   .134
  Indirect business taxes plus transfer
    payments less subsidies                .124   .122    .126     .123   .122         .123   .122   .122
  Compensation of employees                .832   .843    .836     .842   .841         .842   .845   .856   Table 12.—Foreign Transactions in the National Income and
  Net interest                             .037   .036    .037     .037   .036         .036   .036                             Product Accounts (4.1)
  Corporate profits and inventory valu-
   ation adjustment..                .  .128      .135    .124     .130   .133         .136   .141   .146
         Profits tax liability          .067      .069    .061     .068   .068         .070   .072   .082    Receipts from foreigners                      66.9    74.4    63.7     71.5   70.7     75.1        80.3    87.6
         Profits after tax plus inven-
           tory valuation adjustment.. .061       .066    .063     .063   .065         .066   .069   .063   Exports of goods and services       _          66.1    73.7    63.0     70.7   70.0     74.4        79.6    87.6
                                                                                                            Capital grants received by the United
                                                                                                             States                                          .7      .7      .7       .7      .7         .7       .7         .0
     1. Excludes gross product originating in the rest of the world.
     2. This is equal to the deflator for gross product of nonfinancial corporations, with the              Payments to foreigners                         66.9    74.4    63.7     71.5   70.7     75.1        80.3    87.6
   decimal point shifted two places to the left.
     3. Personal saving as a percentage of disposable personal income.                                      Imports of goods and services                  65.4    77.9    65.1     75.3   75.2     77.8        83.1
                                                                                                            Transfers to foreigners         _               3.6     3.7     4.0      3.8    3.8         3.8      3.3     3.2
                                                                                                                                                            1.0     1.1     1.1      1.0    1.1         1.2      1.2     1.2
                                                                                                              Personal                                      2.6     2.6     2.9      2.8    2.8         2.6      2.2     2.0
                                                                                                              Government
                                                                                                                                                            2 x - 7 . 1 —5.4 - 7 . 7 - 8 . 3 - 6 . 5 - 6 . 1 - 5 . 5
                                                                                                            Net foreign investment
July 1973




   12                                                                    SURVEY OF CURRENT BUSINESS                                                                                                                        July 1973

                                                                             1972                       1973                                                                                         1972                        1973

                                           1971     1972     I          II      III        IV       I      II P                                                      1971    1972     I         II        III      IV        I        II*
                                                             Seasonally adjusted at annual rates                                                                                      Seasonally adjusted at annual rates

                                                                  Billions of dollars                                                                                                     Billions of dollars

                    Table 9.—Gross Corporate Productl (1.14)                                                                     Table 10.—Personal Income and its Disposition (2.1)
        Gross corporate product            586.7 644.3 621.5 637.1 648.6 670.1 695.4                                  Personal income                            863.5 939 2 910 8 926 1 943 7 976 1 996 6 iniQ i
  Capital consumption allowances           60.4     65.9     63.4       66.2    66.0       68.0    69.3        70.8    Wage and salary disbursements             573.3       627.8   608.8     621.1      632.7    648.7   666.7 682.5
  Indirect business taxes plus transfer                                                                                 Commodity-producing industries..         206.3       226.0   218.2     223.7      227.3    234.8   241.6 248.6
    payments less subsidies                57.7     60.8     59.3       60.2    61.2       62.5    64.3        65.2       Manufacturing...                       160.5       175 9   168 9     174 0      177 0    183 7   189 1 194 8
                                                                                                                        Distributive industries                  138.3       151 5   147 5     150 0      152 5    156 0   159 5 163 2
  Income originating in corporate busi-                                                                                 Service industries. .                    104.7       116 1   111 6     114 9      117 9    120 1   123 9 126 9
      ness                       - - - 468.6 517.6 498.7 510.7 521.4 539.5 561.9                                        Government                               123 9       134 2   131 6     132 6      135 0    137 8   141 fi       143 7

     Compensation of employees . - -    389.2 428.9 414.2 424.6 432.4 444.6 461.6                          473.2       Other labor income                            36 6    40 7    39 1 40 2            41 3     42 3     4q q        44 2
       Wages and salaries . - - - - - - 340.9 373.8 360.9 370.0 376.7 387.6 398.3                          408.6
      Supplements _       .              48.4 55.1 53.3 54.6 55.6 56.9 63.3                                 64.6       Proprietors' income . .                       68.7    74 2    72 5 73 2              74 i   77 i     80 6        81 5
                                                                                                                         Business and professional                   51.9    54 0    53 1 53 3              54 3   55 3     56 3        57 1
     Net interest                           5.0      3.8      3.8        3.8        3.8     3.7     3.7         3.7      Farm                                        16 8    20 2    19 5 19 9              19 8   21 8     94 "\       94 4

     Corporate profits and inventory                                                                                   Rental income of persons                      24.5    24.1     24 1     22 6       24 9     24 9     24 7        24 6
        valuation adjustment     .        74.4 84.9 80.7 82.3 85.2 91.2 96.6                                           Dividends . -                                 25 1    26 0     25 7     25 9       26 2     26 4     26 9        27 3
      Profits before tax.        -- -     79.3 91.8 87.3 89.1 92.2 98.6 111.9                                          Personal interest income                      73.0    78 0     75 5     77 4       78 6     80 3     82 7        85 7
        Profits tax liability             37.4 42.7 40.6 41.4 42.9 45.9 52.7
        Profits after tax . - -    .. ... 41.8 49.1 46.7 47.7 49.3 52.7 59.2                                           Transfer payments .                      93.2 103 0 98 8 99 9 101 1 112 0 113 6                                  115 9
          Dividends. . . . . - -          22.3 23.3 23.2 23.4 23.5 23.0 23.6                                             Old-age, survivors, disability, and
          Undistributed profits     -     19.6 25.8 23.5 24.3 25.9 29.7 35.6                                               health insurance benefits            44 5 49 6 46 6 47 3 48 0 56 4 58 3                                       60 0
      Inventory valuation adjustment. _ -4.9 -6.9 -6.6 -6.7 -6.9 -7.3 -15.4 -2l.~l                                       State unemployment insurance
                                                                                                                           benefits ..                           5.7   55 58 63 53 4 7             41                                     4 1
   Cash flow gross of dividends             102.2 115.0 110.1 113.8 115.4 120.7 128.5                                    Veterans benefits .             . . . .11.2 12.7 12.0 12 1 12 6 14 1 13 3                                       13 4
   Cash flow, net of dividends               80.0 91.7 86.9 90.5 91.9 97.7 104.9                                         Other                                  31 8 35 1 34 4 34 1 35 2 36 8 37 8                                       38 3
         Gross product originating in                                                                                  Less: Personal contributions for
          financial institutions - -        32.6     35.4     34.0       35.1       35.7    36.8    38.7                social insurance.                            30.9     34.7    33 8      34 3        35 2    35 7    41 9         42 5
         Gross product originating in                                                                                 Less: Personal tax and nontax pay-
          nonfinancial corporations . -     554.1 608.9 587.4 601.9 612.9 633.2 656.7                                  ments                             117.5 142.2 138.0 140.7 142.8 147.4 145 1                                      148 8
   Capital consumption allowances            58.1    63.2     60.9       63.5       63.3    65.2    66.3       67.8   Equals: Disposable personal income. . .746.0 797.0 772.8 785.4 800.9 828.7 851.5                                  870.4
   Indirect business taxes plus transfer
     payments less subsidies                 55.1    58.0     56.6       57.4       58.4    59.6    61.3       62.2   Less: Personal outlays               685.8 747.2 720.0 739.5 755 1 774 3 801 5                                    818 0
                                                                                                                       Personal consumption expenditures. .667.2 726.5 700.2 719.2 734.1 752.6 779.4                                    795.1
   Income originating in nonfinancial                                                                                  Interest paid by consumers           17.7 19 7 18 8 19 4 20 0 20 7 21 2                                           22 0
       corporations                         440.9 487.7 469.9 481.0 491.3 508.4 529.1                                  Personal transfer payments to for-
                                                                                                                         eigners                             1.0   1.0   1.0     9   10 11         9                                        9
     Compensation of employees              365.3 403.0 389.1 398.8 406.1 417.8 434.1 445.3
       Wages and salaries                   320.3 351.5 339.3 347.8 354.1 364.6 375.0 384.9                           Equals: Personal saving                        60.2     49.7    52.9      45.9        45 8    54.4    50 0         52.4
      Supplements          -        - -      45.0 51.5 49.8 51.0 51.9 53.2 59.2 60.4
     Net interest                            16 5    17.4     16.8       17.2       17.5    17.9    18.2       18.6   Addenda:
     Corporate profits and inventory                                                                                  Disposable personal income:
        valuation adjustment    _ _ . . 59.2 67.3 64.0 65.0 67.7 72.7 76.8                                             Total, billions of 1958 dollars .          554.9 577.9 565.7 571.6 579.3 595.1 603.9                             606.2
                                                                                                                       Per capita, current dollars . _             3,603 3,816 3,711 3,765 3,831 3,955 4,057                            4,140
      Profits before tax        - - - 64.1 74.3 70.7 71.7 74.6 80.0 92.1                                               Per capita, 1958 dollars . .              . 2,680 2,767 2,716 2,740 2,771 2,841 2,878                            2,884
        Profits tax liability           29.7 35.0 33.2 33.8 35.2 37.8 44.3
        Profits after tax               34.4 39.2 37.4 37.9 39.4 42.2 47.8                                            Personal saving rate,3 percent                  8.1      6.2     6.8       5.8         57      6.6     5.9          6.0
          Dividends                     20.3 21.2 21.2 21.3 21 4 20.9 21.4
          Undistributed profits         14.1 18.1 16.2 16.6 18.1 21.2 26.4
      Inventory valuation adjustment.. -4.9 -6.9 -6.6 -6.7 -6.9 -7.3 -15.4 -21.1                                      Table 11.—Personal Consumption Expenditures by Major Type (2.3)
   Cash flow, gross of dividends.            92.5 102.5       98.3 101.5 102.7 107.3 114.1
   Cash flow net of dividends--              72.2 81.3        77.1 80.2 81.4 86.4 92.7                                      Personal consumption expendi-
                                                                                                                             tures                        667.2 726.5 700.2 719.2 734.1 752.6 779.4                                     795.1
                                                              Billions of 1958 dollars                                Durable goods                                  103.6 117.4 111.5 115.1 120.2 122.9 132.2                          133.1
                                                                                                                        Automobiles and parts              46.6 52.8 49.4                       51.2        55.0    55.7    60.5         59.9
         Gross product originating in                                                                                    Mobile homes                       3.3 4.1 4.0                          4.2         3.7     4.4     5.0          5.0
          nonfinancial corporations         442.7 475.5 462.3 471.9 477.8 489.8 503.4                                   Furniture and household equipment. 42.1 48.1 46.6                       47.3        48.6    50.0    53.7         54.5
                                                                                                                        Other                              14.9 16.5 15.4                       16.6        16.6    17.3    18.0         18.8
                                                                          Dollars                                     Nondurable goods                               278.7 299.9 288.8 297.9 302.3 310.7 322.2                          329.8
                                                                                                                        Food and beverages. . ..                  136.6 145.3 141.0 144.7                 146.5 149.1 154.7             157.8
         Current dollar cost per unit of                                                                                Clothing and shoes                         57.0 62.3 59.4 61.7                     62.9 65.1 68.3                69.6
          1958 dollar gross product                                                                                     Gasoline and oil                           23.5 25.5 24.7 25.0                     25.8 26.6 27.5                28.5
          originating 2in nonfinancial                                                                                  Other                    .             . . 61.5 66.8 63.6 66.6.                    67.2 70.0 71.7                74.0
          corporations                      1.252 1.281 1.271 1.276 1.283 1.293 1.305
                                                                                                                      Services                                       284.9 309.2 300.0 306.2 311.6 319.0 325.0                          332.2
   Capital consumption allowances            .131     .133    .132       .135       .132    .133    .132
   Indirect business taxes plus transfer                                                                                Housing                                       98.5 105.5 103.1 104.7 106.3 107.9 110.6                          113.2
     payments less subsidies                 .125     .122    .122       .122       .122    .122    .122                Household operation                           39.7 43.8 41.8 43.2 44.5 45.7 46.5                                 47.2
   Compensation of employees                 .825     .847    .842       .845       .850    .853    .862                Transportation                                20.4 21.8 21.6 21.7 21.8 22.2 22.8                                 23.2
   Net interest                              .037     .037    .036       .036       .037    .037    .036                Other            .             .             126.3 138.0 133.5 136.6 138.9 143.1 145.1                          148.6
   Corporate profits and inventory valu-
    ation adjustment                         .134     .142       .139    .138       .142    .148    .152              Table 12.—Foreign Transactions in the National Income and
          Profits tax liability              .067     .074       .072    .072       .074    .077    .088                                 Product Accounts (4.1)
          Profits after tax plus inven-
            tory valuation adjustment.       .067     .068       .067    .oee       .068    .071    .064
                                                                                                                        Receipts from foreigners                      67.0    74.2    71.1      70.6        74.7    80.4    89.7         95.1
      1. Excludes gross product originating in the rest of the world.                                                 Exports of goods and services .                 66.3    73.5    70.3      69.9        74.0    79.7    89.7         95.1
      2. This is equal to the deflator for gross product of nonfinancial corporations, with the
    decimal point shifted two places to the left.                                                                     Capital grants received by the United
      3. Personal saving as a percentage of disposable personal income.                                                States                                           .7      .7        .7         .7       .7      .7         .0         .0
      » Preliminary.
                                                                                                                        Payments to foreigners                        67.0    74.2    71.1      70.6        74.7    80.4    89.7         95.1

                                                                                                                      Imports of goods and services ..         . . 65.5       78.1    75.8      75.6        77.7    83.2    89.7         93.4

                                                                                                                      Transfers to foreigners                          3.6     3.7     3.9       3.8         3.8     3.5     3.0          3.3
                                                                                                                        Personal                           -   - -     1.0     1.0     1.0        .9         1.0     1.1      .9           .9
                                                                                                                        Government                         -   - -     2.6     2.7     2.9       2.8         2.8     2.5     2.1          2.4

                                                                                                                      Net foreign investment                         -2.1 -7.6 -8.7 -8.7 -6.9 -6.3                          -3.0        -1.6
July 1973



July 1973                                                             SURVEY OF CURRENT BUSINESS                                                                                                                                                          27

2.— Personal Income and Outlay
                                                                      Table 2.1.—Personal Income and Its Disposition

                                                                                                                  1969                                     1970                                      1971                                  1972
                                                    1969       1970        1971        1972
                                                                                                      I      II          III      IV         I        II          III      IV        I          II      III         IV        I       II          III    IV

                                                             Millions of dollars                                                          Billions of dollars, seasonally adjusted at annual rates

Personal income                                   750,921 808,290 863,515 939, 161 726.5 743.3 759.6 774.3 785.8 807.7 816.8 822.9 840.0 859.5 870.2 884.4 910.8 926.1 943.7                                                                             976.1
  Wage and salary disbursements                   509, 690   541,976     573,250     627,845     491.3      503.6    517.0       526.8    532.2    541.5      547.5      546.7     559.8   569.1       577.0       587.1    608.8   621.1     632.7      648.7
   Commodity-producing industries .               197, 509   200, 938    206, 317    225, 994    191.4      196.3    200.0       202.4    201.5    201.2      203.0      198.1     202.5   205.3       207.0       210.5    218.2   223.7     227. 3     234.8
     Manufacturing                                157, 562   158, 294    160, 519    175, 897    153.1      156.7    159.7       160.8    159.7    159.0      159.9      154.6     158.5   159.9       160.6       163.1    168.9   174. 0.   177.0      183.7
   Distributive industries                        119, 987   129, 290    138, 346    151, 491    115.4      118.7    121.4       124. 4   126.5    128.0      130.9      131.8     134.7   137.2       139.2       142.3    147.5   150.0     152.5      156.0
   Service industries                              88, 072    96,647     104, 675    116, 120     84.5       86.9     89.0        91.9     94.3     95.8       97.2       99.3     101.3   103.6       105.9       108.0    111.6   114.9     117.9      120.1
   Government                ..                   104, 122   115, 101    123, 912    134, 240    100.0      101.7    106.6       108.1    109.9    116.5      116.5      117.6     121.4   123.0       125.0       126.3    131.6   132.6     135.0      137.8
 Other labor income                                28, 449    32, 176     36, 569     40,716      27.3      27.9         28.8     29.7     30.7      31.6         32.7    33.7     34.8     36.1        37.2       38.1     39.1     40.2         41.3    42.3
 Proprietors' income                               67, 191    66,919      68,724      74,227      67.1      67.4         67.1     67.2      67.8     67.4         66.2    66.2     67.9     68.3        68.6       70.2     72.5     73.2         74.1    77.1
   Business and professional                       50,450     50, 017     51, 893     53, 987     50.6      50.9         50.5     49.8      49.8     50.1         50.2    50.0     50.9     51.7        52.3       52.7     53.1     53.3         54.3    55.3
   Farm                                            16, 741    16, 902     16, 831     20, 240     16.5      16.5         16.6     17.4      18.1     17.4         16.0    16.2     16.9     16.6        16.3       17.5     19.5     19.9         19.8    21.8
 Rental income of persons                          22,551     23,938      24,530      24, 148     22.0      22.6         22.7     22.9      23.2     23.8         24.2    24.4      24.4    24.7        24.7       24.4      24.1    22.6         24.9    24.9
 Dividends                                         24,331     24,680      25, 142     26,041      24.0      24.2         24.4     24.7      24.8     24.7         24.7    24.5      25.3    25.1        25.2       24.9      25.7    25.9         26.2    26.4
 Personal interest income. -                       59,265     67,484      72,988      77, 958     56.5      58.5         60.1     62.0      64.2     66.2         68.9    70.6      71.4    72.2        73.7       74.7      75.5    77.4         78.6    80.3
 Transfer payments                            65,768          79, 108     93,208 102, 953         63.8       65.1        66.2     68.0      70.5     80.3         80.8    84.9      86.7    94.6        94.9       96.5      98.8    99.9 101.1          112.0
   Old-age, survivors, disability, and health
      insurance benefits         ._       ... 32, 963         38, 456     44, 458     49, 586     32.3       32.9        33.1     33.5      34.0     41.2         39.0    39.7      40.3    46.6        45.1       45.9      46.6    47.3         48.0    56.4
   State unemployment insurance benefits       2,149           3,889       5,676       5,535       2.1        2.0         2.2      2.4       2.7      3.6          4.2     5.0       5.2     5.7         5.9        5.9       5.8     6.3          5.3     4.7
   Veterans benefits                           8,290           9,650      11, 238     12, 695      7.9        8.3         8.3      8.7       8.8      9.4          9.9    10.4      10.8    11.1        11.4       11.7      12.0    12.1         12.6    14.1
   Other                                      22, 366         27, 113     31, 836     35, 137     21.5       22.0        22.6     23.4      24.9     26.2         27.6    29.8      30.5    31.3        32.6       33.1      34.4    34.1         35.2    36.8
 Less: Personal contributions for social in-
  surance                                          26,324     27, 991     30,896      34,727      25.6      26.0         26.7     27.0      27.5     27.9         28.3    28.3      30.3    30.7        31.1       31.5      33.8    34.3         35.2    35.7
Less : Personal tax and nontax payments           116,535 116,591 117,545 142, 205 114.0 117.6 116.4 118.2 117.6 118.7 114.3 115.7 112.6 115.5 118.1 124.0                                                                  138.0 140.7 142.8            147.4
Equals: Disposable personal income                634,386 691, 699 745,970 796,956 612.5 625.7 643.2 656.1 668.2 689.0 702.4 707.2 727.4 744.0 752.0 760.4 772.8 785.4 800.9                                                                             828.7
Less: Personal outlays                            596, 179 635, 499 685,812 747,213 580.1 592.4 600.6 611.6 622.0 631.7 641.7 646.6 668.3 680.6 691.8 702.6 720.0 739.5 755.1                                                                            774.3
 Personal consumption expenditures                579, 457 617, 644 667, 151 726, 506 564.0 575.8 583.7 594.4 604.6 614.0 623.7 628.3 650.0 662.2 673.0 683.4 700.2 719.2 734.1                                                                          752.6
 Interest paid by consumer                         15, 827 16, 836 17, 650 19, 709 15.3 15.7 16.0 16.2 16.4 16.7 17.0 17.2 17.3 17.4 17.7 18.2 18.8 19.4 20.0                                                                                             20.7
 Personal transfer payments to foreigners              895     1,019  1,011       998    .8    .9    .9    .9   1.0   1.0   1.0   1.0   1.0    .9   1.1   1.1   1.0    .9   1,0                                                                            1.1
Equals: Personal saving                            38,207      56,200     60, 158     49,743      32.4       33.3        42.6     44.6      46.2      57.2        60.8     60.6     59.2    63.5        60.2        57.8     52.9    45.9         45.8    54.4

Addenda:
Disposable personal income:
Total, billions of 1958 dollars.                    513.6       534.8      554.9       577.9 505.5 510.0 517.3 521.2 524.2 535.8 541.6 537.4 547.8 554.6 556.4 560.9 565.7 571.6 579.3                                                                   595.1
  Per capita, current dollars                       3,130       3,376      3,603       3,816 3,033 3,091 3,169 3,223 3,274 3,367 3,423 3,436 3,526 3,598 3,628 3,658 3,711 3,765 3,831                                                                   3,955
  Per capita, 1958 dollars                          2,534       2,610      2,680       2,767 2,503 2,520 2,549 2,560 2,569 2,619 2,640 2,611 2,655 2,682 2,684 2,698 2,716 2,740 2,771                                                                   2,841
  Personal saving as a percentage of disposable
    personal income             ..                     6.0        8.1         8.1         6.2         5.3     5.3         6.6      6.8       6.9      8.3          8.7      8.6      8.1        8.5         8.0      7.6      6.8     5.8          5.7     6.6




                                     Table 2.2.—Personal Income: Seasonally Adjusted Monthly Totals at Annual Rates
                                                                                                      [Billions of dollars]

                                                   Wage and salary disbursements                                                            Proprietors'
                                                                                                                                              income
                                                                                                                                                                                                                          Less:
                                                                                                                           Other                                         Rental                      Personal Transfer personal Nonagri-
  Year and Month         Personal                 Commodity                                                                labor                                         income      Divi-           interest   pay-   contribu- cultural
                         income                    producing                                                              income          Business                          of       dends            income   ments    tions for income
                                     All in-                             Distrib-       Service           Govern-                         and pro-      Farm             persons                                          social
                                    dustries                              utive                            ment                           fessional                                                                    insurance
                                               Total        Manu-
                                                           facturing

    1969                    750.9     509.7       197.5        157.6         120.0            88.1          104.1               28.4          50.5          16.7            22.6         24.3               59.3           65.8        26.3              728.3
January                     720.6     487.7       190.0        152.0         114.3            83.7           99.7               27.3         50.4           16.3            21.7         23.9           55.7               63.2        25.4              698.7
February .                  725.8     490.4       190.7        152.5         115.2            84.5          100.1               27.3         50.7           16.7            22.0         24.0           56.5               63.7        25.5              703.5
March-                      733.0     495.9       193.4        154.6         116.9            85.2          100.4               27.3         50.7           16.5            22.3         24.1           57.3               64.6        25.7              710.9
April                       738.1     499.7       195.1        155.8         117.3            86.1          101.1               27.6         50.9           16.5            22.5         24.1           57.9               64.9        25.9              715.7
May                         743.1     503.6       196.1        156.4         118.9            86.8          101.7               27.9         51.0           16.5            22.6         24.1           58.5               65.1        26.0              720.8
June _ . . .                748.5     507.7       197.7        157.9         119.7            87.9          102.4               28.2         50.7           16.5            22.7         24.4           59.1               65.4        26.2              726.4
July                        754.1     512.9       198.8        158.8         120.3            88.3          105.5               28.5         50.4           16.5            22.7         24.3           59.6               65.7        26.5              731.7
August                      759.8     517.2       199.9        159.9         121.6            88.9          106.8               28.8         50.6           16.5            22.7         24.4           60.0               66.1        26.7              737.3
September .                 764.8     520.9       201.3        160.5         122.4            89.8          107.4               29.1         50.5           16.6            22.7         24.6           60.6               66.7        26.8              742.2
October. . .                769.8     524.2       202.1        161.0         123.4            90.9          107.8               29.4         50.2           17.1            22.8         24.6           61.3               67.2        27.0              746.6
November... . . .           773.8     526.5       201.7        160.1         124.8            91.9          108.1               29.7         49.7           17.5            22.9         24.7           62.0               67.8        27.0              750.0
December                    779.4     529.7       203.3        161.2         125.0            92.8          108.5               30.1         49.6           17.6            23.1         24.8           62.8               68.9        27.1              755.5
    1970                    808.3     542.0       200.9        158.3         129.3            96.6          115.1               32.2         50.0           16.9            23.9         24.7               67.5           79.1        28.0              784.8
January .. .                781.1     529.6       201.2        160.0         125.7            93.5          109.2               30.4         49.7           17.9            23.1         24.9           63.5               69.5        27.4              757.0
February.. . .              785.2     531.4       200.9        158. 9        126.3            94.3          109.9               30.7         49.8           18.2            23.2         24.8           64.2               70.5        27.5              760.8
March                       791.1     535.4       202.4        160.1         127.4            95.0          110.6               31.0         49.8           18.2            23.4         24.7           64.9               71.4        27.7              766.7
April                       810.7     541.2       201.7        159.5         126.8            95.3          117.3               31.2         50.1           17.8            23.6         24.7           65.5               84.5        27.9              786.5
May                         806.1     542.3       200.4        158.5         128.4            95.8          117.7               31.6         50.0           17.4            23.9         24.8           66.2               77.9        27.9              782.3
June.. ... .                806.2     541.0       201.5        159.0         128.9            96.2          114.4               32.0         50.1           16.9            24.1         24.4           66.9               78.5        27.8              782.6
July                        810.9     544.3       202.8        160.1         130.0            96.5          115.0               32.4         50.1           16.3            24.2         24.7           67.9               79.3        28.2              788.1
August                      816.2     547.2       203.1        159.9         131.2            97.1          115.9               32.7         50.2           15.9            24.3         24.7           68.9               80.5        28.3              793.7
September ...               823.3     551.0       203.0        159.8         131.4            98.1          118.5               33.0         50.2           15.9            24.3         24.8           69.9               82.6        28.5              800.6
October...                  819.9     544.7       197.3        154.0         131.6            98.7          117.1               33.4         50.0           15.9            24.4         24.9           70.3               84.5        28.2              797.2
November                    821.4     545.4       196.6        153.0         131.9            99.3          117.6               33.7         49.9           16.2            24.5         24.9           70.6               84.4        28.2              798.4
December                    827.4     550. 0      200.3        ISfi fi       131.8            t»Q 0         us i                34 2         50.2           1fi. 4          24.5         23.9           71.0               85.7        28.4              804.3
August 1973


 August 1973                                                          SUEVEY OF CURRENT BUSINESS                                                                                                                                              13
                                                                          1972                            1973                                                                                          1972                           1973

                                         1971      1972              II          III      IV          I          II                                                    1971    1972     I          II        III        IV         I          II

                                                            Seasonally adjusted at annual rates                                                                                         Seasonally adjusted at annual rates

                                                              Billions of dollars                                                                                                            Billions of dollars

                 Table 9.—Gross Corporate Product * (1.14)                                                                             Table 10.—Personal Income and its Disposition (2.1)
      Gross corporate product..          186.7 344.3 621.5 537.1 548.6 ;70.i                       195.4         713.4       Personal income.                          163.5 939.2 910.8 926.1 943.7 976.1 996.6 1019.0
Capital consumption allowances           60.4      65.9     63.4     66.2        66.0     68.0                    70.6        Wage and salary disbursements     573.3          627.8   608.8      621.1      632.7      348.7     666.7     682.6
Indirect business taxes plus transfer                                                                                          Commodity-producing industries. _ 206.3         226.0   218.2      223.7      227.3      234.8     241.6     248.6
  payments less subsidies                57.7      60.8     59.3     60.2        61.2     62.5     64.3           65.2           Manufacturing                   160.5         175.9      .9      174.0      177.0        1.7     189.1     194.8
                                                                                                                               Distributive industries             38.3         51.5   147.5       50.0      152.5      156.0     159.5     163.3
Income originating in corporate busi-                                                                                          Service industries                 .04.7        116.1   111.6      114.9      117.9      120.1     123.9     126.9
    ness                              468.6        17.6 198.7 510.7 121.4 539.5 561.9                            577.6         Government                      . ,23.9         134.2   131.6      132.6      135.0      137.8     141.6     143.7
  Compensation of employees.              9.2 428.9 414.2 424.6 432.4 444.6 461.6                                473.4         Other labor income..                    36.6     40.7    39.1       40.2        41.3     42.3      43.3        44.2
   Wages and salaries                    140.9 373.8 360.9 370.0 376.7 387.6 398.3                               408.7
   Supplements                           48.4 55.1 53.3 54.6 55.6 56.9 63.3                                       64.6        Proprietors' income.                     68.7     74.2    72.5       73.2        74.1     77.1      80.6        81.5
                                                                                                                                Business and professional..            51.9     54.0    53.1       53.3        54.3     55.3      56.3        57.1
  Net interest                             5.0      3.8      3.8      3.8         3.8      3.7        3.7             3.7       Farm.                                  16.8     20.2    19.5       19.9        19.8               24.3        24.4
                                                                                                                                                                                                                        21.8
  Corporate profits and inventory                                                                                              Rental income of persons..              24.5     24.1    24.1       22.6        24.9     24.9       24.7       24.6
     valuation adjustment                 74.4 84.9 80.7 82.3 85.2 91.2                         100.5                          Dividends                               25.1     26.0    25.7       25.9        26.2     26.4       26.9       27.3
   Profits before tax                     79.3 91.8 87.3 89.1 92.2 98.6 111.9 121.5                                            Personal interest income..              73.0     78.0    75.5       77.4        78.6     80.3                  85.6
     Profits tax liability                37.4 42.7 40.6 41.4             42.9 45.9 52.7         57.5                                                                                                                              82.7
     Profits after tax                    41.8 49.1 46.7 47.7 49.3 52.7 59.2                     64.0                          Transfer payments                       93.2 103.0       98.8                 101.1 112.0                      115.7
       Dividends                          22.3 23.3 23.2 23.4 23.5 23.0 23.6                     23.9                            Old-age, survivors, disability, and                                                              113.6
       Undistributed profits               19.6 25.8 23.5 24.3 25.9 29.7 35.6                    40.1                              health insurance benefits           44.5     49.6    46.6       47.3        48.0     56.4                   60.0
   Inventory valuation adjustment..      - 4 . 9 - 6 . 9 - 6 . 6 - 6 . 7 - 6 . 9 - 7 . 3 -15.4 -21.1                             State unemployment insurance                                                                      58.3
                                                                                                                                   benefits                             5.7      5.5     5.8        6.3         5.3       4.7       4.1         4.1
Cash flow, gross of dividends.           102.\ 115.0 110.1 113.8 115.4 120.7 128.5 134.6                                         Veterans benefits                     11.2     12.7    12.0       12.1        12.6      14.1      13.3        13.4
Cashflow,net of dividends...              80.0 91.7 86.9 90.5 91.9 97.' 104.9 110.7                                              Other....                             31.8     35.1    34.4       34.1        35.2                37.8        38.2
      Gross product originating i n                                                                                            Less: Personal contributions for
       financial institutions              32.6     35.4     34.0     35.1        35.7     36.8       38.         40.5          social insurance                       30.9     34.7    33.8       34.3        35.2     35.7       41.9        42.6
      Gross product originating in                                                                                           Less: Personal tax and nontax pay-
       nonfinancial corporations         554.1 608.9 587.4 601.9 612.9 633.2 656.7 672.9                                      ments.                            117.5 142.2 138.0 140.7 142.8 147.4 145.1                                     149.3
Capital consumption allowances            58.1 63.    60.9 63.5 63.3 65.2 66.3 67.6                                          Equals: Disposable personal income.. 746.0 797.0 772.8 785.4 800.9 828.7 851.5                                   869.7
Indirect business taxes plus transfer
  payments less subsidies      —           55.1      58.0    56.6     57.4        58.4     59.6       61.         62.2       Less: Personal outlays               685.8 747.2 720.0 739.5 755.1 774.3 801.5                                   818.7
                                                                                                                              Personal consumption expenditures. 667.2 726.5 700.2 719.2 734.1 752.6 779.4                                    795.6
Income originating in nonfinancial                                                                                            Interest paid by consumers                 19.7 18.8 19.4 20.0 20.7 21.2                                         22.0
    corporations...'-                     440.9 487.                 481.0 491.3 508.4 529.1 543.1                             Personal transfer payments to for- 17.7
                                                                                                                                eigners                                   1.0   1.0    .9   1.0   1.1                                              1.0
  Compensation of employees               365.3 403.0       398.8 406.1 417.8 434.1 445.4                                                                           1.0
   Wages and salaries                     320.3 351.5 339.3 347.8 354.1 364.6 375.0 384.9                                    Equals: Personal saving.                    49.7 52.9 45.9 45.8 54.4 50.0                                         51.0
   Supplements        .-..                 45.0        49.8 51.0 51.9 53.2 59.       60.5                                                                          60.2
  Net interest                             16.5 17.4 16.8 17.2 17.5 17.9 18.2 18.6                                           Addenda:
                                                                                                                             Disposable personal income:
  Corporate profits and inventory                                                                                             Total, billions of 1958 dollars..        554.9 577.9 565.7 571.6 579.3 595.1 603.9                              604.8
     valuation adjustment                  59.2 67.3 64.0 65.0 67.    72.7 76.? 79.1                                           Per capita, current dollars             3,603 3,816 3,711 3,765 3,831 3,955 4,057                              4,137
   Profits before tax                      64.1 74.3 70.  71.   74.6 80.0 92. 100.2                                            Per capita, 1958 dollars                2,680 2,767 2,716 2,740 2,771 2,841 2,878                              2,877
     Profits tax liability                      35.0 33.2 33.   35.2 37.        44.3 48.3
     Profits after tax                     34.  39.2 37.4 37.9 39.4 42.2 47.8 51.9                                           Personal saving rate,s percent.             8.1     6.2     6.8        5.8         5.7                 5.9            5.9
       Dividends                           20.3 21.2 21.2 21.3 21.    20.9 21.4 21.8
       Undistributed profits               14.  18.1 16.2 16.6 18.    21.2 26.4 30.2
   Inventory valuation adjustment.        -4.9 -6.9 -6.6 -6.   -6.   - 7 . 3 - 1 5 . 4 -21. l                                Table 11.—Personal Consumption Expenditures by Major Type (2.3)
 Gash flow, gross of dividends             92.5 102.5                101. 102.7 107.3 114.                       119.5
 Cash flow, net of dividends               72.2 81.          77.      80.2 81.4 86.4 92.                          97.7            Personal consumption expendi-
                                                                                                                                    tures .                     667.2 726.5 700.2 719.2 734.1 752.6 779.4                                     795.6
                                                             Billions of 1958 dollars                                        Durable goods                      103.6 117.4 111.5 115.1 120.2 122.9 132.2                                     132.8
                                                                                                                              Automobiles a n d parts             46.6 52.8 49.4 51.2 55.0 55.7 60.5                                           59.7
       Gross product originating in                                                                                             Mobile homes                       3.3   4.1   4.0   4.2   3.7   4.4   5.0                                      5.0
        nonfinancial corporations         442.7 475.5 462.3 471.9 477.8 489.8 503.4 509.9                                     Furniture and household equipment. 42.1 48.1 46.6 47.3 48.6 50.0 53.7
                                                                                                                                                                  14.9 16.5 15.4 16.6 16.6 17.3 18.0
                                                                                                                                                                                                                                               54.4
                                                                                                                              Other                                                                                                            18.6
                                                                          Dollars                                            Nondurable goods                    278.7 299.9 288.8 297.9 302.3 310.7 322.2                                    330.3

                                                                                                  1                            Food and beverages.                     136.6 145.3 141.0 144.7 146.5 149.1 154.7                              158.1
       Current dollar cost per unit of                                                                                         Clothing and shoes..                     57.0 '62.3 59.4 61.7 62.9 65.1 68.3                                    69.3
        1958 dollar gross product                                                                                              Gasoline and oil                         23.5 25.5 24.7 25.0 25.8 26.6 27.5                                     28.8
        originating 2in nonfinancial                                                                                           Other                                    61.5 66.8 63.6 66.6 67.2 70.0 71.7                                     74.2
        corporations                      1.252 1.281 1.271 1.276 1.283       1.305 1,320
                                                                        1.293                                                                                          284.9 309.2 300.0. 306.2 311.6 319.0 325.0                             332.6
                                                                                                                             Services..
 Capital consumption allowances            .131 .133 .132 .135 .132 .133 .132
 Indirect business taxes plus transfer                                                                                         Housing...                               98.5 105.5 103.1 104.7 106.3 107.9 110.6                              113.3
   payments less subsidies                  .125     .122     .122     .122        .122     .122          .122        .122     Household operation.                     39.7 43.8 41.8 43.2 44.5 45.7 46.5                                     47.1
 Compensation of employees                  .825     .847     .842     .845        .850     .853          .862        .874     Transportation                           20.4 21.8 21.6 21.7 21.8 22.2 22.8                                     23.2
 Net interest                               .037     .037     .036     .036        .037     .037          .036        .036     Other                                   126.3 138.0 133.5 136.6 138.9 143.1 145.1                              149.0
 Corporate profits and inventory valu-
  ation adjustment                          .134     .142     .139        .138     .142     .148          .152        .155    Table 12.—Foreign Transactions in the National Income and
        Profits tax liability               .067     .074     .072        .072     .074     .077          .088        .095                       Product Accounts (4.1)
        Profits after tax plus inven-
          tory valuation adjustment..       .067     .068     .067        .066     .068     .071          .064        .060
                                                                                                                                Receipts from foreigners                67.0    74.2    71.1       70.6        74.7      80.4      89.7        97.2
   1. Excludes gross product originating in the rest of the world.                                                            Exports of goods and services..           66.3    73.5    70.3       69.9        74.0      79.7      89.7        97.2
   2. This is equal to the deflator for gross product of nonfinancial corporations, with the
 decimal point shifted two places to the left.                                                                                Capital grants received by the United
   3. Personal saving as a percentage of disposable personal income.                                                           States                                     .7                 .7         .7         .7        .7        .0           .0
   •Seefootnote on page 12.
                                                                                                                                Payments to foreigners                  67.0    74.2    71.1       70.6        74.7      80.4      89.7        97.2

                                                                                                                              Imports of goods and services..           65.5    78.1    75.8       75.6        77.7      83.2      89.7        94.4

                                                                                                                              Transfers to foreigners..                  3.6     3.7        3.9     3.8         3.8       3.5       3.0            3.3
                                                                                                                                Personal                                 1.0                1.0      .9         1.0       1.1        .9            1.0
                                                                                                                                                                                 1.0        2.9                 2.8       2.5       2.1            2.3
                                                                                                                                Government                               2.6                        2.8
                                                                                                                                                                                 2.7
                                                                                                                                                                       -2.1 -7.6                   -8.7 -6.9 -6.3 -3.0                         -.5
                                                                                                                              Net foreign investment..
September 1973


September 1973                                                       SUEVEY OF CURRENT BUSINESS                                                                                                                         13
                                                                         1972                     1973                                                                                 1972                      1973

                                           1971     1972            II      III        IV                II                                              1971    1972     I       II      III       IV       I          II

                                                            Seasonally adjusted at annual rates                                                                           Seasonally adjusted at annual rates

                                                               Billions of dollars                                                                                            Billions of dollars

                  Table 9.—Gross Corporate Product* (1.14)                                                                  Table 10.—Personal Income and its Disposition (2.1)

      Gross corporate product.            586.7 644.3 621.5 637.1 648.6 670.1 695.4                    713.0    Personal income.                        863.5 939.2 910.8 926.1 943.7 976.1 996.6 1019.0
Capital consumption allowances              60.4    65.9    63.4    66.2    66.0       68.0    69.3      70.5     Wage and salary disbursements      573.3       627.8   608.8   621.1   632.7      648.7     6.7     682.6
Indirect business taxes plus transfer                                                                               Commodity-producing industries.. 206.3       226.0   218.2   223.7   227.3      234.8   241.6     248.6
  payments less subsidies                   57.7    60.8    59.3    60.2    61.2       62.5    64.3      65.2         Manufacturing                  160.5       175.9   168.9   174.0   177.0      183.7   189.1     194.8
                                                                                                                    Distributive industries          138.3       151.5   147.5   150.0   152.5      156.0   159.5     163.3
Income originating in corporate busi-                                                                               Service industries               104.7       116.1   111.6   114.9   117.9      120.1   123.9     126.9
                                           468.6 517.6 498.7 510.7 521.4 539.5 561.9                   577.3        Government                       123.9       134.2   131.6   132.6   135.0      137.8   141.6     143.7
  Compensation of employees.              389.2 428.9 414.2 424.6 432.4 444.6 461.6                    473.4      Other labor income..                   36.6    40.7    39.1     40.2    41.3      42.3    43.3        44.2
   Wages and salaries. _                  340.9 373.8 360.9 370.0 376.7 387.6 398.3                    408.7
   Supplements                             48.4 55.1 53.3 54.6 55.6 56.9 63.3                           64.6      Proprietors' income..                  68.7    74.2    72.5     73.2    74.1      77.1    80.6        81.5
                                                                                                                    Business and professional-           51.9    54.0    53.1     53.3    54.3      55.3    56.3        57.1
  Net interest                               5.0     3.8    3.8      3.8        3.8     3.7    3.7       3.7        Farm                                 16.8    20.2    19.5     19.9    19.8      21.8    24.3        24.4
  Corporate profits and inventory                                                                                 Rental income of persons..             24.5    24.1    24.1     22.6    24.9      24.9    24.7        24.6
     valuation adjustment                   74.4 84.9 80.7 82.3 85.2 91.2 96.6 100.2                              Dividends                              25.1    26.0    25.7     25.9    26.2      26.4    26.9        27.3
   Profits before tax                       79.3 91.8 87.3 89.1 92.2 98.6 111.9 121.3                             Personal interest income..             73.0    78.0    75.5     77.4    78.6      80.3                85.6
     Profits tax liability                  37.4 42.7 40.6 41.4 42.9 45.9 52.7                     57.4                                                                                                     82.7
     Profits after tax                      41.8 49.1 46.7 47.7 49.3 52.7 59.2                     63.9           Transfer payments                      93.2 103.0               99.9 101.1 112.0                      115.7
        Dividends                           22.3 23.3 23.2 23.4 23.5 23.0 23.6                     24.1             Old-age, survivors, disability, and                               113.6
        Undistributed profits                19.6 25.8 23.5 24.3 25.9 29.7 35.6                    39.8               health insurance benefits         44.5 49.6 46.6 47.3 48.0 56.4                                   60.0
   Inventory valuation adjustment..        - 4 . 9 - 6 . 9 - 6 . 6 - 6 . 7 - 6 . 9 - 7 . 3 -15.4 -21.1              State unemployment insurance                                       58.3
                                                                                                                      benefits                           5.7  5.5  5.8  6.3  5.3  4.7   4.1                              4.1
Cashflow,gross of dividends..               102.2 115.0 110.1 113.8 115.4 120.7 128.5 134.4                         Veterans benefits                   11.2 12.7 12.0 12.1 12.6 14.1 13.3                              13.4
Cashflow,net of dividends                    80.0 91.7 86.9 90.5 91.9 97.7 104.9 110.3                              Other.                              31.8 35.1 34.4 34.1 35.2 36.8 37.8                              38.2
      Gross product originating in                                                                                Less: Personal contributions for
       financial institutions                32.6    35.4    34.0    35.1       35.7    36.8    38.7     40.5      social insurance.                      10.9   34.7     33.8    34.3    35.2      35.7    41.9        42.6
      Gross product originating in                                                                              Less: Personal tax and nontax pay-
       nonfinancial corporations            554.1 608.9 587.4 601.9 612.9 633.2 656.7 672.5                      ments                             117.5 142.2 138.0 140.7 142.8 147.4 145.1                            149.3
Capital consumption allowances               58.1 63.2 60.9 63.5 63.3 65.2 66.3 57 5                            Equals: Disposable personal i n c o m e . . . 746.0 797.0 772.8 785.4 800.9 828.7 851.5               869.7
Indirect business taxes plus transfer
  payments less subsidies                    55.1    58.0    56.6    57.4       58.4    59.6    61.3     62 2   Less: Personal outlays                   685.8 747.2 720.0 739.5 755.1 774.3 801.5                    818.7
                                                                                                                  Personal consumption expenditures.. 667.2 726.5 700.2 719.2 734.1    752.6 779.4                    795.6
Income originating in nonfinancial                                                                                Interest paid by consumers           17.7 19.7 18.8 19.4 20.0         20.7 21.2                      22.0
    corporations                   440.9 487.7 469.9 481.0 491.3 508.4 529.1 542.8                                Personal transfer payments to for-
                                                                                                                    eigners                             1.0   1.0   1.0         1.0                   1.1        .9      1.0
  Compensation of employees.       365.3 403.0 389.1 398.8 406.1 417.8 434.1 445 4
    Wages and salaries             320.3 351.5 339.3 347.8 354.1 364.6 375.0 384.9                              Equals: Personal saving.                  60.2    49.7   52.9     45.9    45.8      54.4    50.0        51.0
    Supplements                     45.0 51.5 49.8 51.0 51.9 53.2 59.2
                                                                              60*. 5
 Net interest                         16.5 17.4 16.8 17.2 17.5 17.9 18.2 18.6                                   Addenda:
                                                                                                                Disposable personal income:
 Corporate profits and inventory                                                                                 Total, billions of 1958 dollars.       554.9 577.9 565.7 571.6 579.3 595.1 603.9                     604.8
     valuation adjustment            59.2 67.3 64.0 65.0 67.7 72.7 76.8 78.8                                      Per capita, current dollars           3,603 3,816 3,711 3,765 3,831 3,955 4,057                     4,137
   Profits before tax                64.1 74.3 70.7 71.7 74.6 80.0 92.1 99.9                                      Per capita, 1958 dollars                    2,767 2,716 2,740 2,771 2,841 2,878                     2,877
     Profits tax liability           29.7 35.0 33.2 33.8 35.2 37.8 44.3 48.2
     Profits after tax               34.4 39.2 37.4 37.9 39.4 42.2 47.8 51.7                                    Personal saving rate,3 percent.           8.1     6.2     6.8      5.8        5.7            5.9         5.9
       Dividends                     20.3 21.2 21.2 21.3 21.4 20.9 21.4 21.9
       Undistributed profits          14.1 18.1 16.2 16.6 18.1 21.2 26.4 29.8
   Inventory valuation adjustment.. - 4 . 9 - 6 . 9 - 6 . 6 - 6 . 7 - 6 . 9 - 7 . 3 - 1 5 . 4 -21. l            Table 11.—Personal Consumption Expenditures by Major Type (2.3)
Cashflow,gross of dividends..        92.5 102.5 98.3 101.5 102.7 107.3 114.1 119.2
Cashflow,net of dividends _.          72.2 81.3 77.1 80.2 81.4 86.4 92.7 97.3                                         Personal consumption expendi-
                                                                                                                        tures.                          667.2 726.5 700.2 719.2 734.1 752.6 779.4                     795.6
                                                            Billions of 1958 dollars                            Durable goods..                          103.6 117.4 111.5 115.1 120.2 122.9 132.2                    132.8
                                                                                                                  Automobiles and parts              46.6 52.8 49.4 51.2 55.0                       55.7    60.5        59.7
      Gross product originating                                                                                    Mobile homes.                      3.3  4.1  4.0  4.2  3.7                        4.4     5.0         5.0
       nonfinancial corporations..          442.7 475.5 462.3 471.9 477.8 489.8 503.4 509.6                       Furniture and household equipment- 42.1 48.1 46.6 47.3 48.6                       50.0    53.7        54.4
                                                                                                                  Other....                          14.9 16.5 15.4 16.6 16.6                       17.3    18.0        18.6
                                                                     Dollars                                    Nondurable goods                        278.7 299.9 288.8 297.9 302.3 310.7 322.2                     330.3

                                                                                                                  Food and beverages.                    136.6 145.3 141.0 144.7 146.5 149.1 154.7                    158.1
      Current dollar cost per unit of                                                                             Clothing and shoes..                    57.0 62.3 59.4 61.7 62.9 65.1 68.3                           69.3
       1958 dollar gross product                                                                                  Gasoline and oil                        23.5 25.5 24.7 25.0 25.8 26.6 27.5                           28.8
       originating 2in nonfinancial                                                                               Other                                   61.5 66.8 63.6 66.6 67.2 70.0 71.7                           74.2
       corporations                         1.252 1.281 1.271 1.276         1.283      1.293   1.305 1.320
                                                                                                                Services.                               284.9 309.2 300.0 306.2 311.6 319.0 325.0                     332.6
Capital consumption allowances               .131    .133    .132    .135       .132    .133    .132     .132
Indirect business taxes plus transfer                                                                             Housing                                 98.5 105.5 103.1 104.7 106.3 107.9 110.6                    113.3
  payments less subsidies                    .125    .122    .122    .122       .122    .122    .122     .122     Household operation.                    39.7 43.8 41.8 43.2 44.5 45.7 46.5                           47.1
Compensation of employees                    .825    .847    .842    .845       .850    .853    .862     .874     Transportation                          20.4 21.8 21.6 21.7 21.8 22.2 22.8                           23.2
Net interest                                 .037    .037    .036    .036       .037    .037    .036     .037     Other                                  126.3 138.0 133.5 136.6 138.9 143.1 145.1                    149.0

Corporate profits and inventory valu-
 ation adjustment                            .134    .142    .139    .138       .142    .148    .152     .155   Table 12.—Foreign Transactions in the National Income and
       Profits tax liability                 .067    .074    .072    .072       .074    .077    .088     .095                      Product Accounts (4.1)
       Profits after tax plus inven-
         tory valuation adjustment..         .067    .068    .067    .066       .068    .071    .064     .060
                                                                                                                                                                                                                        97.2
                                                                                                                 Receipts from foreigners                67.0    74.2    71.1    70.6     74.7      80.4    89.7

  1. Excludes gross product originating in the rest of the world.                                               Exports of goods and services..          66.3    73.5    70.3    69.9     74.0      79.7    89.7        97.2
  2. This is equal to the deflator for gross product of nonfinancial corporations, with the
decimal point shifted two places to the left.                                                                   Capital grants received by the United
  3. Personal saving as a percentage of disposable personal income.                                              States                                    .7      .7      .7      .7          .7     .7      .0             .0

                                                                                                                  Payments to foreigners                 67.0    74.2    71.1    70.6     74.7      80.4    89.7        97.2

                                                                                                                Imports of goods and services..          65.5    78.1    75.8    75.6     77.7      83.2    89.7        94.4

                                                                                                                Transfers to foreigners..                         3.7     3.9                 3.8    3.5     3.0         3.3
                                                                                                                  Personal                                1.0             1.0                 1.0    1.1      .9         1.0
                                                                                                                                                                  1.0                         2.8    2.5     2.1         2.3
                                                                                                                  Government                              2.6     2.7     2.9     2.8
                                                                                                                                                         -2.1 -7.6 -8.7 -8.7 -6.9 -6.3 -3.0                             -.5
                                                                                                                Net foreign investment..
October 1973



  16                                                                   SUEVEY OF CURKENT BUSINESS                                                                                                October 1973

                                                                    1972                        1973                                                                          1972                     1973

                                          1971    1972      II       III        IV       I       II     III v                                           1971   1972   II       III    IV               II        III
                                                            Seasonally adjusted at annual rates                                                                       Seasonally adjusted at annual rates
                                                                 Billions of dollars                                                                                       Billions of dollars
                                                                            1
                   Table 9.—Gross Corporate Product (1.14)                                                                Table 10.—Personal Income and its Disposition (2.1)

       Gross corporate product.           586.7 644.3 637.1 648.6 670.1 695.4                   713.0           Personal income.                        863.5 939.2 926.1 943.7 976.1 996.6 1019.0 1046.7
 Capital consumption allowances           60.4    65.9     66.2     66.0        68.0    69.3     70.5    71.9     Wage and salary disbursements     573.3     627.8 621.1 632.7 648.7 666.7 682.6 698.9
 Indirect business taxes plus transfer                                                                              Commodity-producing industries. 206.3     226.0 223.7 227.3 234.8 241.6 248.6 255.3
   payments less subsidies                57.7     60.8    60.2     61.2        62.5    64.3     65.2    66.3         Manufacturing                 160.5     175.9 174.0 177.0 183.7 189.1 194.8 199.2
                                                                                                                    Distributive industries         138.3     151.5 150.0 152.5 156.0 159. 5 163.3 166. 8
 Income originating in corporate busi-                                                                              Service industries.        ]_I 104.7      116.1 114.9 117.9 120.1 123.9 126.9 130.7
     ness                              468.6 517.6         510.7 521.4 539.5 561.9              577.3               Government                      123.9     134.2 132.6 135.0 137.8 141.6 143.7 146.1
   Compensation of employees.          389.2 428.9         424.6 432.4 444.6 461.6              473.4 485.0       Other labor income-                   36.6   40.7   40.2     41.3   42.3   43.3       44.2      45.3
     Wages and salaries                340.9 373.8         370.0 376.7 387.6 398.3              408.7 418.9
     Supplements            —           48.4 55.1           54.6 55.6 56.9 63.3                  64.6 66.0        Proprietors'income                    68.7   74.2   73.2     74.1   77.1              81.5      85.1
                                                                                                                    Business and professional-          51.9   54.0   53.3     54.3   55.3   56.3       57.1      58.0
   Net interest                        5.0         3.8      3.8      3.8        3.7     3.7       3.7     3.8       Farm                                16.8   20.2   19.9     19.8   21.8   24.3       24.4      27.1
   Corporate profits and inventory                                                                                Rental income of persons..            24.5   24.1   22.6    24.9    24.9   24.7       24.6      25.3
      valuation adjustment           74.4          84.9 82.3 85.2 91.2 96.6 100.2                                 Dividends                             25.1   26.0   25.9    26.2    26.4   26.9       27.3      28.1
    Profits before tax               79.3          91.8 89.1 92.2 98.6 111.9 121.3                                Personal interest income..            73.0   78.0   77.4    78.6    80.3   82.7                 89.0
      Profits tax liability          37.4          42.7 41.4 42.9 45.9 52.7               57.4                                                                                                          85.6
      Profits after tax          - 41.8            49.1 47.7 49.3 52.7 59.2               63.9                    Transfer payments.                    93.2 103.0 99.9 101.1 112.0 113.6       118.7
        Dividends                - 22.3            23.3 23.4 23.5 23.0 23.6               24.1                      Old-age, survivors, disability, and                                   115.7
        Undistributed profits        19.6          25.8 24.3 25.9 29.7 35.6               39.8                        health insurance benefits         44.5 49.6 47.3 48.0 56.4 58.3            61.7
    Inventory valuation adjustment. - 4 . 9       - 6 . 9 - 6 . 7 - 6 . 9 - 7 . 3 -15.4 -21.1 -17.0                 State unemployment insurance                                           60.0
                                                                                                                      benefits                           5.7   5.5  6.3   5.3   4.7   4.1   4.1   4.2
 Cashflow,gross of dividends.             102.2 115.0 113.8 115.4 120.7 128.5 134.4                                 Veterans benefits..                 11.2 12.7 12.1 12.6 14.1 13.3      13.4 13.8
 Cashflow,net of dividends...              80.0 91.7 90.5 91.9 97.7 104.9 110.3                                     Other                               31.8 35.1 34.1 35.2 36.8 37.8      38.2 39.0
       Gross product originating in                                                                               Less: Personal contributions for
        financial institutions             32.6    35.4     35.1     35.7                        40.5              social insurance                   30.9 34.7 34.3 35.2 35.7 41.9                     42.6       3.6
       Gross product originating in                                                                             Less: Personal tax and nontax pay-
        nonflnancial corporations         554.1            601.9 612.9 633.2 656.7 672.5                         ments                               117.5 142.2 140.7 142.8 147.4 145.1               149.3 155.8
 Capital consumption allowances            58.1    63.2     63.5     63.3       65.2    66.3     67.5           Equals: Disposable personal income.. 746.0 797.0 785.4 800.9 828.7 851.5               869.7 890.9
 Indirect business taxes plus transfer
   payments less subsidies                 55.1    58.0     57.4     58.4       59.6    61.3     62.2    63.2   Less: Personal outlays.              685.8 747.2 739.5 755.1 774.3 801.5               818.7 837.5
                                                                                                                 Personal consumption expenditures- 667.2 726.5 719.2 734.1 752.6 779.4                795.6 813.4
 Income originating in nonfinancial                                                                              Interest paid by consumers                 19.7 19.4 20.0 20.7 21.2                    22.0 23.0
     corporations                         440.9 487.7 481.0 491.3 508.4 529.1 542.8                              Personal transfer payments to for- 17.7
                                                                                                                   eigners                                   1.0    .9   1.0   1.1    .9                 1.0       1.1
   Compensation of employees.             365.3 403.0 398.8 406.1 417.8 434.1 445.4 456.5                                                              1.0
     Wages and salaries                   320.3 351.5 347.8 354.1 364.6 375.0 384.9 394.6                       Equals: Personal saving.                    49.7 45.9 45.8 54.4 50.0                    51.0      53.4
     Supplements                           45.0 51.5 51.0 51.9 53.2 59.2 60.5 61.8                                                                    60.2
  Net interest                   -         16.5    17.4     17.2     17.5       17.9    18.2     18.6    19.0   Addenda:
                                                                                                                Disposable personal income:
  Corporate profits and inventory                                                                                Total, billions of 1958 dollars. .     554.9 577.9 571.6 579.3 595.1 603.9            604.8 609.8
     valuation adjustment                   59.2 67.3 65.0 67.7 72.7 76.8 78.8                                    Per capita, current dollars           3,603 3,816 3,765 3,831 3,955 4,057            4,137 4,230
   Profits before tax                      64.1 74.3 71.7 74.6 80.0 92.1 99.9                                     Per capita, 1958 dollars                    2,767 2,740 2,771 2,841 2,878            2,877 2,895
     Profits tax liability                 29.7 35.0 33.8 35.2 37.8 44.3 48.2
     Profits after tax                     34.4 39.2 37.9 39.4 42.2 47.8 51.7                                   Personal saving rate,3 percent.          8.1    6.2    5.8      5.7              5.9     5.9       6.0
        Dividends                          20.3 21.2 21.3 21.4 20.9 21.4 21.9
        Undistributed profits               14.1 18.1 16.6 18.1 21.2 26.4 29.8
   Inventory valuation adjustment.        - 4 . 9 - 6 . 9 - 6 . 7 - 6 . 9 - 7 . 3 -15.4 -21.1 -17.0             Table 11.—Personal Consumption Expenditures by Major Type (2.3)
 Cashflow,gross of dividends.              92.5 102.5 101.5 102.7 107.3 114.1 119.2
 Cash flow, net of dividends . .           72.2 81.3         81.4 86.4 92.7 97.3                                      Personal consumption expendi-
                                                                                                                        tures.                          667.2 726.5 719.2 734.1 752.6 779.4            795.6 813.4
                                                            Billions of 1958 dollars                            Durable goods..                         103.6 117.4 115.1 120.2 122.9 132.2            132.8 132.1
                                                                                                                  Automobiles and parts             46.6 52.8 51.2 55.0 55.7 60.5                       59.7      58.9
       Gross product originating in                                                                                Mobile homes                      3.3  4.1  4.2  3.7  4.4  5.0                        5.0       4.3
        nonfinancial corporations         442.7 475.5 471.9 477.8 489.8 503.4 509.6                               Furniture and household equipment 42.1 48.1 47.3 48.6 50.0 53.7                       54.4      54.6
                                                                                                                  Other                             14.9 16.5 16.6 16.6 17.3 18.0                       18.6      18.5
                                                                      Dollars                                   Nondurable goods                        278.7 299.9 297.9 302.3 310.7 322.2                      340.8
                                                                                                                  Food and beverages.                   136.6 145.3 144.7 146.5 149.1 154.7            158.1 164.4
       Current dollar cost per unit of                                                                            Clothing and shoes..                   57.0 62.3 61.7 62.9 65.1 68.3                  69.3 70.1
        1958 dollar gross product                                                                                 Gasoline and oil                       23.5 25.5 25.0 25.8 26.6 27.5                  28.8 29.4
        originating 2in nonfinancial                                                                              Other                                  61.5 66.8 66.6 67.2 70.0 71.7                  74.2 76.9
        corporations _                    1.252   1.281    1.276    1.283       1.293   1.305 1.320
                                                                                                                Services..                              284.9 309.2 306.2 311.6 319.0 325.0            332.6 340.5
 Capital consumption allowances      ..    .131    .133     .135     .132        .133   .132     .132
                                                                                                                  Housing
 Indirect business taxes plus transfer                                                                                                                   98.5 105.5 104.7 106.3 107.9 110.6            113.3 115.9
   payments less subsidies                 .125     .122    .122      .122       .122    .122    .122             Household operation.                   39.7 43.8 43.2 44.5 45.7 46.5                  47.1 48.7
 Compensation of employees                 .825     .847    .845      .850       .853    .862    .874             Transportation                         20.4 21.8 21.7 21.8 22.2 22.8                  23.2 23.7
 Net interest                              .037     .037    .036      .037       .037    .036    .037             Other                                 126.3 138.0 136.6 138.9 143.1 145.1            149.0 152.2
 Corporate profits and inventory valu-
  ation adjustment                         .134     .142    .138      .142       .148    .152    .155           Table 12.—Foreign Transactions in the National Income and
        Profits tax liability              .067     .074    .072      .074       .077    .088    .095                              Product Accounts (4.1)
        Profits after tax plus inven-
          tory valuation adjustment..      .067     .068    .066      .068       .071    .064    .060
                                                                                                                  Receipts from foreigners              67.0   74.2   70.6    74.7    80.4   89.7       97.2 102.7
   1. Excludes gross product originating in the rest of the world.                                              Exports of goods and services-          66.3   73.5   69.9    74.0    79.7   89.7       97.2 102.7
  2. This is equal to the deflator for gross product of nonfinancial corporations, with the
 decimal point shifted two places to the left.                                                                  Capital grants received by the United
   3. Personal saving as a percentage of disposable personal income.                                             States                                   .7     .7     .7       .7     .7        .0        .0         .0
   » Preliminary.
                                                                                                                  Payments to foreigners                67.0   74.2   70.6    74.7    80.4   89.7       97.2 102.7
                                                                                                                Imports of goods and services-          65.5   78.1   75.6     77.7   83.2   89.7       94.4      98.8
                                                                                                                Transfers to foreigners-                 3.6    3.7    3.8      3.8    3.5       3.0     3.3       3.5
                                                                                                                  Personal                               1.0    1.0     .9      1.0    1.1        .9     1.0       1.1
                                                                                                                  Government                             2.6    2.7    2.8      2.8    2.5       2.1     2.3       2.5
                                                                                                                Net foreign investment..                -2.1 -7.6 -8.7 -6.9 -6.3 -3.0                   -.5
November 1973


November 1973                                                        SURVEY OF CURRENT BUSINESS                                                                                                                             13
                                                                   1972                         1973                                                                                1972                        1973

                                        1971     1972      II       III        IV       I        II      III *                                             1971    1972     II       III    IV         I        II          III
                                                           Seasonally adjusted at annual rates                                                                              Seasonally adjusted at annual rates

                                                                Billions of dollars                                                                                              Billions of dollars

                                                                           1
                 Table 9.—Gross Corporate Product (1.14)                                                                   Table 10.—Personal Income and its Disposition (2.1)

      Gross corporate product-        586.7 644.3 637.1 648.6 • 7 0 . 1 695.4                   713.0 731.9       Personal income.                         363.5 939.2 926.1 943.7 976.1 996.6 1019.0 1047.1
Capital consumption allowances         60.4 65.9 66.2 66.0 68.0                                  70.5     71.8     Wage and salary disbursements      573.3        627.8   621.1    632.7   648.7   666.7       682.6       699.3
Indirect business taxes plus transfer                                                                                Commodity-producing industries.. 206.3        226.0   223.7    227.3   234.8   241.6       248.6       255.3
  payments less subsidies              57.7 60.8 60.2 61.2 62.5 64.3                             65.2     66.2         Manufacturing                  160.5        175.9   174.0    177.0   183.7   189.1       194.8       199.1
                                                                                                                     Distributive industries          138.3        151.5   150.0    152.5   156.0   159.5       163.3       167.0
Income originating in corporate busi-                                                                                Service industries                .04.7       116.1   114.9    117.9   120.1   123.9       126.9       130.9
    ness                              468.6 517.6 510.7 521.4 539.5 561.9                       577.3 593.9          Government                        123.9       134.2   132.6    135.0   137.8   141.6       143.7       146.1
  Compensation of employees.          389.2 428.9 424.6 432.4 444.6 461.6                       473.4 485.2        Other labor income..                    36.6    40.7    40.2      41.3    42.3   43.3         44.2        45.3
    Wages and salaries                340.9 373.8 370.0 376.7 387.6 398.3                       408.7 419.1
    Supplements                        48.4 55.1 54.6 55.6 56.9 63.3                             64.6 66.1         Proprietors' income..                   68.7    74.2    73.2      74.1    77.1   80.6         81.5       85.0
                                                                                                                     Business and professional-            51.9    54.0    53.3      54.3    55.3   56.3         57.1       57.9
  Net interest                           5.0      3.8      3.8       3.8       3.7      3.7       3.7                Farm                                  16.8    20.2    19.9      19.8    21.8   24.3         24.4       27.1
  Corporate profits and inventory                                                                                   Rental income of persons..             24.5     24.1    22.6     24.9    24.9    24.7        24.6        25.3
     valuation adjustment                74.4    84.9      82.3 85.2 91.2 96.6 100.2 104.9                          Dividends                              25.1     26.0    25.9     26.2    26.4    26.9        27.3        28.1
   Profits before tax                    79.3    91.8      89.1 92.2 98.6 111.9 121.3 121.9                         Personal interest income..                      78.0    77.4     78.6    80.3                            89.1
      Profits tax liability              37.4    42.7      41.4 42.9 45.9 52.7            57.4 57.9                                                        73.0                                      82.7        85.6
      Profits after tax                  41.8    49.1      47.7 49.3 52.7 59.2            63.9 64.0                 Transfer payments                              103.0    99.9 101.1 112.0                                118.7
        Dividends                        22.3    23.3      23.4 23.5 23.0 23.6            24.1 25.0                  Old-age, survivors, disability, and 93.2                                       113.6       115.7
        Undistributed profits  ---       19.6    25.8      24.3 25.9 29.7 35.6            39.   39.1                   health insurance benefits              49.6 47.3 48.0 56.4                                            61.8
   Inventory valuation adjustment..     -4.9              - 6 . 7 - 6 . 9 - 7 . 3 -15.4 -21.1 -17.0                  State unemployment insurance 44.5                                               58.3        60.0
                                                                                                                       benefits                           5.7  5.5  6.3  5.3  4.7                     4.1         4.1         4.1
Cash flow, gross of dividends.          102.2 115.0 113.8 115.4 120.7 128.5 134.4 135.8                              Veterans benefits                   11.2 12.7 12.1 12.6 14.1                    13.3        13.4        13.8
Cash flow, net of dividends. __          80.0 91.7 90.5 91.      97.7 104.9 110.3 110.9                              Other                               31.8 35.1 34.1 35.2 36.8                    37.8        38.2        39.0
      Gross product originating in                                                                                  Less: Personal contributions for
       financial institutions            32.6     35.4     35.1      35.7      36.8     38.7     40.5     41.8       social insurance.                              34.7    34.3     35.2    35.7      41.9      42.6        43.6
      Gross product originating in                                                                                Less: Personal tax and nontax pay-
       nonfinancial corporations        554.1 608.9 601.9 612.9 633.2 656.7 672.5 690.1                            ments                             117.5 142.2 140.7 142.8 147.4 145.1                         149.3 156.0
Capital consumption allowances         58.1 63.2     63.5 63.3 65.2 66.      67.5 68.7                            Equals: Disposable personal income.      746.0 797.0 785.4 800.9 828.7 851.5                   869.7 891.1
Indirect business taxes plus transfer
  payments less subsidies              55.1 58.0            57.4     58.4      59.6     61.3     62.2     63.1    Less: Personal outlays                   685.8 747.2 739.5 755.1 774.3 801.5                   818.7 840.1
                                                                                                                    Personal consumption expenditures- 667.2 726.5 719.2 734.1 752.6 779.4                       795.6 816.0
Income originating in nonflnancial                                                                                  Interest paid by consumers          17.7        19.4 20.0 20.7 21.2                           22.0 23.0
    corporations                      440.9 487.7         481.0 491.3 508.4 529.1 542.8 558.2                       Personal transfer payments to for-        19.7
                                                                                                                      eigners                            1.0          .9   1.0   1.1    .9                         1.0   1.1
  Compensation of employees           365.3 403.0         398.8 406.1 417.8 434.1 445.4 456.7                                                                        1.0
    Wages and salaries                320.3 351.5         347.8 354.1 364.6 375.0 384.9 394. S                    Equals: Personal saying.                  60.2            45.9     45.8    54.4      50.0       51.0       51.1
    Supplements                        45.0 51.5           51.0 51.9 53.2          60.5 61.8                                                                        49.7
  Net Interest                            16.5    17.4      17.2     17.5      17.9     18.2      18.6    19.0    Addenda:
                                                                                                                  Disposable personal income:
  Corporate profits and inventory                                                                                  Total, billions of 1958 dollars.        554.9 577.9 571.6 579.3 595.1 603.9                   604.8 609.5
     valuation adjustment                         67.3      65.0     67.       72.7      76.8 78.8        82.6      Per capita, current dollars            3,603 3,816 3,765 3,831 3,955 4,057                   4,137 4,231
   Profits before tax                             74.3      71,      74.6      80.0      92.   99.9       99.6      Per capita, 1958 dollars               2,680 2,767 2,740 2,771 2,841 2,878                   2,877 2,894
     Profits tax liability           29.7          35.0     33.8     35.2 37.8           44.3 48.2        48.1
     Profits after tax               34.4          39.2     37.9          42.2           47.8 51.         51.5    Personal saving rate,3 percent.            8.1     6.2     5.8      5.7     6.6       5.9          5.9      5.7
       Dividends                     20.3          21.2     21.3     21.4 20.9           21.   21.9       22.7
       Undistributed profits          14.1         18.1     16.6     18.1 21.2           26.   29.8
   Inventory valuation adjustment.. - 4 . 9       -6.9              -6.9 -7.3          -15.4 -21.1       -17.0    Table 11.—Personal Consumption Expenditures by Major Type (2.3)
Cash flow, gross of dividends             92.5 102.5 101.5 102.7 107.3 114.1 119.2 120.3
                                          72.2 81.3 80.2 81.4           92.7 97.3 97.6                                  Personal consumption expendi-
Cash flow, net of dividends                                                                                              tures                        667.2 726.5 719.2 734.1 752.6 779.4                        795.6 816.0
                                                            Billions of 1958 dollars                              Durable goods..                          103.6 117.4 115.1 120.2 122.9 132.2                   132.8 132.8
                                                                                                                    Automobiles and parts              46.6 52.8 51.2 55.0 55.7 60.5                              59.7       59.2
      Gross product originating in                                                                                   Mobile homes                       3.3  4.1  4.2  3.7  4.4  5.0                               5.0        4.2
       nonfinancial corporations         442.7 475.5 471.9 477.8 489.8 503.4 509.6                        517.8     Furniture and household equipment. 42.1 48.1 47.3 48.6 50.0 53.7                              54.4       55.0
                                                                                                                    Other                              14.9 16.5 16.6 16.6 17.3 18.0                              18.6       18.6
                                                                      Dollars                                     Nondurable goods                         278.7 299.9 297.9 302.3 310.7 322.2                   330.3 341.6

                                                                                                                    Food and beverages.                    136.6 145.3 144.7 146.5 149.1 154.7                   158.1 164.3
      Current dollar cost per unit of                                                                               Clothing and shoes..                    57.0 62.3 61.7 62.9 65.1 68.3                         69.3 70.3
       1958 dollar gross product                                                                                    Gasoline and oil                        23.5 25.5 25.0 25.8 26.6 27.5                         28.8 29.4
       originating 2in nonfinancial                                                                                 Other                                   61.5 66.8 66.6 67.2 70.0 71.7                         74.2 77.5
       corporations                      1.252    1.281    1.276     1.283     1.293    1.305    1.320    1.333
                                                                                                                  Services.                                284.9 309.2 306.2 311.6 319.0 325.0                   332.6 341.6
Capital consumption allowances            .131     .133     .135      .132      .133     .132     .132     .133
Indirect business taxes plus transfer                                                                               Housing                                 98.5 105.5 104.7 106.3 107.9 110.6                   113.3 115.8
  payments less subsidies                 .125     .122     .122      .122      .122     .122     .122     .122     Household operation.                    39.7 43.8 43.2 44.5 45.7 46.5                         47.1 48.7
Compensation of employees                 .825     .847     .845      .850      .853     .862     .874     .882     Transportation                          20.4 21.8 21.7 21.8 22.2 22.8                         23.2 23.7
Net interest                              .037     .037     .036      .037      .037     .036     .037     .037     Other                                  126.3 138.0 136.6 138.9 143.1 145.1                   149.0 153.4

Corporate profits and inventory valu-
 ation adjustment                         .134     .142     .138      .142      .148     .152     .155     .159   Table 12.—Foreign Transactions in the National Income a n d
       Profits tax liability              .067     .074     .072      .074      .077     .088     .095                               Product Accounts (4.1)
       Profits after tax plus inven-
         tory valuation adjustment.       .067     .068     .066      .068      .071     .064     .060     .067
                                                                                                                    Receipts from foreigners                67.0    74.2    70.6     74.7    80.4      89.7       97.2 104.5

   1. Excludes gross product originating in the rest of the world.                                                Exports of goods and services..           66.3    73.5             74.0    79.7      89.7       97.2 104.5
   2. This is equal to the deflator for gross product of nonfinancial corporations, with the
 decimal point shifted two places to the left.                                                                     Capital grants received by the United
   3. Personal saving as a percentage of disposable personal income.                                                States                                    .7      .7                       .7          .0          .0         .0
   *See footnote on page 12.                                                                                                                                                                                      97.2 104.5
                                                                                                                    Payments to foreigners                  67.0    74.2    70.6     74.7    80.4      89.7
                                                                                                                  Imports of goods and services..           65.5    78.1    75.6     77.7    83.2      89.7       94.4       97.0

                                                                                                                  Transfers to foreigners..                  3.6     3.7     3.8      3.8     3.5       3.0          3.3      3.5
                                                                                                                    Personal                                 1.0     1.0      .9      1.0     1.1        .9          1.0      1.1
                                                                                                                    Government                               2.6                      2.8     2.5       2.1          2.3      2.5
                                                                                                                                                                     2.7     2.8
                                                                                                                                                           -2.1 -7.6 -8.7 -6.9                      -3.0          -.5         4.0
                                                                                                                   Net foreign investment..
   December 1973


December 1973                                                           SUEVEY OF CUREENT BUSINESS

                                                                      1972                      1973                                                                                  1972                       1973

                                            1971     1972     II       III     IV                II      III                                              1971     1972     II         III     IV       I        II         III

                                                              Seasonally adjusted at annual rates                                                                           Seasonally adjusted at annual rates

                                                                   Billions of dollars                                                                                           Billions of dollars

                 Table 9.—Gross Corporate Product * (1.14)                                                                 Table 10.—Personal Income and its Disposition (2.1)

      Gross corporate product.              586.7 644.3 637.1 648.6 670.1 695.4                 713.0    731.1   Personal income.                         863.5 939.2 926.1 943.7 976.1 996.6 1,019.0 1,047.1
Capital consumption allowances              60.4     66.9     66.2     66.0    68.0    69.3      70.5     71.7    Wage and salary disbursements..         573.3    627.8   621.1      632.7   648.7   666.7      682.6      699.3
Indirect business taxes plus transfer                                                                              Commodity-producing industries-        206.3    226.0   223.7      227.3   234.8   241.6      248.6      255.3
  payments less subsidies                    67.7    60.8     60.2     61.2    62.5    64.3      65.2     66.2       Manufacturing.                       160.5     75.9   174.0      177.0   183.7      .1      194.8      199.1
                                                                                                                   Distributive industries                138.3    151.5   150.0      152.5   156.0   159.5      163.3      167.0
Income originating in corporate busi-