I.Billions or dollars] Net Income of Proprietors. Agricultural. Total

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1 January 947 ERROR In Appendix B, table II, p» 4, net corporate profits after taxes for 946 should be: 5#0 billion dollars for dividends, 7*0 billion dollars for savings* I.Billions or dollars] Compensation of Employees National Income Salaries Wages Net Income of Proprietors Supplements Agricultural Nonagricultural Interest Net Rents Net Corporate Profits After Taxes Dividends Savings _ ,0-7, National is the total net earned in production by individuals or businesses. The concept of national currently used differs from the concept of gross national product in excluding depreciation depletion allowances business taxes. A reconciliation between these two series payments is shown in Appendix A, table II, for 939,, 94 2 Estimates based on incomplete data. NOTE. -Detail will not necessarily add to totals because of rounding. 4

2 January 947 APPENDIX B STATISTICAL TABLES RELATING TO EMPLOYMENT, PRODUCTION, AND PURCHASING POWER TABLE I. Gross national product or expenditure, l Actual (billions) (billions) 2 Actual (billions) (billions) _ _. _ Gross national product is a measure of the goods services produced, including consumers' goods services, producers' goods for expansion or replacement, goods services used by Federal, State, local governments. The output of the private sector of the economy is valued at market prices, while Government services are valued at cost. 2 The deflated series was prepared by breaking the gross national product into a large number of components, each of which was divided by the most appropriate index or series of relative prices. 3 Estimates based on incomplete data. TABLE II. National by distributive shares, l Compensation of Employees National Income Salaries Wages Net Income of Proprietors Supplements Agricultural Nonagricultural Interest Net Rents Net Corporate Profits After Taxes Dividends Savings _ _ ,0.% O c -L5 5 5,-0- National is the total net earned in production by individuals or businesses. The concept of national currently used differs from the concept of gross national product in excluding depreciation depletion allowances business taxes. A reconciliation between these two series payments is shown in Appendix A, table II, for 939,, 94 2 Estimates based on incomplete data. 4

3 Midyear Report MIDYEAR ECONOMIC REPORT OF THE PRESIDENT TABLE II. National by distributive shares, l national 2 Compensation of employees 3 4 Farm Business professional Rental of persons inventory valuation adjustment Profits before taxes! Tax liability 6 Profits after taxes 5 Inventory valution adjustment Net interest l'.o ( 6 ) -!i Seasonally adjusted annual rates 946: III III IV. 947: First half The figures in this table are based on the revised series on national product of the Department of Commerce. For explanation of revisions see the Department of Commerce supplement to the July 947 Survey of Current Business entitled, "National Income Product Statistics of the United States, 929-4" 2 National is the total net earned in production by individuals or businesses. The concept of national currently used differs from the concept of gross national product in excluding depreciation charges other allowances for business institutional consumption of durable capital goods. A reconciliation between these two series personal is shown in appendix A, table II, for selected periods. * Includes wages salaries, employer contributions for social insurance, other labor. * Includes noncorporate inventory. «Federal State excess-profits taxes. * Less than 500 million dollars. * Estimates based on incomplete data. Source: Department of Commerce (revised series).

4 January 948 TABLE II. National by distributive shares, inventory or quarter Is I? O G> O fl8 3 If 5* _ _ «_ l'.o Seasonally adjusted annual rates 946 First quarter Second quarter Fourth quarter 947 First quarter Second quarter Fourth quarter National is the total net earned in production by individuals or businesses. The concept of national currently used differs from the concept of gross national product in excluding depreciation charges other allowances for business institutional consumption of durable capital goods. 2 Includes wages salaries, employer contributions for social insurance, other labor. 3 Includes noncorporate inventory. * Federal State excess-profits taxes.» Less than 50 million dollars. Estimates based on incomplete data. IIO

5 Midyear Report 948 TABLE 3. National by distributive shares, ! inventory Annual rates, seasonally adjusted 947 First half... Second half _ 948 First half ' First quarter Second quarter Fourth quarter First quarter Second quarter' The figures for -48 are based on the revised series of national product of the Department of Commerce. For detail, see the Survey of Current Business, July National is the total net earned in production by individuals or businesses. The concept of national currently used differs from the concept of gross national product in that it excludes depreciation charges other allowances for business institutional consumption of durable capital goods. 3 Includes wage salary receipts other labor (see appendix C, table 4), employer employee contributions for social insurance. * Net after inventory. This adjustment was billion dollars in 947, billion (annual rate) in fourth quarter of 947, 0 billion (annual rate) in the first half of Federal State excess-profits taxes. 6 Less than $50,000,000.» Estimates based on incomplete data; profits by Council of Economic Advisers all others by Department of Commerce. Source: Department of Commerce (except as noted). 79

6 January 949 TABLE C 3. National by distributive shares, , _ tion o:f employe 8 Q CO iii m 2 g C3 ft s inventory O EH o3 EH 4 3 i i p '* > Annual rates, seasonally adjusted 947 First half Second half First half Second half 947 First quarter Second quarter. Fourth quarter " First quarter Second quarter- Fourth quarter National is the total net earned in production by individuals or businesses. The concept of national currently used differs from the concept of gross national product in that it excludes depreciation charges other allowances for business institutional consumption of durable capital goods. 2 Includes wage salary receipts other labor (see appendix table C-4), employer employee contributions for social insurance. 3 Net after inventory. This adjustment was - billion dollars in 947, 0 billion (annual rate) in each half of 948. * Federal Stato excess-profits taxes. «Less than $50,000, Estimates based on incomplete data; profits by Council of Economic Advisers all others by Department of Commerce. Source: Department of Commerce (except as noted). IOI

7 Midyear Report 949 TABLE D-2. National by distributive shares, inventory a ( 5 ) Annual rates, seasonally adjusted 948 First half Second half 949 First half 948 First quarter Second quarter... Fourth quarter... L949 First quarter«... Second quarter «_ National is the total net earned in production by individuals or businesses. The concept of national currently used differs from the concept of gross national product in that it excludes depreciation charges other allowances for business institutional consumption of durable capital goods. 2 Includes wage salary receipts other labor (see appendix table D-3), employer employee contribution for social insurance. 3 Net after inventory, which amounted to 600 million dollars in 948 to +750 million dollars (annual rate) in the first half of Federal State excess-profits taxes. «Less than $50,000,000. Estimates based on incomplete data; profits total national for first quarter all items for second quarter by Council of Economic Advisers. Revised estimates of the national product series will be published in the Survey of Current Business, July 949. Source: Department of Commerce (except as noted). 88