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U . S. D E P A R T M E N T OF OFFICE OF BUSINESS ECONOM ICS CO M M ER CE B U S IN E S S N EW S REPO RTS PERSONAL INCOME — August 1959 VOR RET.TIARE TO O B E 5 9 -7 0 A.M. ’S. THURSDAY. SEPTEMBER 17. 1959 James W. McNally: STerling 3-9200 Ext. 3501 Personal income was at a seasonally adjusted annual rate of $ 38 1^ M l lion in August, $2g' billion below the record rate of June and July but higher than in any previous month, the Office of Business Economics, U. S. Depart ment of Commerce announced today. The August decline stemmed from reduc tions in wage and salary disbursements — strike — mainly as a result of the steel and a drop in farm proprietors’ income. Payrolls were reduced in the primary metals industry, mining and transportation, and to a lesser extent in the fabricated metal and m a c M n e r y industries. On the basis of information presently available, wage earnings in these five industries in August are estimated to have been at an annual rate nearly $3 billion lower than in July, and about billion below the June rate of $36 billion. Other manufacturing industries showed no signifi cant payroll changes between July and August except for a decline in the automobile industry occasioned by an employment cutback during the shift to new models. In nonmanufacturing, increased employment resulted in payroll gains in trade, services, and government. The decline in net farm income resulted chiefly from reduced receipts from marketings which reflected a smaller wheat crop and a continuation of the downward trend in farm prices. Limited advances were recorded in dividends, interest, and transfer payments. The level of unemployment benefits has thus far been only mildly affected b y secondary layoffs resulting from the work stoppage in the steel industry. Other types of income were unchanged from July. Details of personal income in August and other recent periods are shown in the following table. (Over) O BE B U SI N ESS N EW S R EP O R T S Comm-DC- 4 7 15 0 TO TA L M A N U F A C T U R IN G M A N U FA C T U R E R S ' S A LE S A N D A N D TR A D E R E G U LA R LY P E R S O N A L IN V E N T O R IE S , IN V E N T O R IE S , M o n t h ly M o n t h ly C A SH IN C O M E , D IV ID E N D N A T IO N A L A V A I L A B LE — M o n t h ly P A Y M EN T S. IN C O M E A N D t’ L A N T M o n t h ly P R O D U C T , Q u a r t e r ly A N D B A LA N C E O F E Q U IP M E N T S U R V E Y , IN T E R N A T IO N A L Q u a r t e r ly P A Y M EN T S, Q u a r t e r ly MONTHLY P!e h !É Ë l i n c o m e (Seasonally adjusted annual rates in billions of dollars) First 8 months 1959 1958 w n Year 1958 363.5 357.1 378,1 355.9 359.0 21*3.2 237.9 256.5 236.8 239.1* Aug. 1959 July1959 June 1959 Aug. 1958 July- June 38l.ii 38i*.0 383.8 362.1* Wage and salary disbursements, total...... . 258.9 261.5 261.7 21*1.3 109.9 110.9 86.9 87.7 68.1* 68.0 37.2 37.3 1*5.6 1*5.9 97.9 76.7 61*.3 35.0 i*l*.l 97*2 76.1 63.8 31*.8 1*7.1* 96.7 75.7 63.5 31*.6 1*3.1 107.3 8U.6 67.2 36.8 1*5.3 9*3 9.3 TOTAL PERSONAL INCOME. .................... 1958 1958 96.1* 75.6 63.1* 3i*.2 1*2.7 97.8 76.7 63.8 3i*.6 1*3.2 9.9 9,3 9.3 32.1* 32.3 li*.l 13.1* 31*.3 12.1* 32*0 li*.2 32.1* li*«2 11.9 11.8 11.8 12.0 11.8 11.8 13.1 12.6 12.6 12.6 13.0 12.6 12.1* 22.1* 22.2 20,5 20.1* 20.1* 21.9 20.3 20.1* 26.6 26.3 26.1* 27.2 26.8 26.1* 26,5 25,9 26,1 Less* Personal contributions for social insurance.............................. 8.1* 8.1* 8.1* 7.1 7.2 7.0 8.3 6.9 7.0 Total nonagricultursl income 2/1............ 366.1* 368.3 367.8 3l*i*.5 31*5.7 339.9 361,8 338.1 31*1.1 Total agricultural income.... ............. 35.0 15.7 16.0 17.9 17.2 16.3 17.8 17.9 1» 2, Commodity-producing industries........ Manufacturing only............ . Distributive industries....... Service industries................ . Government. 106.7 83.9 68.5 37.6 1*6.1 Other labor income...... ....... ....... . 10.1 10.1 10.0 9.3 Proprietors* incomes Business and professional............... Farm.................... 3U.9 11.2 11.9 3U.9 3l*.7 12.1 32.6 ll*«2 Rental income of persons............. . 12.0 12.0 12.0 Dividends..... ................•••••*•.•<> 13.lt 13.2 Personal interest income.................. 22.6 Transfer payments 1/................. 17.8 Crniis’ i Fmalnly of sbeial insurance benefits and veterans® payments® " Equals personal income exclusive of net income of unincorporated farm enterprises, farm wages» agricultural net interest, and net dividends paid by agricultural corporations. USCOMM-DC
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