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U . S. D EP A R T M EN T O F CO M M ER CE O F F IC E O F B U S IN E S S E C O N O M IC S B U SI N E SS N E W S R EP O R T S PERSONAL INCOME — July 19 57 OBE FOR IMMEDIATE RELEASE, THURSDAY, AUGUST 15 , 19 57 Marilyn J. Young: 57-69 STerling 3-9200 Ext. pPPP Personal income in July was at a seasonally adjusted annual rate of $3^51- billion, about $3/4 billion higher than in June, the Office of Busi ness Economics, U. S. Department of Commerce announced today. The aggregate income flowing to individuals from current production rose at an annual rate of $1 billion in July, with the bulk of the increase occurring in wage and salary disbursements. Part of this rise was offset, however, by lower Government transfer payments, as social security checks included fewer retroactive payments to new claimants than in other recent months. Personal income estimates include wages and salaries, the net income of proprietorships and partnerships — farm and nonfarm — as well as dividends and interest, net rents received by landlords, and other types of individual income. The annual rates, which are used to facilitate comparison with pre vious annual totals, represent the seasonally adjusted dollar totals for each month multiplied by 12. The rise in total payrolls from June to July reflected increases in most nonmanufacturing industries — particularly trade, services, and State and local governments, where employment gains were strongest. Manufacturing payrolls were somewhat lower in July, as higher average weekly earnings did not compensate fully for a decline in employment. On an industry basis, payrolls declined appreciably in transportation equipment, food, and apparel. Moderate gains occurred in a number of major industry groups, including the metals industries and printing and publishing. Personal incane in the first seven months of 1957 was at an annual rate« of $34l billion -- $19 billion, or 6 percent, higher than in the corresponding period of 19 5 6 . Details of personal income in July and other recent periods are shown in the following table. (Over) Comm— DC— 6578 • o B E B U S I N E S S N E W S R E P O R T S R E G U LA R LY A V A I LA B LE — TO TA L M A N U F A C T U R IN G W H O LESA LE R S' SA LES M A N U FA C T U R ER S' A N D A N D S A LE S TR A D E IN V E N T O R IE S , IN V E N T O R IE S , A N D M o n t h ly M o n t h ly IN V E N T O R IE S , M o n t h ly P E R SO N A L C A SH IN CO M E D IV ID E N D N A T IO N A L M o n t h ly P A Y M EN T S, IN CO M E A N D P LA 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 E Q U I P M E N T ,S U R V E Y , F O R E IG N G R A N T S B A LA N C E O F A N D C R E D IT S , IN T E R N A T IO N A L Q u a r t e r ly Q u a r t e r ly P A Y M EN T S, Q u a r t e r ly MONTHLY PERSONAL I N C O M E ^ THE UNITED STATES (Seasonally adjusted annual rates in billions o f dollars) July 1957 June 1957 May 1957 July 1956 June 1956 May 1956 First seven months 1957 1 Full year 1956 3U5.5 3lilt.8 3h2.9 325.6 326.8 325.2 310..0 322.it 326.9 Wage and salary disbursements, total................. 21*0.9 2ii0.1 238.3 225.7 227.3 225.6 237.7 223.8 227.2 Commodity-producing industries 3/.«,..... . Distributive industries 1/,....................... . Service industries l/............. ....... . Government...... ................ .......... . 103.3 6U.2 33. h ¿1.0.0 103.3 6 3.8 33.2 39.8 102.1; 63.lt 33.0 39.5 96.3 6 0 .2 31.2 38 .0 98.1 60.3 31.0 37.9 97.7 59.6 30.7 37.6 102.5 63.1 32.8 39.U 96.5 59.lt 30.5 37.lt 98.3 6 0 .1 31.1 37.9 7.9 7.9 7.8 7.5 7.5 7.5 7.8 7.It 7.5 Proprietors* and rental income....................... 5l.o 50.9 50 .8 ¿4-9.9 ¿49.7 5o.o 5 0 .6 U9.6 lt9.9 Personal interest income and dividends........ . 31.3 31.2 31.2 29.7 29.5 29.14 3 1. 0 29.1 29.5 Transfer payments 2/...................... . 21.2 21.5 21.6 18.5 18.5 18.1; 20.6 18.2 18.5 6.8 6.8 6.8 5.7 5.7 5.7 6.7 5.7 5.7 330.1 329.3 327.5 310.7 3 12 .0 309.8 325.7 307.lt 311.7 15. h 15.5 15. U lit.9 Ü4.8 15.¿4 TOTAL PERSONAL INCOME............... ............... . Other labor income......... ......... ........... . Less personal contributions for social insurance , Total nonagricultural income ij/..................... . Total agricultural income.............................. 15.3 15 . 0 15.2 1/ "Commodity-producing industries” consists of agriculture, forestry and fisheries, raining, contract construction, and manufacturing, "Distributive industries" consists of wholesale and retail trade, transportation, and communi cations and public utilities. "Service industries" comprises finance, insurance, and real estate and services. 2/ Consists mainly of veterans5 payments and social insurance benefits, 3/ Data since January of 1952 represent contributions of both employees and self-employed persons. k/ Equals personal income exclusive of net income of unincorporated farm enterprises, farm wages, agricultural net interest, and net dividends paid by agricultural corporations. - 0 -
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