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U. S. DEPARTMENT OF OFFICE OF BUSINESS ECONOM ICS CO M M ER CE B U S IN E S S N EW S PERSONAL INCOME — REPO RTS July 1959 FOR RELEASE TO A.M. *S, MONDAY, AUGUST 17, 1959____________________ O B E 59-60 Bruce Fowler: STerling 3-9200 Ext. 2222 Personal income in July was at a seasonally adjusted annual rate of $384 billion, about the same as in June, the Office of Business Economics, U.S. Department of Commerce announced today. Wage and salary disbursements were off $^- billion at an annual rate. The effects of the steel strike which began in mid-July were felt mainly in reduced payrolls in steel, mining and transportation. Increases else where offset the larger part of the decline in these strike-affected industries. Limited advances were also recorded for the month in pro prietors* income, interest and dividends, in line with recent trends. Payrolls in manufacturing showed increases for rubber, lumber, and machinery which were substantially outweighed by declines in primary and fabricated metals. Aside from mining and transportation, all major nonmanufacturing divisions showed payroll gains from June to July. The largest advances occurred in construction, trade, and State and local government. Total transfer payments have held level during the past three months. Benefit payments under the Temporary Unemployment Compensation Act and regular State unemployment programs have declined with the drop in unem ployment. The decline in these, however, has been about matched by increases authorized under amendments to the Railroad Retirement and Railroad Unemployment Insurance Acts. These amendments upped retirement benefits b y about 10 percent, increased both unemployment and sickness payments, and gave to railroad employees the additional coverage pro vided other workers last year under the Temporary Unemployment Compensa tion Act. Details of personal income in July and other recent periods are shown in the following table. (Over) Comm— DC— 47099 O BE B U SI N ESS NEWS REPORTS REGULARLY AVAILABLEP E R S O N A L 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 L E S A N D A N D TR A D E 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 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 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 t MONTHLY peh^B a l INCOME (Seasonally adjusted annual rates in billions of dollars) A V/V June 1958 ü H July 1958 . Full Tear First 7 months 1958 _ J 2 2 ! 1959 May 1959 TOTAL PERSONAL INCOME.................. .... 38U.1 383.8 381.3 363.5 357.1 351*.6 377.7 355.0 359.0 Wage and salary disbursements, total....« 261.2 261.7 259.8 21*3.2 237.9 23U.9 256.1 236.1 239.1* Commodity-producing industries....... . Manufacturing only................... Distributive industries....... ......... Service industries................. .... Government..................... . 109.8 86.7 68.2 37.3 i*5.9 110.9 87.7 68,0 37.2 1*5.6 109.8 86.7 67.5 37.1 1*5.1* 97.2 76.1 6 3.8 3U.3 U7.U 96.7 75.7 63.5 3^.6 1*3.1 95.5 7i*.7 6 3.2 3U.3 1*1.9 107.1* 8U.7 67.0 36 .6 1*5.1 96.2 75.5 63.3 3U.1 1*2.5 97.8 76.7 63.8 3U.6 1*3.2 Other labor income............... . 10,1 10.0 9.9 9.3 9.3 9.3 9,8 9.3 9.3 Proprietors1 income: Business and professional.............. Farm................................. . * * 3U.8 12.2 3U.7 12.1 3U.5 12.0 32.ii lii.l 32.3 13.1* 32.0 13.8 3U.2 12.6 31.9 li*.2 32.1* 11*.2 Rental income of persons................. 12.0 12.0 12.0 li.8 11.8 11.8 12.0 11.8 11.8 Dividends.... .......... . 13.3 13.1 13.0 12.6 12.6 12.6 12.9 12.6 12.1i Personal interest income.......... ....... 22.i* 22.2 22.0 20.1| 20.U 20.3 21.8 20.3 20.1* Transfer payments 1/........ . 26.5 26.ii 26,1* 26 .8 26.ii 26.8 26.5 25.7 26.1 Less: Personal contributions for social insurance............................... 8.1* 8.1* 8.3 7.2 7.0 6.8 8.3 6.9 7.0 Total nonagricultural income 2/............ 36 8 .1 367.8 365.3 3U5.7 339.9 337.1 361.1 337.2 3l*l.l 16.0 16 . 0 16.0 17.8 17.2 17.5 16 . 6 17.8 17.9 Total agricultural income 1. 2. 00 July 19*59 June 1959 Consist mainly of social insurance benefits and veterans1 payments. Equals personal income exclusive of net income of unincorporated farm enterprises, farm wages, agricultural net interest, and net dividends paid by agricultural corporations. -0- i to I
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