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U . S. D EP A R T M EN T * OF O FFICE CO M M ER CE B U SIN ESS N EW S PERSON®! INCOME — OF B U SI N ESS R EP O R TS June 1959 FOB IMMEDIATI B U M S E » MONDAI, Jill 20, 1959 James W. McNally: ECO N O M ICS O B E 59-55 STerling 3-9200 Ext. I 3501 Personal income in June was at a seasonally adjusted annual rate of $383 billion, $1^ billion M g b e r than in May, the Office of Business Economics, U® S® Department of Commerce announced today«. The rise reflected in large part a further advance in wage and salary disbursements. Estimates for May and prior months contained in this release and its attached table represent statistical revisions of previously published data. They incorporate the results of the usual annual detailed accounting of the national income, national product, and related series which QBE .completes each year in July. These estimates, corering 1956 and later years, will be presented in comprehensive form in the July 1959 National Income Number ©f the Survey of Current Business, monthly magazine of the Office of Business Economics* Higher manufacturing payrolls in June, contributing half of the advance in wages and salaries, resulted chiefly from increased employment. The largest gains in payrolls were in the metals, machinery, and stone-clay-glass indus tries. Among Heamanufacturing industries, increases occurred mainly in whole sale trade and State and local government. Govenaaent transfer payments were somewhat lower than in May, chiefly because of declines under both the Temporary Unemployment Compensation Act and regular State unemployment programs. Other types of income were little changed from the previous month. Personal income in the first half of 1959 w at an annual rate of $ 3 7 6 §- billion, $ 2 3 billion or 6 percent higher than in the corresponding period of 1958. On a per capita basis and corrected for price change the gain was 4 percent. Wage and salary disbursements accounted for $20 billion of the dollar increase, interest for $!■§■ billion, and transfer payments for nearly $1 billion. Higher receipts for business and professional entrepreneurs were partially offset by reductions in farm proprietors8 income. Details of personal income in June and other recent periods are shown in the following table. (Over) OBE T O T A L M B U SIN ESS N EW S Co m e -— DC_L70L3 M A N U F A C T U R IN G A N U F A C T U R E R S ' S A L E S A N D A N D T R A D E R EP O R TS 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 R EG U L A R L Y C A S ^ D I V I O E I ^ i A V A IL A B L EP A Y M E N T ^ M o n t h ly .Q u a r t e r ly P LA N T 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 , Q u a r t e r ly IN T E R N A T IO N A L P A Y M E N T S , Q u a r t e r ly C £ UGOME H ju m r (Seasonally adjusted annual rates in billions larah 1959 of dollars) — Full Tsar Jaa. 1 st 6 months Feb. 1958 _ 1958 _ 1959 _- n s ? .1959 1959 April _ 1 9$9 TOTAL PERS014L XHG0M1,.......*........ *.. .. 382.9 381.3 379.0 375.4 371.0 369.0 376.1* 353.6 359.0 Mags and salary disbursements9 total.... 2 6 1. 1 259.8 257.3 251*.o 250.1 21*8.7 255.1 235.0 239.1* 10 8 .6 106.3 103,5 81.7 10 2 .8 106.9 81*.3 6$,7 36.5 l*5 .o 9 6 .0 97.8 76.7 6 3 ,2 Jun# 1959 May CoHraodity-producing industries... *... n o . l t 10 9 .8 8 6 .? Manufacturing only,.,.. a.,,....... ..•. 87.2 Distributive industries ®,.. ,,....... ... 6 7 .8 67.5 37.1 Service industries..,«,....».»•.•.»•.«*. 37.2 Government.. . , . . . . . . . . . . . . . . . . . 1*5.7 1*5.U 9,9 80,9 75.lt 85.1* 66.9 8 3 .8 6 6 .6 3 6 .8 1*5 .0 10* * 8 hk.7 35.6 1*1*.6 9.9 9.8 9.7 9.6 9.8 9.3 36,1* 6 6 ,0 3 6 .0 6 5 .6 3U.0 1*1.7 6 3 ,8 3 l* .6 1*3.2 Other labor income......... . 10 .0 Proprietors* income* Business and professional.............. Far«,.................................. 12 . 1 12 . 0 12 . 2 3U.3 3U.0 12.9 33.7 13,2 33.5 13.5 3l*.l 12 a? 3 1. 8 llt. 2 3 2 .2* li*.2 lental iaoosss of persons................. 12 . 0 12 . 0 12 . 0 12 . 0 12 . 0 12 . 0 12 . 0 11. 8 11, 8 Dividends................................ 13.1 13.0 12,9 12 . 8 12 . 8 12.7 12.9 12 . 6 1 2 .1* Personal interest income................. 2 2 .2 2 2 .0 2 1. 8 2 1. 6 21,3 2 1. 1 21.7 2 0 ,2 2 0 .1* Transfer payments 3/..................... 2 6 .2 2 6 ,1* 26.9 26 ,6 2 6 .1* 2 6 .1 26.1* 25.5 2 6 ,1 Less* Personal eontrtbutioaa f©r soeiaX insurance....................®......... Total nonagricultural income 2/ ..... Total agricultural income.................. 1, 2« 3U.6 3l*.5 9.3 8.1* 8.3 8.3 8.2 8,1 8,1 8.2 6.9 7.0 366.9 365.3 362,7 358.5 353.8 351.6 359.8 335.8 31*1.1 16.0 16.0 16.3 16.9 17.2 17.1* 16.6 17.8 17.9 Consist mainly of Foetal inSurtmce’ benefiteTand veterans* payments, Equals personal income exclusive ©f net ineo®© of unincorporated far® enterprises * f m interest* and net dividends paid by agricultural corporations. wages s agricultural net
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