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ü« s. DEPARTMENT OF COMMERCE OFFICE OF BUSINESS ECONOMICS BUSINESS NEWS REPORTS PERSONAL INCOME, APRIL 1950 FOR RELEASE-Monday A,M., June 12, 1950 OBE-373 Personal income in A p r il-other than the special insurance dividend pay ments to veterans— was at an annual rate of 1212«, 8 billion, as compared with ¡$212.2 billion for March, the Office of Business Economics, U. S. Department of Commerce, announced today. The Department’s series measuring total personal income, which includes the N.S.L.l. disbursements, declined from 1222.8 billion in March to #216.9 billion in April. The N.S.L.X. dividend payments declined in April to $34-5 million from a total of #887 million in March. Expressed at annual rates to make them comparable with other personal income data, the payments amounted to #4.1 billion in April as against #10.6 billion in March. By the end of April almost 90 percent of the #2.8 billion veterans' dividend had actually been paid out. The March-April rise of #.6 billion in personal income, exclusive of the special payments to veterans from the National Service Life Insurance Fund, reflected an expansion in pay rolls that was largely offset by declines in proprietors' income and transfer payments. Personal income estimates include wage and salary receipts, the net in comes of proprietorships and partnerships— farm and nonfarm— as well as divi dends and interest, net rents received by landlords, and other types of individual income. The annual rates, which are used to facilitate comparison with previous annual totals, represent the seasonally adjusted dollar totals for each month multiplied by 12. Total wage and salary receipts in April rose to an annual rate of #136.7 billion, #1.8 billion higher than in March. The rise stemmed primarily from increased activity in the durable-goods manufacturing industries. Higher employment and a longer work week in factories producing transportation equip ment, machinery, and other fabricated metal products were mainly responsible for the advance of total wages in durable-goods manufacturing. Nondurable-goods factory wages in April were about the same as in March. From November through April wages in this sector of manufacturing were approx imately stable. .As a result of the increases in durable-goods wages, however, total manufacturing wages in April were higher than in any of the previous 15 months. Transfer payments declined from a #24.1 billion annual rate in March to #16.9 billion in April. As noted above, #6.5 billion of this decline was due ©BE BUSINESS NEWS REPORTS REGULARLY AVAILABLE: BUSINESS INVENTOR«, W<®Eti% CASH DIVIDEND PAYMENTS, Mont hly WHOLESALERS’ SALES AND INVENTORIES, Mont hly — 10663 RETAIL STORE SALES, Mont hly PUNT AND EQUIPMENT SURVEY, Quarterly BALANCE OF INTERNATIONAL PAYMENTS, Quarterly .PERSONAL INCOME, Mont hly CHAIN STORE AND MAIL ORDER SALES, Monthly MANUFACTURERS’ SALES AND INVENTORIES, Mont hly - 2 to the decrease in N.S.L.I. dividend payments. In addition, State unemploy ment compensation benefits were at an annual rate $.6 billion lower than in March. The decline in proprietors' income— $.7 billion at annual rates— occurred largely in farm income as livestock marketing receipts decreased contraseasonally. The net income of farm operators for the first four months of 1950 was about one-fifth less than in the same period of last year. Details of personal income in April 1950, April 19-49 and other recent periods are shown in the following table. Monthly Personal Income in the United States (Seasonally adjusted annual rates in billions of dollars) First four months 1950 1949 Full year 1949 April 1950 March 1950 Feb. TÏÏBÔ April 1949 March 1949 Feb. T§49 Total personal income .................. Wage and salary receipts ............ Total employer disbursements ...... Commodity-producing industriesl/ . Distributive industries]^ ........ Service industries^/ ............ G o v e rnment ..... ................. Less employee contributions for social insurance ................. Other labor income ................... Proprietors' and rental income ....... Personal interest income and dividends Transfer p a y m ents^/............... . 216.9 136.7 139.4 59.4 40.5 17.6 21.7 222.8 134.9 137.7 58.2 40.1 17.3 21.6 219.1 133.1 135.8 56.5 39.9 17.8 21.6 210.5 133.9 136.0 57.4 40.7 17.3 20.6 210.2 132.3 134.6 57.4 39.4 17.3 20.5 211.3 134.0 136.3 59.4 39.5 17.0 20.4 219.1 134.0 137.3 57.8 40.1 17.S 21.3 211.7 134.1 136.3 53.7 40.0 17.2 20.4 209.8 133.5 135.7 57.3 40.2 17.2 21.0 2.7 2.4 42.8 18.1 16.9 2.8 2.4 43.5 17.9 24.1 2.7 2.2 44.1 17.6 22.1 2.1 2.1 45.0 17.1 12.4 2.3 2.1 46.2 17.0 12.6 2.3 2.1 46.6 17.0 11.6 2.8 2.3 44.2 17.7 20.4 2.2 2.1 46.6 17.0 11.9 2.2 2.1 44.8 17.3 12.2 Total nonagricultural income^/ ......... Total agricultural income .......... . 201.7 15.2 207.1 15.7 202.7 16.4 191.8 18.7 190.5 19.7 191.0 20.3 202.6 16.5 191.3 20.4 191.4 18.4 77 'H ________ __J ’4. TTT •• ‘ ' 1/ ‘hCommodity-producing industries" consists of agriculture, forestry and fisheries, mining, c o n f tract construction, and manufacturing. "Distributive industries" consists of wholesale and retail trade, transportation, and communications and public utilities. "Service industries" comprises finance, insurance, and real estate and services. 2/ Consists mainly of veterans' payments and social insurance benefits, including the National Service Life Insurance dividend. 3/ Equals personal income exclusive of net income of unincorporated farm enterprises, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. *
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