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y . 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 EC O N O M IC S B U SI N ESS N E W S R EP O R T S PERSONAL INCOME - August 1955 OBE FOR RELEASE TO A. M.'S, FRIDAY, OCTOBER 7, 1955 55-82 Personal income In August was at an annual rate of $305 billion, about the same as in July and $32 billion higher than in June, the Office of Business Economics, U. S. Department of Commerce announced today. Personal income from all sources except Federal Government wages and salaries rose by $!§• billion from July to August. However, this rise was off set by a decline in payments to Federal employees. In July Federal payrolls had been increased extraordinarily by the Government's disbursement of about $140 million of retroactive payments in connection with the recent pay raise for civilian employees. When put on an annual rate basis to conform with other personal income data, these lump-sum payments amounted to almost $1-3/4 billion, producing a sudden jump in July and subsequent lower level for August. Except for the retroactive payments, Federal Government wage and salary disbursements were about the same in August as in July. 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 July-August rise in personal income exclusive of Federal wage and salary payments was rather widely scattered. About half the increase took place in private industry wage and salary disbursements and the remainder in other types of income. Personal income in the first eight months of 1955 was at an annual rate of $299i billion, $13 billion higher than in the corresponding period of 1954. Details of personal income in August and other recent periods are shown in the following table. (OVER) O BE TO TA L 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 — M A N U F A C T U R IN G W H O LESA LE R S' SA LE S A N D A N D M A N U F A C T U R E R S ’ S A L E 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 S O N A L C A S H 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 C O M E A N D P U 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 IP M E N T FO R E IG N G R A N T S B A U N C E O F A N D S U R V E Y , 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 INCOME El THE UNITED STATES (Seasonally adjusted annual rates in billions of dollars) First eight months 1955 1954 Full year 54 July 1955 June 1955 Aug. 1954 July 1954 June 1954 305.0 305.3 301.6 286.7 287.1 286.7 299.3 286.5 287.6 Wage and salary disbursements, total................ Commodity-producing industries 1 / .................. Distributive industries l / .... .................... Service industries 1 / .............................. Government,......................................... 211.6 92.0 56.0 27.9 35.7 212,4 91.7 55.7 27.8 37.2 208.0 90.9 54.9 27.4 34.8 195.8 83.1 52.5 26.3 33.9 196.6 83.8 52.8 26.2 33.8 195.8 84.2 52.1 25.8 33.7 205.8 89.2 54.3 27.3 35.0 195.7 84.3 52.1 25.6 33.7 196.2 84.2 52.3 25.9 33.8 Other labor income...... ............................ Proprietors' and rental income...................... . Personal interest income and dividends............ . 7.0 AS .3 26.6 16.8 5.3 7.0 47.9 26.4 16.9 5.3 6.9 48.5 26.3 17.1 5.2 6,6 48.1 24.7 16.1 4.6 6.6 47.6 24 .6 16.1 4.4 6.6 48.2 24.6 16.0 4.5 6.9 48.6 25.9 17.2 5.1 6.5 4 8 .4 24.4 16.0 4.5 6.6 48.4 24.7 16.2 4.5 290.9 291.7 287.2 271.5 272.1 272.1 284.4 270.3 271.9 14.1 13.6 14.4 15.2 15.0 14.6 14.9 16.2 15.7 Total personal income.......... ...................... Transfer payments 2/.............................. Less personal contributions for social insurance ¿/.. Total nonagricultural income »........... . Total agricultural income.................... .......... . Aug. 1955 1/ "Commodity-producing industries" consists of agriculture, forestry and fisheries, mining, 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 veterans' payments and social.insurance benefits. ¿/ Data since January of 1952 represent contributions of both employees and self-employed persons. ij Eouals personal income exclusive of net income of unincorporated farm enterprises, farm wages, agricultural net interest, and net dividends paid by agricultural corporations.
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