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Ü. S, DEPARTMENT OF COMMERCE OFFICE OF BUSINESS 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 1956 FOR RELEASE IN SUNDAY PAPERS, OCTOBER 7, 1956 aSE 56-82 Personal income in August was at a record annual rate of $320 billion, tA billion higher than in July and about $20 billion above August 1955, the Office of Business Economies, U® S. Department of Commerce announced, today® Four-fifths of the August increase in personal income took place in wages and, salaries, with the largest gains occurring in industries in which July income had been affected by the steel strike® Other income components — proprietors’ income, property income, and transfer payments--also moved upward. 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 in come. Hie 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. Payrolls in the primary metals, mining, and transportation industries increased by about $2 billion in August at an annual rate, making up for a decline of the same amount in July which had resulted from the steel strike. In all other industries combined, the payroll gain was about $1 billion. Most nonmanufacturing industries showed continuing upward movements. In manufacturing, outside of primary metals, the changes were generally small. Throughout 1956 wage and salary disbursements have been rising more strongly in nonmanufacturing industries than in manufacturing. Over the eight month period from December 1955 to August 1956, manufacturing pay rolls increased by 2 percent while payrolls in other private industries increased by almost 6 percent. Total personal income for the first 8 months of 1956 was at an annual rate of $32 2 billion, compared with $30 2 billion in the corresponding period of last year, a rise of 7 percent. Details of personal income in August and other recent periods are shown in the following table. Comm— DC— 8171 Q BE TO TA L (Over) B U S I N E S S N E W S R EP O R T S R EG U L A R L Y A V A I L A B L E — M A N U F A C T U R IN G W H O LE S A 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 T R A D E IN V E N T O R IE S , IN V E N T O R IE S , A M 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 E N T S. IN C O 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 IP M E N T FO R E IG N G R A N T S B A LA 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 E N T S , Q u a r t e r ly MONTHLY PERSONAL INCOME IN THE UNITED STATES (Seasonally adjusted annual rates in billions of dollars) Aug Total personal income.««*., Mage and salary disbursements, total®., Commodity-producing industries I/.*., Distributive industries X / Cgia,4ti,e, iLllClllSfeX*X©S labor Jjiconi© Proprietors5 and rental ±ncomee®«««..«,»9 « « m « « h « * Personal interest income and dividends. Transfer payments 2 / .«.«.. eô®0«*si@#Me©@ Less personal contributions for social insurance 3/.« Total nonagricultural income 1}/... Total agricultural income................ y ^ L r s t eight months 1956 1955 “T O T ~ year 1955 Vf6 July 1?S6 June 1956 ÀUg 1955' July 1955 June 1955 328.2 32U.3 32U.9 308.7 309.2 306.0 321.8 301.8 306.1 227.1 98.3 60.3 30 .6 37.9 22li.0 95.9 59.9 30.U 37.8 225.2 97.5 59.9 30.2 37.6 213.il 92.1 56.5 28.7 210.5 91.il 55*3 222.6 207.2 89.1i 210.li 36.1 2ÜI.5 92.1 56,1 28.6 37.7 27® 8 35.6 28.2 35.9 7.3 7«3 50.5 29.7 18.6 50.0 29.6 7*1 7®1 5 0 .0 7.0 Ii9.1 27.3 17.6 51.0 29.9 18.8 5.9 7.3 28.1 35.7 96.3 59.1 29.9 37.3 5h*h U9.0 27.1 26.9 7.0 ii9.1i 26.7 29.2 6.9 h9.0 26®1| 17.Il 5.3 17.5 5.3 17.6 5.2 18.5 5*8 17.5 5.2 7.3 90.9 55.ii 5.8 18.6 5.8 312.9 309.1| 310.3 293.8 29l|.7 290.li 306.8 286.5 290,9 15.3 lii.9 lii»6 lila? Hi.5 15.6 15.0 15.3 15.2 5.2 "Commodity-producing industries" consists of agriculture, forestry and fisheries, raining, contract construction, and aumufacturisg, "Distributive industries" consists of wholesale and retail trade, transportation, and coanunications and public utilities. "Service industries" comprises finance, insurance, and real estate and services. 2/ Consists mainly of veterans* payments and social insurance benefits* y Data since January of 1952 represent contributions of both employees and self-employed persons. Ty Equals 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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