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U . S. D EP A R T M EN T O F O F F IC E CO M M ER CE B U SIN ESS N EW S PERSONAL INCOME - August O F B U S IN E S S R EP O R T S 15 5 8 O B E FOR RELEASE IN TUESDAY A.M. PAPERS, SEPTEMBER 16 , 1958 James W. McNally: E C O N O M IC S 5 8 -6 9 STerling 3-9200 Ext. 350 1 Personal income in August was at a seasonally adjusted annual rate of $355if billion, the Office of Business Economics, U. S. Department of Commerce announced today. This was about $!§• billion higher than the July figure ex clusive of the lump-sum retroactive salary payments to Federal employees, and was $3ir billion above the June total. Wage and salary disbursements in August advanced b y approximately $1 bil lion after adjustment for the nonrecurring payments during July under the retroactive feature of the Federal pay increase. These payments — an estimated $38 0 million — amounted to billion when put on an annual rate basis to con iform with other personal income data. Most of the remainder of the rise in personal inccme from July to August occurred in government transfer payments and nonfarm proprietors 1 income. Other income components showed little change. Personal inccme 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 . Higher manufacturing payrolls in August reflected advances in employment, particularly in the primary metals and machinery industries. Among nonmanu facturing industries, gains occurred mainly in retail trade and services. The July-August increase in government transfer payments resulted from the additional unemployment benefits for workers made possible under the Temporary Unemployment Compensation Act. Benefits under the regular programs were down fractionally for the third consecutive month. Details of personal income in July and other recent periods are shown in the following table. (Over) O BE B U SI N ESS N EW S R EP O R T S USC0MM-DC-4-7133 T O T A L M 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 R E G U LA R LY P E R S O N A L T R 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 S H IN C O M E , D IV ID E N D N A T IO N A L A V A I LA B LE M o n t h ly P A Y M EN 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 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 MONTHLY PERSONAL INCOME IN THE UNITED STATES (Seasonally adjusted annual rates in billions of dollars) Aug. First eight months 1958 1957 Full year 1957 Aug. 1957 July 1957 June 1957 TOTAL PERSONAL INCOME.................... July June 1958 1958 1958 (355.2)* 358 .8 * 35 2 .0 352.1 351.8 350.7 350.8 357.0 357.9 Wage and salary disbursements, total........ 21*2 .2 * 235.8 21*0 .8 21*0.5 21*0 .0 235.3 237.9 238.1 103.3 103.1* 61*.0 63.9 32.8 32 .6 1*0 .1* 1*0 .2 96.3 63.1 33.5 52.5 102.7 6 3.0 32.5 39.8 10 2 .2 63.3 32 .6 50.1 Commodity-producing industries 1/ ........ Distributive industries l/ ............. . Service industries l/............ ......... Government........ ........................ Other labor income...................... . 97.1 63.5 33.7 1*8 .0 * 9 6 .6 103.1 61*.2 63.3 33.6 32.9 1*0 .6 1*2 .1* 9.0 8.9 9.1 9.1 9.0 9.0 8 .8 8.9 Proprietors ' and rental income.............. 56.3 5 6 .2 55.6 55.6 55.9 55.9 55.7 55.8 Personal interest income and dividends...... 31.8 3 1. 8 31.8 31.7 31.6 31.8 31.2 31.1 Transfer payments 2/........ . 26.5 26 .0 21.5 21.7 2 1. 8 25.5 2 1. 0 21.5 7.0 6.7 6.7 6.7 6 .6 6.7 6 .6 6 .6 31*2.0* 335.1 336.6 336.2 335.6 335.1 331.7 332.7 15.5 15.6 15.1 16.7 15.3 15.2 Less personal contributions for social insurance 3/............. .............. TT. Total nonagricultural income 5/............... Total agricultural income..................... 16 .8 16.9 1 . 1Commodity-producing industries" consists of agriculture, forestry and fisheries, mining, contract con struction, ^and manufacturing 8 "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 . Gonsists mainly of veterans' payments and social insurance benefits® 3. Data since January of 1952 represent contributions of both employees and self-employed persons. iu Equals personal income exclusive of net income of unincorporated farm enterprises, farm wages, agricultural net interest $ and net dividends paid by agricultural corporations© " Total in parentnesis excludes and other asterisked figures include lump-sum retroactive salary payments to .federal employees; disbursements of $38 0 million multiplied by 12 (to put on annual rate basis) amounted to $5^^11ion.
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