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OFFICE OF BUSINESS ECONOMICS U. S. DEPARTMENT OF COMMERCE BUSINESS NEWS REPORTS PERSONAL INCOME, FEBRUARY 1?$0 FOR RELEASE- Thursday A.M., April 13, 1930 Personal income in February — to veterans — OBE-353 including the special insurance dividend payments was at an annual rate of $2 19 .1 billion, #1 billion higher than in January, the Office of Business Economics, ! J. S. Department of Commerce announced today. Several factors of a temporary or irregular nature affected the February change in the income flow. These, however, were offsetting. A substantial increase in dividend payments to veterans from the National Service Life Insurance fund was counterbalanced by the wage loss resulting from labor-management disputes and by a sharp decline in agricultural incane, which on a monthly basis exhibits considerable irregularity. After allowance for these temporary or irregular factors, therefore, personal in come still increased from January to February by an annual rate of $1 billion. This increase was attributed by the Department to expanded pay rolls in industries not af fected by the labor-management disputes. Personal income estimates include wage and salary receipts, the net incomes 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 previous annual totals, represent the sea sonally adjusted dollar totals for each month multiplied by 12 . Total wage and salary receipts in February, at an annual rate of $133*5 billion, were about the same as in January, despite wage losses resulting from work stoppages in the bituminous coal and automobile manufacturing industries. These losses were offset by pay-roll increases in other industries, mainly manufacturing. The strength of manu facturing pay rolls in the early months of this year was in contrast to the sharp de clines which occurred in January and February of 19¿i9. Transfer payments rose from an annual rate of $18.3 billion in January to $22.1 billion in February. The increase resulted from larger N.S.L.I. dividend payments. These payments amounted to $U50 million in January and $788 million in February. When converted to an annual-rate basis to conform with other personal income data, the pay ments were at annual rates of $5i billion in January and $9z billion in February. The Department emphasized, however, that the disbursement of the special dividend will be substantially completed within a few months. Proprietors' and rental income declined from an annual rate of $¿16.3 billion in January to $U3«9 billion in February. The drop was concentrated in the income of farm proprietors, which had risen sharply in January. Farm income was reduced in February as the seasonally adjusted volume of crops marketed or placed under Government loan fell off OBE BUSINESS NEWS REPORTS REGULARLY AVAILABLE: BUSINESS INVENTORIES, Mont hly CASH DIVIDEND PAYMENTS, Mont hly WHOLESALERS' SALES AND INVENTORIES, Mont hly RETAIL STORE SALES, Mont hly PUNT AND EQUIPMENT SURVEY, Qunrt orty BAUNCE OF INTERNATIONAL PAYMENTS, Qunrt t fly PERSONAL INCOME, Mont hly CHAIN STORE AND MAIL ORDER SALES, Mont hly MANUFACTURERS' SALES AND INVENTORIES, Mont hly -2- sharply. Nonfarm proprietors' income was little changed in February, reflecting primarily the continued stability of retail and manufacturing sales. Details of personal income for February 1950, January 1950, and other recent periods are presented in the following table. 1 Monthly Personal Income in the United States (Seasonally adjusted annual rates in billions of dollars) Feb. 1950 Jan. 1950 Dec. 1949 Feb. 1949 Jan, 1949 Dec. 1948 Full year 1949 1948 Total personal income ............. ........... Wage and salary receipts .......... ......... Total employer disbursements............ Commodity-producing industries!/...... Distributive industries!/...... ....... Service industries!/................... Government............................. Less employee contributions for social insurance................. . Other labor income........................ . Proprietors * and rental income......... . Personal interest income and dividends..... Transfer payments 2/ ..... .......... ........ 21S.1 133.7 136.5 57.1 40.1 17.6 21.7 211.9 134.4 136.6 57.4 39.9 17.4 21.9 211.3 134.0 136.3 59.4 39.5 17.0 20.4 214.6 135.9 138.2 60.5 40.3 17.1 20.3 217.0 137.1 139.4 62.3 40.0 16.9 20.2 209.8 133.5 135.7 57.3 40.2 17.2 21.0 211.9 133.1 135.2 60.4 39.2 16.6 19.1 2.8 2.2 46.5 17.4 18.3 2.2 2.2 43.5 18.9 12.8 2.3 2.1 46.6 17.0 11.6 2.3 2.0 48.5 17.0 11.2 2.3 2.0 50.3 16.9 10.7 2.2 2.1 44.8 17.3 12.2 2.1 2.0 49.5 16.2 11.1 Total nonagricultural incomei/........... .. Total agricultural income...... ............. 198.7 19.4 194.5 17.4 191.0 20.3 192.0 22.6 193.6 23.4 191.4 18.4 188.8 23.1 All l/ “Commodity-producing industries'* consists of agriculture, forestry and fisheries, raining, contract con struction, and manufacturing. "Distributive industries" consists of wholesale and retail trade, transporta tion, 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. Z/ Equals personal income exclusive of net income of unincorporated farm enterprises, farm wages, agricul tural net rents, agricultural net interest, and net dividends paid by agricultural corporations. G C • ^
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