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U . S. D EP A R T M EN T O F o f f ic e o f b u sin ess CO M M ER CE E c o n o m ic s B U SIN ESS N E W S R EP O R T S P E R S O M I INCOME - January 1957 O-BE 57-19 FOR IMMEDIATE RELEASE. THURSDAY. MARCH 7. 1957 Selma F. Goldsmith: STerling 3-9200 Ext. 2233 Personal income in January was at a seasonally adjusted annual rate of $335 billion, $1 billion higher than in December, the Office of Business Eco nomics, U. S. Department of Commerce announced today. Wages and salaries and proprietors* income remained stable from December to January. Dividend payments returned to the November level after a decline in December reflecting a lower than usual volume of year-end extra and special payments. Transfer payments continued to rise. These increases were partly offset by higher personal contributions for social insurance, which are deducted in arriving at total personal income. 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 stability of total payrolls from December to January reflected a de cline of $-| billion in manufacturing and an increase of the same amount in trade and nonrail transportation, where employment increased sharply. Payrolls in other industries were little changed. Roughly four-fifths of the January decline in manufacturing payrolls was due to a reduced work',-reek, with the remainder due to lower employment. Average hourly earnings were unchanged as increases in basic pay rates were offset by the curtailment in overtime work at premium rates. On an industry basis the largest declines were in transportation equipment, apparel, textiles, and fabricated metals. Small gains were recorded in paper, printing, food, rubber, and stone, clay, and glass. The increase in personal contributions for social insurance in January stemmed mainly from the amendment to the social security law last year whereby the contribution rate was raised from 2 percent to 2^ percent of taxable wages, effective in January 1957« Also important in the January rise in personal con tributions was the deduction of social security contributions from the pay of military personnel for the first time. Details of personal income in January and other recent periods are shown in the following table: O BE 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 — Comm— DC— 8453 TO TA L M A N U F A C T U R IN G W H O LE S A LE R S ' SA LES M A N U FA C T U R E R S ' A N D A N D 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 SO N A L C A SH 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 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 I N THE UNITED STATES (Seasonally adjusted annual rates i n Millions of dollars) Jan. 1957 ~l§8e. 1956 1956 Jan. 1956 Sue. 1955 Nov. 1955 335.2 33U.O 333.5 316.7 317.5 311*.5 325.2 3 0 6 .1 Wage and salary disbursements, total................ Conaaodifcy-producing industries l/................. Distributive industries ................ Service industries 1/. Government................ ..............*..... 233.0 101.8 61.1* 31.2 232.9 102.3 60.9 31.3 38.1* 231.0 101.1 60.6 31.1 38.2 219.0 218.2 9k.$ 57.6 29.1* 36.7 2 17 . 2 91*.2 57.3 29.3 36.1* 225.1 97.7 59.5 30.3 37.6 210.1* 90.9 55.1* Other labor income.... ............. . Proprietors* and rental income...................... Personal interest income and dividends...... . Transfer payments ^ ........... ..... ....... . Less personal contributions for social insurance j/6 7.5 51.2 30.6 19.6 6.7 7.1* 51.2 29.2 19.3 6.0 7.1* 51.7 39.3 19.1 6.0 7.3 1*9.1* 28.5 18.2 5.7 7.3 1*9.2 30.2 18.0 5.1* 7.2 1*9.6 28.1 17.7 5.3 7.3 50.5 29.1* 18.7 5.8 ....... ............... 320.0 318.8 317.9 302.8 299.1* 310.0 Total agricultural income.............. ..... ....... 15.2 15.2 15.6 li*.7 15.1 15 . 2 Total personal income................ . Total nonagrloultural income 3 8 .6 9k.B 57.9 29.5 3 6 .8 3 0 1. 6 15.1 Full 1555“ 2 8 .2 35.9 7.0 1*9.1 27.3 17.6 ! 5.2 290.9 15.2 1/ "Coi®»dity-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, V Data since January of 195? represent contributions of both employees and self^euployed persons, r / Equals personal income exclusive of net income of unincorporatedTarm enterprises, farm «ages, agricultural net Interest, and net dividends paid by agricultural corporations. - 0- t
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