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U . S. D E P A R T M E N T OF CO M M ER CE O FFICE N EW S B U S IN E S S B U SI N ESS ECO N O M ICS R EP O R T S PERSONAL INCOME - January FOR RELEASE TO A.M. 'S, FRIDAY, FEBRUARY 21, ÓF # 19 5 8 O B E 58-12 19 5 8 James W. McNally: STerling 3-9200 Ext. 3501 Personal income in January was at a seasonally adjusted annual rate of billion, unchanged from December, the Office of Business Economics, Uo S. Department of Commerce announced today. was billion, or was down 1 The January income total percent, above that for the same month of 1957° 2 It percent from the August high of $3 W y billion (annual rate). The absence of change in total personal income from December to Janu ary reflects the unusual movement of dividends over the year-end, rather than the underlying flow of income arising from current production. Per sonal income excluding dividends declined by an annual rate of $ 2 billion from December to January. Dividend disbursements returned to the November level after falling off in December because of a less-than-usual volume of year-end extra and special payments. Total dividends in the 3 months November-January, OBE noted, were about the same as outlays in the same period a year ago, and averaged below August 1957 when total personal income was at a peak.. As a result of the continuing production decline, aggregate wages and salaries in the economy registered a further drop from December to January. This was offset in part by an increase in transfer payments centering in unemployment benefits. 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 . (Over) C oram OBE TO TA L — DC-— 6941 BUSINESS NEWS M A N U F A C T U R IN G M A N U F A C T U R E R S ' S A LE S A N D A N D T R A D E R EP O R T S 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 AVAILABLE- R EG U L A R L Y 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 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 E N T S, Q u a r t e r ly - 2 - Total wage and salary disbursements were at an annual rate of $236 3- bil lion in January, off about $2 billion from the previous month and $5 billion from the high of last August. The December-January decline was concentrated in manufacturing, mainly the durable goods industries. The bulk of the change in factory payrolls was attributable to lower employment, although there was also some further shortening in the length of the workweek» Aver age hourly earnings in manufacturing remained stable. Outside of manufacturing, January payrolls were little changed in total. Increases occurred in retail trade and communications, while dis bursements were lower in construction, mining, and transportation. Total wages and salaries in distributive and service industries remained at about the level of the previous month, near the high point reached last summer. Total payrolls and other major income flows in January were all above the same month a year ago. Details of personal income in January and other recent periods are shown in the following table. Q> MONTHLY PERSONAL INCOME IN THE UNITED STATES (Seasonally adjusted annual rates in billions of dollars) Jan. 1958 TOTAL PERSONAL INCOME....... Wage and salary disbursements, total..... Commodity-producing industries.... Distributive industries...... Service industries............ Government................ , Nov. 1957 Oct. 1957 3h3.6 3h3.6 31*6.2 3to.8 236.7 2 3 8 .8 239.5 ,, 97.7 6U.6 3k. 1 * 10 .3 Other labor income.... . 7.9 Proprietors' and rental income...., Personal interest income and dividends . Transf er payments........ . Less personal contributions for social insurance. Total nonagricultural income............. Aug. 1957 Jan. 1957 31*7.2 31*7.3 336.3 31*3.1* 3 2 6 .9 21*0.1 21*1,5 21*1.7 23l*.5 2 3 8 .8 2 2 7 .2 99.8 100.9 61*.1* 61*.2 3Ü.2 3l*.l to.u to.3 101.3 61*.3 3i*.0 1*0.5 102.2 61*.8 33.9 to .6 102.8 61*.7 33.7 to.5 101.1* 102.0 63.7 33.3 39.8 8.0 8.0 8.0 8.0 7.7 8 .0 51.2 1*9.9 31.6 30.7 31.0 29.5 21.2 21.2 19.5 21.2 18.5 6.8 6.8 6.9 6.7 6.8 5.7 331.0 331.3 331.3 320.7 327.5 311.7 15.8 15.9 16.0 15.6 15.8 15.2 51.7 51.7 31.7 2 9 .7 31.7 31.7 3 1. 6 23.3 2 3 .0 22.6 22.1 6.8 327.6 330.3 - 16.0 15.9 31.1 37.9 5 0 .6 51.7 15.9 3 2 .2 3 8 .9 98.3 6 0 .1 7.5 5 1. 2 6.8 6 2 .0 Full 19*7 ~ 1QcTA 7.9 5 0 .9 327.7 - 0 Sept. 1957 5 0 .8 6.8 Total agricultural income......... O Dec. 1957
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