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I U . S. D E P A R T M E N T OF CO M M ER CE O FFICE B U SIN ESS N EW S OF B U SI N ESS ECO N O M ICS R EP O R T S PERSONAL INCOME - January 1959 FOR IMMEDIATE RELEASE TUESDAY FEBRUARY 17, 1959 James W. McNally: Q B E 5 9 -1 1 STerling 3-9200 Ext. 3501 Personal income in January was at a seasonally adjusted annual, rate of $362! "billion, $2§- billion higher than in December, the Office of Business Economics, U. S. Department of Commerce announced today. Wage and salary disbursements in January increased b y $1 billion over December. Dividend payments returned to the November level following a Decem ber decline that reflected a lower than usual volume of year-end extra nnfl special payments. y^ \ Partially offsetting these advances in the income receipts of persons were higher personal contributions for social insurance, which resulted from an increase in the employee contribution rate from 2^ percent to 2g- percent of taxable wages, and a rise in the taxable earnings base from $4,200 to $4,800. Both of these increases were effective January 1, in accordance with last year's amendments to the Social Security Act. Wages and salaries in construction recovered from the decline experienced in December as a result of unusually severe weather, and moderate advances occurred in the distributive industries and in government. Manufacturing payrolls were little changed from the preceding month. Transfer payments in January totaled about the same as in December, as the gradual uptrend of payments under the old-age and survivors program off set small declines in unemployment benefits. Payments under both the Tem porary Unemployment Compensation Act and regular State unemployment programs declined for the fourth consecutive month. 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 previous annual totals, represent the seasonally adjusted dollar totals for each month multiplied b y 12. Details of personal income in January and other recent periods are shown in the following table. O SE TO TA L B U SIN ESS M A N U F A C T U R IN G N EW S A N D TR A D E R EPO R TS IN V E N T O R IE S , M o n t h ly R EGU L A R L Y P E R SO N A L C A SH M A N U FA C T U R ER S' S A LE S A N D IN V E N T O R IE S , M o n t h ly IN C O M E , D IV ID E N D N A T IO N A L A V A IL A B L E— 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 CT , 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 M ONTHLY P ^ Jp i A L INCO M E (Seasonally adjusted annual rates in billions of dollars) TOTAL PERSONAL INCOME......................... . Wage and salary disbursements, total........ Commodity-producing industries............. Manufacturing only......... . . Distributive industries.................... Service industries......................... Government............................... Other labor income.................. -, T, . Nov. Dec. Jan. Nov. 19 5 8 1958 Dec. Jan. 19 59 1957 1957 1958 1958 35 9.9 362.3 3 5 0 .2 3U 8.U 3U 8.8 35U .U 3b7 . 9 2U 3.3 2U U .5 2 3 8 .0 23 7.3 23 5.1 2 3 7 .1 2 3 8 .1 1 0 1 .0 10 1.k 9 9 .8 7 8 .6 9 7 .3 7 6 .ii. 10 2.2 80 6 6 3.1 3 3 .6 U 2.8 63.3 32.6 itO.l Full year 19971 --Vs 7 9 .9 ¿U .2 6 b.6 10 1.0 7 9 .8 ¿3 . 6 3b. 3 h3.9 3b.h bb.l 3 2 .9 U o .5 bO. 6 9 7 .9 7 6 .9 6 3 .5 3 3 .1 U 0.7 9 .3 9.b 9 .2 9.2 9 .1 9 .1 8 .9 3 1 .0 Proprietors* income: Business and professional.................. Farm........................ . 1 3 .5 Rental income of persons.................. , 12. Dividends................................. ,. 1 0 .6 Personal interest income..................... Transfer payments 1/.................. T. ,. T, 3 2 .0 8 0 .1 63.7 3 3 .2 3 1 .2 11. b 3 1 .2 1 1 ,8 3 0 .9 1 2 .6 lit. 2 31 .i i 1 1 .6 12.2 1 2 .2 1 2 .2 1 2 .2 1 1 .8 1 2 .5 12.6 1 0 .8 1 2 .5 1 2 .3 12. 1 9 .6 1 9 .6 1 9 .1 1 9 .2 1 9 .3 19. 26 .0 26 .0 2 3 .0 2 3 .3 2 3 .9 2 5 .9 2 1 .5 6 .8 7.6 6 .6 6 .6 6 .7 6 .7 6 .6 Total nonagricultural income 2/............... 3U 2.i l 3U 5.1 3 3 5 .2 3 3 3 .0 3 3 2 .5 33 6.5 3 3 2 .7 Total agricultural income..................... 1 7 .5 1 7 .2 1 5 .0 15. 1 6 .2 1 7 .9 15.2 Less: Personal contributions for social insurance.......................... T. 1. 2. k 3 2 .3 1 3 .3 12. b b b b 1 8 .8 Consist mainly of social insurance benefits and veterans* payments” Equals personal income exclusive of net income of unincorporated farm enterprises, farm wages, agricultural net interest, and net dividends paid by agricultural corporations. US COM M — D.C
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