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û' U . 5 . D EP A R T M EN T O F CO M M ER CE O F F IC E O F B U SIN ESS E C O N O M IC S B U SI N E SS N E W S R EP O R T S PERSONAL INCCMS - June 1955 OBE F Œ RELEASE TO A.M. ‘S, MONDAT, AUGUST 8, 1955 55-60 Personal income in June was at an annual rate of $30.1 billion, the same as in May, the Office of Business Economics, U. S. Department of Commerce announced today, This stability in the personal income total reflected offsetting changes among components. Wage and salary disbursements and dividend and interest payments were somewhat higher, whereas proprietors* income and transfer pay ments showed small decreases. 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. Most of the moderate May-June advance in wage and salary disbursements occurred in the transportation, mining, and communications industries. Manu facturing payrolls, which had been rising sharply, were virtually stable. That manufacturing payrolls did not increase from May to June was largely the result of scattered work stoppages in the automobile industry, which also affected hours worked in associated industries. Payrolls rose in June in various manufacturing industries not related to automotive equipment, though increases were not so large or widespread as in May. The principal factor in the June decline in proprietors* income was a re duction in the income of farm proprietors, which exhibits considerable irregu larity when measured on a monthly basis. Transfer payments were lower in June because of a reduction in unemploy ment compensation payments. Personal income in-the second quarter of 1955 was at an annual rate of $300# billion, 2#- percent higher than in the first quarter and 5 percent higher than in the second quarter of 195^• Details of personal income in June and other recent periods are shown in the following table. (OVER) O B E 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 — 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 LE S A N D A N D M A N U F A C T U R E R S ’ S A L E S T R A D E IN V E N T O R IE S , M o n t h ly I N V E N T O R I E S , M o n t h ly A N D IN V E N T O R IE S , M o n t h ly 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 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 , Q u a r t e r ly C R E D I T S . Q u a r t e r ly IN T E R N A T IO N A L P A Y M E N T S . Q u a r t e r ly M O O T H U PERSOH&L INCOME IN THS UNITED STAT&3 (Seasonally adjusted annual rates in billions of dollars) Jem 1955 Total personal Incase«................................... W&g© and salary disbursessents, total................... Commodity-producing industries j/.................... Distributive industries ] J.... ........... Service industries ¿/................................ Government........................................... Other lab«- income..................................... Proprietors5 and rental Inst»......................... Personal interest income and dividends...... Transfer payments ................................. Less personal contributions fer social insurance 2/®... Total nomgrieultural income ij, Total agricultural ineom»............................. ¿J "Commodity-producing industries" May 1955 301.2 301.4 April Jus® 1955 1954 Sfey 195A First six months April 1954. 1955__ 1934 298.9 286.7 286.7 286.4 297.1 207.7 207.3 204.6 195.8 195.7 90.6 90.6 84.2 88,9 84.5 53.6 52,1 52.1 54.5 54,9 25.8 27.2 27,4 25.5 27.4 33.6 34.8 33.7 34«8 34.9 6.9 48,3 26.3 17,2 5,2 6.9 48*8 26.1 17.5 5.2 286.8 286.6 14.4 14,8 6,9 49,0 25.9 17.6 5,1 6.6 48.2 24*6 16.0 4.5 6*5 48,0 24.5 16.5 4.5 283,7 272.1 271.0 15.2 14.6 15.7 Full y®« 1954, 286.3 287,6 195.2 203.7 195.4 84.1 88.3 84.5 53.8 51.9 51.9 25.7 27.1 25.4 33.6 33,5 34.5 196.2 84.2 52.3 25.9 33.8 6.8 48.7 25.7 17,3 5.1 6*5 48,6 24*4 15.9 4.5 6*6 48.4 24.7 16,2 4,5 270.4 282,0 269,8 271.9 6.5 48,4 24.4 16,4 4.5 16,0 15.1 16,5 consists of agriculture, forestry and fisheries, adaing, contrast construction, and manufacturing. "Distributive industries" consists of wholesale and retail trade, transportation, and communications and public utilities. "Service industries" comprises fimaoe, insurance, and real estate and services. '¿j Consists mainly of veterans® payments and social insurance benefits, 2/ Bata since Jaseary of 1952 represent contributions of both employees and self-employed persons. ¿J Equals personal, incase exclusive of net Inoosss of unincorporated far® enterprises, farm wages, agricultural aat interest, and net dividends paid by agricultural corporations. 15.7
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