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f U . S. D EP A R T M EN T O P CO M M ER CE O F F IC E O F B U S IN E S S t EC O N O M IC S B U SI N ESS N E W S R EP O R T S • • PERSONAL INCOME - June 1957 and First Half of 1957 Compared, with Like Period of 1956 Marilyn Young: „ . 57-63 O B E Advance Release For Friday Morning, July 19, 1957. STerling 3-9200 Ext. 2222 Personal income in June was at an annual rate of $344 billion, almost $1 billion higher than in May, the Office of Business Economics, U. S. Depart ment of Commerce announced today. The June rise in income occurred in wage and salary disbursements. types of income were little changed from May. Other Estimates for May and prior months contained in this release represent statistical revisions of previously published data. They incorporate the results of the usual annual detailed accounting of the national income, national product and related series which OBE completes each year in July. These estimates, covering 1954 and later years, will be presented in comprehensive form in the July 1957 National Income Number of the Survey of Current Business, monthly magazine of the Office of Business Economics. Personal income estimates include wages arid 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 previ ous annual totals, represent the seasonally adjusted dollar totals for each month multiplied by 12. The June increase in payrolls was widely scattered among industries. Over one-third of the gain occurred in manufacturing, about one-third in other private industries, and less than a third in government, principally State and local. * In line with recent trends most of the increase in manufacturing payrolls occurred in the earnings of salaried personnel, as salaried employment rose. Production workers' payrolls were only slightly higher, as gains in average weekly earnings somewhat more than offset the effect of a continuing decline in employment. -» (Over) • * ÎM M --- 0C 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 LESA LE R S' SA LES M A N U FA C T U R E R S ' A N D A N D SA LE 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 CO 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 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 SU 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 EN T S, Q u a r t e r ly - 2 - Outside of manufacturing, June payrolls were higher in all indus tries except transportation and construction. Higher average earnings were more important than employment increases in accounting for the nonmanufacturing gains. In the second quarter as a whole, wages and salaries were at an annual rate $2.3 billion higher than in the first quarter. Taking all industries together, the rise can be attributed entirely to higher hourly earnings. Hie payroll effect of slightly higher employment in the second quarter was more than canceled out by reduced hours of work. For the first half of 1957 personal income was at an annual rate of $3*4-0 billion, compared with $32 2 billion in the like period of 19 5 6 , an increase of about 5^ percent. This represented a gain in purchasing power as well since taxes and prices combined went up by a lesser rela tive amount. Details of personal income in June and other recent periods are shown in the following table. • • MONTHLY PERSONAL INCOME IN THE UNITED STATES (Seasonally adjusted annual rates in billions of dollars) June 1957 May 1957 TOTAL PERSONAL IN COM E.............................................................................. 3U3.8 3U2.9 Wage and salary disbursements, total.................. 239.2 Full year 1956 May 1956 3U0.6 326.8 325.2 323.7 3U0.1 321.9 326.9 238.3 237.1 227.3 225.6 225.2 237.0 223.5 227.2 102.8 ¿3.6 33.1 39.7 102.lt 63.lt 33.0 39.5 102.it 6 2.7 32.9 39.1 98.1 60.3 31.0 37.9 97.7 59.6 30.7 37.6 97.7 59.6 30.5 37.U 102.2 62.9 32.7 39.3 96.6 59.2 30.it 37.3 98.3 60.1 31.1 37.9 7.9 7.8 7.8 7.5 7.5 7.8 7.it 7.5 Proprietors5 and rental income...... ................. 50 .8 50 .8 50 .6 U9.7 50 .0 U9.5 50.5 U9.5 U9.9 Personal interest income and dividends................ 31.2 31.2 31.0 29.5 29 .it 29.1 31.0 29.0 29.5 Transfer payments 2/...»...... .......... ..... ...... 21.5 21.6 20.8 18.5 I8.it 18.2 20.5 18.1 18.5 Less personal contributions for social insurance 3/.... 6.8 6.8 6.7 5.7 5.7 5.7 6.7 5.7 5.7 Total nonagricultural income h/........................ 328.3 327.5 325.3 312.0 309.8 308.8 32it.8 306.8 311.7 Total agricultural income.............................. 15.5 15.U 15.3 lit.8 I5.it lit.9 15.3 15.1 15.2 Other labor income....................... ......... .. April 1956 First six months 19^7 1956 June 1956 Commodity-producing industries 1/................ Distributive industries 1/......................... Service industries 1/............. ................ Government................. ........ .............. April 1957 7.it 1/ "Commodity-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 veterans5 payments and social insurance benefits. 3/ Data since January of 1952 represent contributions of both employees and self-employed persons. hj Equals personal income exclusive of net income of unincorporated farm enterprises, farm wages, agricultural net interest, and net dividends paid by agricultural corporations.
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