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U . S. D EP A R T M EN T D F CO M M ER CE O F F IC E O F B U S IN E S S E C O N O M IC S B U SI N E S S N E W S R EP O R T S PERSOMI, INCOME - March 1956 QBE FOR IMMEDIATE RELEASE, THURSDAY, MAY 3, 1956 56-32 Personal income in March was at an annual rate of $3 15 billion, $lj billion higher than in February, the Office of Business Economics, U. S. Department of Commerce announced today. The bulk of this rise was in wage and salary disbursements, which increased by $ 1 billion from February to March. The increase was about evenly divided between manufacturing and nonmanufacturing industries. P e r s o n a l in c o m e e s t im a t e s in c l u d e w ag e s an d s a la r ie s , 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 by 12 . The March advance in wages and salaries stemmed from higher average earnings, with employment approximately unchanged. The main factor in the higher average earnings was the recent amendment to the minimum wage law, which raised the minimum hourly wage for workers in industries engaged in interstate commerce from $ . 7 5 to $1 .0 0 , effective March 1. About three-fourths of the workers affected by the amendment are employed in manufacturing, chiefly in the food, apparel, lumber, and textile industries. Personal receipts of dividends and interest rose in March, con tinuing the upward trend in evidence throughout 19 5 5 . Details of personal income in February and other recent periods are shown in the following table. (O VER ) ^ 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 L A B L E — 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 A N D A N D M A N U F A C T U R E R S ’ S A 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 CO 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 EN T S Q u a r t e r ly MONTHLY PERSONAL INCOME IN THE UNITED STATES (Seasonally adjusted annual rates in billions of dollars) March 1956 Total personal income...................... Wage and salary disbursements, total................ Commodity-producing industries 1 / ..... Distributive industries 1 / ........................ Service industries l / .... ............. Government......................................... Other labor income........... Proprietors' and rental income.................... Personal interest income and dividends............. Transfer payments 2 / ............. ..... Less Personal contributions for social insurance Total nonagricultural income ij....................... Total agricult\iral income, Feb. 1956 Jan. 1956 March 1955 Feb. 1955 Jan. 1955 First three months 1956 1955 Füll year 1955 314.9 313.3 312.7 295.7 293.2 292.2 313.7 293.6 303.2 217.3 94.5 57.5 28.9 36.4 216.3 216.2 94.0 94.1 5?.3 57.3 28.7 28.6 36.3 36.2 202.6 87.8 53.6 27.0 34.2 200.3 86.3 53.0 26.7 34.3 199.3 85.4 52.9 2 6 .8 34.2 216.6 200.7 94.2 86.5 57.4 53.2 28.7 2 6 .8 36.3 34.2 208,5 90.5 55.1 27.6 35.3 7.2 49.2 28.1 17.7 5.7 6.8 48.5 25.5 17.4 5.1 6.8 48.8 25.3 17.0 5.0 6.8 49.1 25.0 17.0 5.0 7.3 49.3 28.7 18.0 5.7 7.2 49.3 28.4 17.8 5.7 7.2 49.3 28.4 17.9 5.7 6.8 48.3 25.3 17.1 5.1 7.0 48.9 26 .8 17.2 5.2 300.9 299.0 298.6 280.9 277.7 276.5 299.5 278.3 288.4 14.0 14.3 14.1 14.8 15.5 15.7 14.2 15.3 14.8 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 end services. 2/ Consists mainly of veterans* payments and social insurance benefits. 3/ Data since January of 1952 represent contributions of both employees and self-employed persons. lj 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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