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U . S. D E P A R T M E N T OF O FFICE CO M M ER CE 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 » March 1958 OBE FOR IMMEDIATS RELEASE, FRIDAY, APRIL 11, 1958 James W. McNally: i 58-26 STerling 3-9200 Ext. 3501 Personal Income in March was at a seasonally adjusted annual, rate of $3^li "billion, little changed from February, the Office of Business Economics, U. S. Department of Commerce announced today. Wage and salary disbursements showed a decline of about $1 billion last month, to an annual rate of $2332 billion. This was offset in the personal income total by higher government transfer payments and by an increase in agricultural income reflecting the advance in prices received by farmers. Personal income estimates include wages and salaries, the net income of proprietorships and partnerships — farm arid 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. The decline in wages and salaries from February to March centered in manufacturing, particularly the durable goods industries. Reductions also occurred In retail trade, transportation, and mining. Government transfer payments in March, at an annual rate of $24.1 bil lion, were up by more than $y billion from February. In addition to a further rise in unemployment benefits, payments -under the old-age and survivors in surance program increased considerably. Certain groups of self-employed farm and professional persons, newly covered by the 19 5 8 amendments to the social security law, began receiving old age benefits for the first time in March. Personal income in the first quarter of 1958 was at an annual rate of $3^2§- billion, $4 billion higher than in the first quarter of 19 5 7 * It was $4-|- billion — or 1-g- percent — ■ lower than in the third quarter of 19 5 7 ; when income was at a record rate. Details of personal income in March and other recent periods are shown in the following table. (Over) Comm— DC— 7057 OBE B U SIN ESS N EW S R EP O R T S P E R S O N A L TO TA L M A N U F A C T U R IN G M A N U FA C T U R ER S' S A LE S A N D A N D TR A D E 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 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 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 MONTHLY PERSONAL IKCONE IN THE UNITED STATES (Seasonally adjusted annual rates in billions of dollars) First three months Mar. Feb. Jan* Mar. Feb, Jan* 19 58 1958 19 5 8 19 57 1957 19 5 7 Total personal income.... .................. 3 U l .l i 3U 1.7 3U 3.6 3U 0.2 3 3 8 .5 336.3 3U 2.3 Mage and salary disbursements, total..... 23 3.3 23U .U 23 7.0 237.2 2 3 5 .9 23U .5 23U .9 ’ 2 3 5 . 9 Commodity-producing industries 1 / ...... Distributive industries 1 / ............. Service industries l/................... Government.................. ............ 9U .8 9 7 .6 6U .8 3U .2 10 2.3 6 3 .7 3U .3 U 0.5 95 .3 6U .3 3U .3 U o .5 1 0 1 .U 6 2 .0 U o .u 39 .3 1 0 2 .0 6 2 .u 32 „U 3 9 .1 Other labor income........................ 7 .7 7.8 7 .9 7.8 5 1 .3 5 1 .0 5 0 .5 5 1 .1 Proprietors' and rental income........... 6 3 .0 3 2 .6 195^ 19 5 7 33 6.3 1 0 1 .9 6 2 .5 3 8 .9 9 5 .9 6U .3 3U .3 U 0.5 7 .8 7 .7 7.8 7 .8 5 1 .0 5 0 .6 5 0 .9 5 0 .9 3 2 .2 32 .U 3 9 .1 Personal interest income and dividends.... 3 1 .8 3 1 .8 3 1 .7 3 0 .9 3 0 .8 3 0 .7 3 1 .8 3 0 .8 Transfer payments 2/.............. ....... 2U .1 2 3 .5 2 3 .3 2 0 .0 1 9 .7 1 9 .5 23. 6, 1 9 .7 Less personal ccntributions for social insurance 3/.................. ........ .. 6 .8 6 .8 6 .8 6 ,8 6 .7 6 .7 6 .8 6 .7 Total nonagricultural income U/............. 32U .6 32 5.2 3 2 7 .6 32U .5 3 2 2 .7 32 0.7 32 5.8 3 2 2 .6 1 6 .5 1 6 .0 1 5 .7 1 5 .8 1 5 .6 16.5. 1 5 .8 Total agricultural income.............. . 16 . 8 struction, and manufacturing. '‘Distributive industries" consists of wholesale and retail trade, transporta tion, and communications and public utilities. "Service industries" comprises finance, insurance, and real estate and 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. IT/ Equals personal income exclusive of net income of unincorporated farm enterprises, farm wages, agricul tural net interest, and net dividends paid by agricultural corporations. 0- i fo l
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