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OFFICE OF BUSINESS ECONOM ICS U. S. DEPARTMENT OF COM M ERCE B U SIN ESS N EW S R EP O R T S PERSONAL INCOME - March 1959 FOR RELEASE TO A.K. ’S. WEDNESDAY, APRIL James W. McNally: OBE 15, 1959 59-24 STerling 3-9200 Ext. 3501 Personal income in March was at a seasonally adjusted annual rate of $368| billion, $3 billion higher than in February, the Office of Business Economics, U. S. Department of Commerce announced today. Most of the March rise was in wages and salaries, centering in the durable goods manufacturing industries. Advances resulted chiefly fran increased em ployment with wage'rates and average hours worked also higher than in February. The largest increases were in the primary metals, stone-clay-glass, and metal working groups. Payrolls were up also in most nondurable goods manufacturing industries. Total manufacturing payrolls in March exceeded the previous high set in June 195?. This was the result of higher average earnings as factory employ ment was still below its pre-recession peak. Transfer payments were at about the same rate as in February, as the gradual uptrend of payments tinder the old-age and survivors insurance pro gram continued to offset some decline in unemployment benefits. Payments under both the Temporary Unemployment Compensation Act and regular State unemployment programs declined for the sixth 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 b y landlords, and other types of individual income. The annual rates, which are used to facilitate comparison with pre vious «rmiial totals, represent the seasonally adjusted dollar totals for each month multiplied by 12. Personal income in the first quarter of 1959 was at an annual rate of $3^5^ billion — $ 17 billion, or 5 percent, higher than in the corresponding quarter of 19 5 8 * Details of personal income in March and other recent periods are shown in the following table. (Over) O BE B U SI N ESS N EW S Comm— DC— R EP O R T S R E G U LA R LY 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 A V A I L A B LE — 47633 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 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 CO 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 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 E N T S , Q u a r t e r ly MONTHLY PSRSONi»NCOME (Seasonally adjusted annual rates in billions of dollars) Jan. 1959 Feb. 1959 March 1 959 Jan. 1958 Feb. 1958 March 1958 First three months 1959 1958 TOTAL PERSONAL INCOME......... ............. 363.0 365.U 36 8 .6 31*8.8 31*7.5 31*8.7 365.7 31*8.3 35U.U Wage and salary disbursements, total...... 216.k 21*6.9 21*9.6 235.1 233.2 232.6 21*7.3 233.7 237.1 Commodity-producing industries.... . Manufacturing only.................... Distribute,ve industries................ Service industries................... Government.............................. 102.1 8 0 .8 61*.8 31*.5 1*1*.0 102.7 81.5 65.3 31*.7 i*i*.2 10U.6 82.8 65.8 31*.9 1*1*.3 97.9 76.9 63.5 33.1 1*0.7 95.6 75.1* 63.1* 33.2 1*1.0 95.3 71*.9 62.9 33.3 1*1.1 103.1 81.7 65.3 31*.7 1*1*.2 96.3 75.7 63.3 33.2 1*1.0 97.3 76.U 63.3 33.6 1*2.8 9oh 9.5 9.5 9.1 9.0 8.9 9.5 9.0 9.1 Other labor income............. . Full year 1958 Proprietors1 income: Business and professional............... Farm.... ....... ...................... 32.3 13.3 32. 1* 13.1* 32.6 13.5 30.9 12.6 30.1* 13.8 30.5 li*.6 32.1* 13.1* 30.6 13.7 31.0 ll*»2 Rental income of persons.................. 12.1* 12.5 12.5 12.2 12.1 12.1 12.5 12.1 12.2 12.5 12.5 12.6 12.5 12.1* 12.U 12.5 12.5 12.3 Personal interest income...-...... . 19.6 19.8 20.0 19.3 19.3 19.3 19.8 19.3 19.1* Transfer payments 2 5.8 26.1 26.1 23.9 23.8 21*.8 26.0 21*.2 25.9 Less: Personal contributions for social insurance.... .......................... 7.7 7.7 7.8 6.7 6«? 6.6 7.7 6.7 6.7 Total nonagricultural income ii/............. 3U5.8 3H8.2 351.2 332.5 330.1 330.5 31*8.1* 331.0 336.5 Total agricultural income........ ......... 17.2 17.2 17.1* 16.2 17.1* 18.2 17.3 17.3 17.9 1. 2e .................. Consist mainly of social insurance benefits and veteransf payments* Equals personal income exclusive of net income of unincorporated farm enterprises, farm wages, agricultural net interest, and net dividends paid by agricultural corporations. -0-
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