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U. S. DEPARTMENT OF COMMERCE OFFICE OF BUSINESS ECONOMICS BUSINESS NEWS REPORTS PERSONAL INCOME — - MAÏ 1951 ----------------------FOR RELEASE* Monday A.M., July 16, 1951 ADVANCE OBE -507 Personal income in May was at the annual rate of $2li9.5 billion, virtually un changed from April, the Office of Business Economics, U. S. Department of Commerce announced today. The May total of personal income was about billion higher, at an annual rate, than the average for the first quarter of this year. Changes from April to May in the components of perqcnai income were small and largely offsetting. Personal income estimates include wage and salary receipts, tne net incomes 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. Private industry wage and salary disbursements were at an annual rate of $110 billion in May, about a billion dollars lower than in April. Manufacturing pay rolls particularly in nondurable goods industries — • were reduced slightly in May as employ ment and hours of work declined. Trade and construction pay rolls also declined slightly with lower employment. Government pay rolls were about half a billion dol lar a higher at an anruuJ. rate of $28 billion, chiefly the result of erpanded armed forces personnel. Farm proprietors' income increased by about half a billion dollars, at an annual rate, from April to May, as the volume of farm products marketed increased. Farm proprietors' income for the first 5 months of 1951 — at an annual, rate of $16.5 billion was about one-third higher than in the corresponding period of 1950. Transfer payments in May rose by half a billion dollars.to ah arinual rate of $12.7 billion. This increase reflected a full month's disbursement of the r.econa National Service Life Insurance dividend payment to veterans, which began late in April. This year's NSL1 dividend is expected to be spread rather uniformly through the rest of the year, in contrast to the heavy concentration of last year's $2.7 billion payment within several months. In the first 5 months of 1951 personal income was at the annual rate of $2h6 billion, $30 billion or li* percent above the similar period of last year. Details of the personal income estimates for April and May 1951 and for other recent periods are shown in the following table. The data for April 1951 and earlier periods represent revisions of previously published estimates. Complete data on a revised basis, beginning with 19li8, on personal income and related series on national income and gross national product will appear in a special National Income Supple ment to the July 1951 Survey of Current Business, official monthly magazine of the Office of Business Economics. Comm— DC— 10027 OBE BUSINESS NEWS REPORTS REGULARLY AVAILABLE: H UM US INVENTORIES. M w tM , CASH DIVIDERO PAYMENTS, MoMMt WHOLESALERS' SAUS ANO INVENTORIES, Mo.Ih I , RETAIL STORE SALES. MmtMp PEART ANO EQUIPMENT SURVEY. QuwMris ■AURCE OP INTERNATIONAL PAYMENTS. Qnrtw M PERSONAL INCOME. Ml »M N CHAM STONE AND MAN. ORDER SALES. M wM p MANUFACTURERS' SAUS ANO MVENTORMS. M a tt*
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