The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
u . S. DEPARTMENT OF COMMERCE OFFICE OF BUSINESS ECONOMICS BUSINESS N E W S R EP O R T S H 5BS0 M L IHCOMB - lay 1956 FOR IMMEDIATE RELEASE, MONDAY, JULY 16, 1956 Personal inesm® in May « 9 Q B E 56-57 at an annual rate of $323 billion, billion higher than in April, the Office of Business Economies, U. S. Department of Ooamerc® announced today« The Bepsrtisent noted that personal ineose in the first five months of 1956 was T percent higher than in the corresponding ■period of 19 5 5 ® ffe© May gain in personal income was scattered among the various major types of income. Wages and salaries were slightly higher than in April. .Pro prietors* income increased » r e sharply than in recent months, largely reflect ing an increase in the sale® of retail proprietors. Interest, dividends, and transfer payments continued, upward trends. Estimates for April and prior .months contained in this release represent statistical revisions of previously published data. They incorporate the re sults of the usual annual revisions of the national income, national product and related series which QBE completes each year in July. Detailed estimates for the period 1952 t h r o n g 1955, which furnish the latest data sow available, will appear in the July 1956 National Income Number of the Survey of Current Business, monthly magasine of the Office of Business EconomïëiT“ Personal income estimate® include wage® and salaries, the net income of proprietorships and partnerships — farm and nonfhra — as well a® dividends and interest, net rent® received by landlord®, and other types of individual income. The annual rate®, which are used to facilitât® eoaparisoa with previous annual totals, represent the seasonally adjusted dollar totals for each .month multiplied by 12. Private industry payrolls, which had shown an unusually large increase of $2f billion 'between March and April, Increased only fractionally from April to May. In April, payrolls in mnufaeturing and noum&nufaeturing industries each increased by well, over $1 billion from the March level. In the msmf&eturing sector, half of the increase took place in the electrical and non electrical machinery industries and was largely attributable to the ending of a major work stoppage. At, the same time payrolls rose in s U other manu facturing industries except autos. Payroll increases were also general nonmanufacturing industries and were especially pronounced in construction, trade, and mining. * (Over) D I E ' B U SIN ESS N E W S R EP O R TS R EGU L A R L Y A V A IL A B L E — % O TA L M A N U F A C T U R IN G W H O LESA LER S’ SA LES A N D A N D M A N U FA CTU R ER S' SA LES TR A D E IN V E N T O R IE S , M o n t h ly IN V E N T O R IE S , A N D M o n t h ly IN V E N T O R IE S , M o n t h ly P E R S O N A L 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 E N T S , IN C O M E A N D PLA 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 F O R E IG N G R A N TS B A LA N CE O F A N D S U R V E Y , Q u a r t e r ly 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 P A Y M E N T S , Q u a r t e r ly - 2 - % In lay payrolls in *ost private industries remised close to their April levels or showed slight increases» Auto payrolls!, however, continued the decline that began last December. Smaller declines took place in three other durable goods manufacturing industries — primary metals, fabricated metals, and nonelectrical machinery. Construction payrolls continued to advance as in recent months. According to preliminary indications, private payrolls increased in June by about $1 billion, with almost all of the increase in nonmanufac turing industries. Details of personal income in May 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) n c o m e ..... Wage and salary disbursements, total®* Commodity-producing industries 3/..® Distributive industries l/.®.»®®*.®. Service industries l/.».... . Government®......................... April 1956 March 1956 Feb. 1956 Jan. 1956 May 1955 First five months 1956 19 55 ' 323.0 321.7 318.6 317.1 316.7 30 I4.3 3i9.it 298.1 30 6 .1 2 2 3.3 222,9 96.8 9 6,8 59.1 59.1 30.0 29 .8 37.2 37. it 220.3 95.1 58.lt 29 .6 37.2 218.9 9k.7 57.9 29.5 36 .8 219.0 9li.8 57.9 29*5 36.8 208.8 9 0 .8 5U-7 35.it 220 .9 95.7 58.5 29.7 37.1 203.9 87.9 53.5 27.it 35.1 2 10 .u 9 0 .9 55. k 28.2 35*9 7.2 7.3 U9.it 28.5 18.2 5.7 6.9 U9.7 26.5 17.6 c: 0 7.2 1*9-7 28.9 18.5 5.7 6.8 U9.0 26.1 17.it 5.1 7.0 1*9.1 27.3 17.6 5.2 282.7 290.9 ■27.9 Other laoor xncome..................................... Proprietors' and rental income.............. ..... . Personal interest income and dividends®..«.........®.®. Transfer payments 2/.......... ......... . Less personal contributions for social insurance 3/.... 7.2 50.3 29*3 18.7 5.8 7.2 lt9.7 29.1 18.6 5.8 7.2 1*9.5 28,8 18.5 5.7 28.7 18.3 5.7 Total nonagricultural income ¿/...,...................... 307.8 30 6 .8 30U.0 301.5 3 0 1.6 288.6 30U.3 15 . 2 Hi.? 1 U .6 15 . 6 15 . 1 15 . 7 15.1 Total agricultural income k9.7 15.it î7^ÏÏc™Sdï^^prôducing"Tndüstri^" consists of agriculture, forestry and fisheries, mining, contract” cônstruction7 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 veterans payments and social insurance benefits® 1/ Data since January of 1952 represent contributions of both employees and self-employed persons. Tj/ Equals personal income exclusive of net income of unincorporated farm enterprises, farm wages, agricultural net interest, and net dividends paid by agricultural corporations. Full year 222L fo O V j Total personal i May 1956 15. 2
@FedFRASER