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O FFICE O F CO M M ER CE U . S. D EP A R T M EN T OF B U SI N ESS ECO N O M ICS B U SI N E S S N E W S R EP O R T S PERSONAL INCOME - May 1957 Q BE FOR RELEASE TO A.H. 'S, TUESDAY, JUNE 18, .1957 Marilyn Youngs 57-54 STerling 3-9200 Ext. 2222 Personal income in May was at a seasonally adjusted annual rate of S3U0f billion, $1 billion higher than in April and $171? billion above May of last year, the Office of Business Economics, U. S. Department of Commerce announced today. 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 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 bulk of the May income rise was in government transfer payments. Thes^ payments have risen sharply this spring as farm operators and certain other - ^ groups, newly covered by the social security law in 1955, are this year becoming eligible in large numbers to receive old-age benefits. Accentuating the steepness of the recent increase in monthly disbursements is the fact that first checks to new claimants usually cover several months1 payments. Most other components of personal income were relatively stable from April to May. Wage and salary disbursements, after seasonal allowances, were little changed in the aggregate, as moderate gains in nonmanufacturing industries offset declines in manufacturing. Payroll increases in nonmanufacturing industries reflected higher employ ment and average earnings, and occurred in trade, construction, finance, and State and local governments. Roughly three-fifths of the decline in manufac turing payrolls resulted from fewer hours worked and two-fifths from lower employment. Industry-wise the principal declines were in the durable goods sector — in transportation equipment, nonelectrical machinery, and fabricated metals. Most other industries showed slight declines or no change. Electrical machinery, chemicals, and tobacco were somewhat higher. The May rate of personal income was $4 billion higher than in the first quarter of this year. Wages and salaries were up by more than $1 billion, property income — dividends, interest, and business income — by somewhat less than $1 billion, and transfer payments by about $2 billion. O BE B U S I N E S S N E W S R EP O R T S R EG U L A R L Y A V A I L A B L E — Comm— DC— 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 M A N U FA C T U R E R S ' A N D A N D S A L E S 866 4 T R 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 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 IN CO M E P LA N T M o n t h ly P A Y M EN T S, A N D 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 M ONTHLY PERSONAL INCOM E IN THE U N ITED STA TES May 1957 April 1957 Mar. 1957 May 1956 April 1956 Mar. 1956 First five months 1957 ~ 19%S 3Uo.li 339.3 338.1 322.8 321.7 318.6 337.9 319.U Wage and salary disbursements, total............ Commodity-producing industries 1/............... . Distributive industries 1/.......... ............ . Service industries l/............. . Government...... ........ ............. ......... . 23U.7 101.6 62.1 31.7 39.3 23U.9 102.2 6l08 31.7 39.2 23U.5 102.0 62.0 31.5 39.0 223.2 96.8 59.1 30 .0 37.3 222.9 96.8 59.1 29 .8 37.2 220.3 95.1 58.U 29.6 37.2 23U.1 101.8 61.8 31.5 39.0 220.9 95.6 58.5 29.7 37.1 Other labor income................................. Proprietors' and rental income...... ................ Personal interest income and dividends......... . Transfer payments 2/.... ..... ................ . Less personal contributions for social insurance 3/.» 7.6 51.7 31.3 21.8 6.7 7.5 51.6 31.1 20.9 6.7 7.5 51.6 30.9 20.3 6.7 7.2 50.1 29.U 18.7 5.8 7.2 U9.7 29.1 18.6 5.8 7.2 U9.5 28.8 18.5 5.7 7.5 51.6 30.9 20.5 6.7 7.2 U9.7 28.9 18.5 5.7 325.1 32U.0 322.7 307.6 306.8 30U.0 322.6 30U.3 15.3 15.3 15.U 15.2 1U.9 1U.6 15.3 15.1 Total personal income........»...*................. Total nonagricultural income h/........ ........ . Total agricultural income............................ 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 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. 5/ Equals personal income exclusive of net income of unincorporated farm enterprises, farm wages, agricultural net interest, and net dividends paid by agricultural corporations. - 0- Details of personal income in May and other recent periods are shown in the following table. (Seasonally adjusted annual rates in billions of dollars)
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