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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 - M a y 19 5 8 QBE FOR RELEASE TO A.M.'S, THURSDAY, JUNE 12, 1958 James W. McNally: 58-43 STerling 3-9200 Ext. 3501 Personal income in Ma y was at a seasonally adjusted annual rate of $344|- "billion, about $1 billion higher than in April, che Office of Business Economics, U. S. Department of Commerce announced today. Wage and salary disbursements in May advanced b y $3/4 billion to an annual rate of $234 billion. This was the first month-to-month rise in payrolls since August of last year. Most of the remainder of the increase in personal income from April to Ma y occurred in government transfer pay ments. 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 previous annual totals, represent the seasonally adjusted dollar totals for each month multiplied by 12 . Payrolls in the contract construction industry increased in May as employment continued upward from the low levels reached during the bad weather earlier this year. Gains occurred also in trade, finance, farm ing, and government. Payrolls in manufacturing were off slightly in total, with the changes from April quite limited in most major industry groups. The April-May increase in government transfer payments centered largely in old-age benefits. Details of personal income in M a y and other recent periods are shown in the following table. (Over) Comm— DC-— 7177 O BE B U SI N ESS N EW S 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 F A C T U R E R S ' S A L E S A N D A N D T R 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 A V A I LA B LE — 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 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 EN T S, Q u a r t e r ly MONTHLY PERSONAL INCOME IN THE UNITED STATES (Seasonally adjusted annual rates in billions of dollars May 1958 April 1958 Mar. 1958 . May 1957 ..195-7 Mar. 1957 April First 5 months 1958____ 1951 TOTAL PERSONAL INCOME..................... • 3Uh.3 3U3.1 31+2 .2 31+3.2 31+1.1 31+0 .2 31+3.1 339.9 Wage and salary disbursements........... . 233.9 233.2 233.8 238.3 237.1 237.2 231+.5 236.6 95.1 63.5 9h.7 1+0.9 63.1+ 3 1+.3 1+0.8 95.1 6 3.7 31+.3 1+0.7 102.1+ 63.1+ 33.0 39.5 102.1+ 62.7 32.9 39.1 102.3 63.0 32.6 39.3 95.6 63.9 31+.3 1+0.7 102.1 62.7 32.5 39.2 7.7 7.7 7.7 7.8 7.8 7.8 7.8 7.8 Proprietors and rental income.......... . 51.6 51.1+ 51.3 51.1 51.1 51.1 51.2 51.0 Personal interest and dividends........ . 31.8 31.8 31.7 3 1. 2 31.0 30.9 31.8 30.9 Transfer payments 2 / .................... 2 6 .1 25.7 21+.1+ 21.6 20.8 20.0 21+.6 20.3 6.8 6.7 6.7 6.8 6.7 6.8 6.8 6.7 . 327.1 326.0 325.1+ 327.5 325.3 321+.5 32 6 .I+ Total agricultural income................. . 17.2 17.1 15.7 15.8 15.7 16.7 Commodity-producing industries 1 / ..... , Distributive industries l / ............. , Service industries 1 / ..... .......... .. , Less personal contributions for social Total nonagricultural income h/ ..... . 3h.h 16 .8 ^ 321+.2 15.7 1 "Commodity-producing industries" consists of agriculture, forestry and fisheries, mining, contract construc tion and manufacturing "Distributive industries" consists of -wholesale and retail trade, transportation, and _ communieations and public utilities. "Service industries" comprises_finance, insurance, and real estate and services. 2 Consists mainly of veterans* payments and social insurance benefits. o’ since January of 1952 represent contributions of both employees and self-employed persons. h. e i o l J v e of net income of ^incorporated farm enterprises, farm »ages, agricultural net interest, and net dividends paid by agricultural corporations.
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