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U. S. DEPARTMENT OF COMMERCE OFFICE OF BUSINESS ECONOMICS BU SIN ESS N EW S REPO RTS PERSONAL INCOME - November 1957 QBE FOR RELEASE TO A.M.'S,. WEDNESDAY, DECEMBER l8, 1957 James W. McNally: 57-UO STerling 3-9200 Ext. 3501 Personal income in November was at a seasonally adjusted annual rate of $3^5ir billion, billion lower than in October, the Office of Business Economics U. S. Department of Commerce announced today. The November income total was $10| billion, or 3 percent, above that for the same month of 19 5 6 . Wages and salaries declined by about $1 billion in November, reflecting lower employment and a shorter average workweek than in the previous month. Proprietors' income was also slightly lower in November. Half the decline in these components, however, was offset by higher Government transfer payments. 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. Since the peak reached in August, total wages and salaries have declined by $2g billion, or about 1 percent, with the bulk of the decline concentrated among production workers in durable-goods manufacturing industries. However, payrolls in nondurable-goods manufacturing, trade, mining, and railroads were also somewhat lower in November than three months earlier. Services and finance continued to advance over this period, and other nonmanufacturing in dustries were stable. Government payrolls declined by a small amount, as the continuing upward movement in the State and local segment^ more than offset a reduction in Federal disbursements, civilian and military. The recent change in trend of total payrolls reflects largely the movement of employment, which rose through August and has been lower in each subsequent month. Throughout 1957> average weekly hours worked have tended lower and average hourly earnings have been rising. A direct result of the decline in employment over the past three months has been a rise of $3/^ billion in the annual rate of unemployment benefits. This accounted for half of the $1-|- billion rise in Government transfer payments which occurred from August to November. Old-age benefits continued to advance over this period and, together with a rise in veterans' compensation payments resulting from new rates effective in October, accounted for most of the re mainder of the recent rise in transfer payments. Details of personal income in November and other recent periods are shown in the following table. O B E B U SIN ESS N EW S REPO RTS REG U LA RLY A V A ILA B LE — Comm— DC— 6 8 lh TO TA L M A N U F A C T U R IN G W H O LE SA LER S' SA LES M A N U FA C T U R ER S' A N D A N D S A LES TR 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 PERSO N A L CA SH N A T IO N A L PLA N T IN C O M E , M o n t h ly D IV ID EN D P A Y M E N T S , M o n t h ly IN CO M E A N D PR O D U CT , Q u a r t e r ly A N D E Q U IP M E N T FO R EIG N G RA N TS A N D B A LA N CE O F S U R V E Y . Q u a r t e r ly C R E D I T S , Q u a r t e r ly IN T E R N A T IO N A L P A Y M E N 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) Nov. 1957 Oct. 1957 Sept. 1957 Aug. 1957 Nov. 1956 Oct. 1956 First eleven Sept. months 1956 1 9%1 TOTAL PERSONAL INCOME................................. 32+5.9 32+6 .6 31+6 .8 33k.9 331+.1 331.1 31+3.0 326.0 Wage and salary disbursements, total................ 22+0.1 2iil.5 22a . 7 233.1 231.8 230.1+ 238 .8 226.1+ Commodity-producing industries 1/................. Distributive industries 1/........................ Service industries 1/,.. Government....................................... 101.3 61+.3 3I+.0 Ho.5 102.2 6J+.8 33.9 1+0.6 102.8 61+.7 33.7 h0.5 101.2 100.8 6 1.1+ 6 0 .8 31.8 31.9 38.6 38.1+ 99.6 60.9 31.5 38.1+ 102.2 63.6 33.2 39.8 97.8 59.9 30.9 37.8 8.0 8.0 8.0 7.7 7.7 7.6 7.9 7.5 Proprietors* and rental income.......... ;.......... 50 .8 51.1 51.2 50.7 51.3 1+9.9 50 .8 1+9.9 Personal interest income and dividends.............. 31.7 31.6 31.6 30.1+ 30 .2 30.1 31.3 29.5 Transfer payments 2/................................ 22.1 21.2 21.2 18.9 18.9 18.8 21.0 18.1+ 6.8 6.8 6.9 5.9 5.8 5.7 6.8 5.7 331.0 331.3 331.3 319.3 317.7 316.1 327.7 310 .8 U+.9 15.3 15.5 15.6 16.1+ 15.0 15.3 15.2 Other labor income................. ,....... Less personal contributions for social insurance .. . 6.8 Total nonagricultural income y .............. ........ Total agricultural income............. .......... . y "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. y 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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