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Ä s ilT E D S T AT E S D E P AR T M E N T OF CO M M ERCE IM F \ A / Q • O F F ICE OF B U SI N E SS E C O N O M IC S W ASH IN GT ON , D. C. 20230 FOR RELEASE WEDNESDAY A.M., DECEMBER l8 , 19 6 8 OBE 6 8 - 6 2 Pauline Cypert: 967-^500 PERSONAL INCOME - NOVEMBER 19 6 8 Personal income rose $3~3/^ billion to a seasonally adjusted annual rate of $707 billion in November, the Commerce Department's Office of Business Economics reported today. The November advance was about the same as the revised October increase but less than the $5-l/3 billion average monthly gain in the third quarter. Wage and salary disbursements, at $¿1-77-1/2 billion in November, were $2-l/2 billion higher than the month before. But the rate of increase was little changed, as sharper gains in service payrolls were offset by slower growth in manufacturing payrolls. Service industry wages and salaries were up by $ 3 /^ billion as compared with $l/4 billion in October; distributive industries (wholesale and retail trade, transportation, communication, and other public utilities) showed an increase of $l/^ billion after reporting no change in the preceding month; government payrolls moved ahead $l/2 billion, moderately above their October rate of gain; and factory disbursements were up $l/2 billion as compared with $1 billion in October. The rise in factory payrolls was the smallest monthly increase since August, and reflected increases in employment and hourly wages that were partially offset by a decline in hours worked. Among the individual industries there were diverse movements: machinery, ordnance, and chemicals recorded the largest gains, while food, apparel, and primary metals reported declines. By and large, most nonwage incomes rose at about the same pace in November as they had in October, with interest income and transfer payments (mainly, a variety of government benefits including Social Security, veterans' payments and welfare) each rising about $l/2 billion. Other nonwage incomes showed little change. Jÿ i o r eJ - 2 - Personal income from January through November 1968 averaged $683 billion at an annual rate — $56 -1/ 2 billion or 9 percent above the average for the same period last year. Wages and salaries for the eleven months were up $¿+0 billion or 9 -1/ 2 percent, with the increases ranging from 8 percent in the commodity-producing industries to 12 percent in government. Details of personal income in November and other recent periods are shown in the accompanying table; additional data appear each month in the Survey of Current Business, published by the Office of Business Economics. The Survey is available from Field Offices of the Department of Commerce or from the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402, at an annual subscription price of $9.00, including weekly supplements; single copy, $1 .0 0 . Personal income includes wages and salaries, the net income of proprietor ships — farm and nonfarm — as well as dividends, interest, net rents received by landlords, and other types of individual income. All dollar figures are adjusted for seasonal variations and are at annual rates (monthly totals multiplied by 12 ). PERSONAL INCOME (Billions of dollars, seasonally adjusted annual rates) 19 6 7 1968 19 6 7 19 6 8 First 11 months Sept. Oct. Nov. Sept. Oct. Nov. 626.7 6 8 3.2 6 37 .O 6 38 .O 644.9 699.7 70 3.2 70 7 .O 421.5 461.6 428.8 429-6 435.4 179 .8 16 7 .6 134 .8 17 1. 0 13 7 .5 10 3 . 1 474.9 184.7 148.8 8 5.6 7 1. 6 8 8 .1 8 9 .0 112 . 1 78 .8 9 8 .6 112 . 1 76.9 95-9 16 7 .8 I3 5 .I 10 2 . 1 7 I .3 8 7.6 472.8 183-3 147.8 477.4 16 6 .0 13 3 . 7 10 0 .2 79.1 99.0 112.4 79-8 99.5 Other labor income.................... 2 3 .2 26 .0 23.9 24.0 24.2 26 .8 2 7 .0 27.3 Proprietors' income : Business and professional........ Farm........................... 46.2 14. 4 47.7 46.7 l4.8 46.5 14.2 46.8 14.3 48.0 48.1 48.2 15 . 1 15 . 7 15 . 6 15 . 6 Rental income of persons.............. 2 0 .3 20 .9 20.4 20 .5 20 .5 21.1 21.2 21.2 Dividends............................ 2 3 .1 24.6 23.4 2 3 .2 2 3 .1 25.3 25.3 25.4 Personal interest income.............. 46.6 5 1.9 47.6 48.0 48.5 53-^ 54.0 54.6 Transfer payments^.................... 51.6 58.3 5 1. 9 52.6 53.0 59-9 60.4 6 0 .8 20 .3 22.9 20 .5 20.7 20 .9 23.3 23.4 23.5 6 0 7.2 19 .5 6 6 2.8 6 17 . 1 19 .8 6 18 .8 19 . 2 625.4 6 78 .6 6 8 2.2 685.9 19 .5 21.1 21.0 21.0 TOTAL PERSONAL INCOME......... . Wage and salary disbursements, total... Commodity-producing industries..... Manufacturing only.......... ■ Distributive industries.......... Service industries.............. Government...................... Less: Personal contributions for social insurance...................... ADDENDA: Total nonagricultural income^.... • Total agricultural income....... 1. 2. 69.7 144.9 10 9 .0 20.4 102.4 72.3 18 5 .6 14 9 .4 Consist mainly of social insurance benefits and veterans' payments. Equals personal income exclusive of net income of unincorporated farm enterprises, farm wages, agricultual net interest, and net dividends paid by agricultural corporations. Source: U. S. Department of Commerce, Office of Business Economics. Billion Dollars U .S . D e p a rtm e n t o f C o m m e rc e , O ffic e o f B u s in e s s E c o n o m ic s
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