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Ö . S. D EP A R T M EN T O F CO M M ER CE O F F IC E O F B U S IN E S S E C O N O M IC S B U SIN ESS N E W S R EP O R T S PERSONAL INCCME - October 1955 Q BE FOR RELEASE TO PM' S, WEDNESDAY, DECEMBER 7, 1955 55-101 Personal income in October was at an annual rate of $309^- billion, more than $1§ billion higher than in September, the Office of Business Economics, U. S. Department of Commerce announced today. Two-thirds of the month-to-month rise took place in wage and salary dis bursements and one-third represented a continuation of the rise in interest, dividends, and nonfarm proprietors' income. Personal income estimates include wages and salaries, the net income of proprietorships and partnerships -- farm and nonfarm - - a s 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. Of the $1 billion increase in wages and salaries, billion occurred in manufacturing industries. The September to October rise in manufacturing payrolls was attributable to both higher wage rates and employment, with increases in wage rates the more important factor. Average hours worked showed about the usual seasonal movement from September to October. On an industry basis the largest payroll gains were registered by the industries manufacturing machinery, both non-electrical and electrical. Personal income in the first ten months of 1955 was at an annual rate of $301 billion, $l4 billion higher than in the corresponding period of 195^. Details of personal income in October and other recent periods are shown in the following table. (OVER) 9 O BE TO TA L B U S I N E S S N E W S R E P O R T S R E G U LA R LY A V A I LA B LE — M A N U F A C T U R IN G W H O LE S A LE R S ’ SA LES A N D A N D M A N U F A C T U R E R S ’ S A LE S 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 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 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 E Q U IP M E N T F O 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 MONTHLY PERSONAL INCOME IN THE UNITED STATES (Seasonally adjusted annual rates in billions of dollars) Oct. Sept. Aug. 1955 _1955 . 1955 Oct. 1954 First ten months Sept. Aug. 1954 .232k. .. .1955 . ..192L Full Year 309.6 307.9 305.3 288.4 287.9 286.7 301.0 286.8 287,6 Wage and salary disbursements, total................. Commodity-producing industries l/............... .. Distributive industries l/................... . Service industries l/«............................. Government..................................... 213.6 92.9 56,7 28.1 35,9 212.4 92.2 56.4 28.0 35.8 211.2 91.5 56.1 27.9 35.7 196.8 83.4 195.8 83.1 52.5 26.3 33.9 207.1 89.8 54.7 27.4 35.2 195.8 84.0 52.2 25.8 33.8 196.2 84.2 26.5 34.2 195.8 82.8 52.5 26.3 34.2 Other labor income............. ............... . Proprietors* and rental income..,,...... ........... Personal interest income and dividends............. Transfer payments 2/.................... . Less personal contributions for social insurance ¿/.. 7.1 49.8 27.5 16.9 5.3 7.1 49.7 27.1 16.9 5.3 7.0 26.7 16.9 5.3 6.7 47.5 24.9 17.0 4.5 6.6 49.0 24.7 16.3 4.5 6.6 48.1 24.7 16.1 4.6 6.9 48.9 26.2 17.1 5.2 6.5 48.4 24.5 16.1 4.5 6,6 48,4 24,7 16.2 4.5 294.8 293.0 290.8 273.8 272.1 271.5 286.3 270.8 271.9 14,8 14.9 14.5 14.6 15.8 15.2 34.7 16.0 15,7 Total personal income..... ,..... .................... Total nonagricultural income ¿/»................... Total agricultural income.............................. 48.8 52.7 52.3 25.9 33.8 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/ Bata since January of 1952 represent contributions of both employees and self-employed persons, Lj Equals personal income exclusive of net income of unincorporated farm enterprises, farm wages, agricultural net interest, and net dividends paid by agricultural corporations.
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