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U . S. D EP A R T M EN T O F O F F IC E CO M M ER CE 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 INCOME - October 1957 Q B E 57-100 FOR RELEASE TO A . M . 'S, MONDAY, NOVEMBER 18, 1957 Marilyn J. Young: STerling 3-9200 Ext. 2222 Personal income in October was at a seasonally adjusted annual rate of $3^5| billion, $1 billion lower than in September, the Office of Business Economics, U. S. Department of Commerce announced today. The October inccme flow was $11§- billion, or 3^ percent, higher than in the same month of last year. Wage and salary disbursements declined by $l|- billion from September to October, while government transfer payments increased by about billion. Other types of income were little changed. Personal income estimates include wages and salaries, the net incane of proprietorships and partnerships — farm and nonfarm — as well as dividends and interest, net rents received by landlords, and other types of individual incane. 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. The change in wage and salary disbursements from September to October reflected reductions in employment and hours worked per week, with average hourly earnings remaining at record levels. The bulk of the October decline in wage and salaries occurred in manufacturing industries. Payrolls in private nonmanufacturing industries were off slightly. Government wages and salaries were unchanged in October, as reductions in the Federal segment, civilian and military, offset a further rise in payments to State and local employees. Over half of the October rise in transfer payments resulted from an in crease in unemployment insurance benefits. Most of the remainder reflected higher old-age benefits. Personal income in the first ten months of 1957 was at an annual rate of $3^21 billion — $17i billion, or percent, higher than in the corresponding period of 19 5 6 . Details of personal income in October and other recent periods are shown in the following table. , (Over) Comm— DC— 6747 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 MDNTHLT PERSONAL INGOi: THE UNITED STATES (Seasonally adjusted annual rates in billions of dollars) Oct. — ---- --------- Sept. Aug. ------ ----- ---- 315,6 TOTAL PERSONAL INCOME....«........... ............. Mage and salary disbursements, total..... »..... .. 239.9 Commodity-producing industries 2/. . MstrLbutiv® industries Service industries if.........,...... ........... Government................ .................... Oct. Sept. 1956 . 1956 Aug. 1956 First ten months 1^57 1956 Full year 1956 3246.6 3U6.8 33U.1 331.1 329.3 31*2.7 325.1 326.9 21*1.5 21*1.7 231.8 230.I* 228.8 238.7 225.8 227.2 98.6 102.3 31.1 37.9 100.8 102.2 102.8 100.8 61*.6 61*.8 61*.7 60.8 33,9 33.9 33.T 31.8 ¿|0.6 1*0.6 38.1* i*o.5 99.6 60.9 31.5 38.1* 60.5 31.5 38.2 39.1 97.5 59.8 30.8 37.7 63.6 33.1 98.3 60.I Other labor income................................. 8.0 8.0 8.0 7.7 7.6 7.6 7.9 7.5 7.5 Proprietors5 and rental income........»......*..... gl.o 51.1 51.2 51.3 1*9.9 50 .I 50.8 1*9.8 1*9.9 Personal interest income and dividends.......... 31.7 31.6 31.6 30.2 30.1 29.9 31.2 29.1* 29.5 Transfer payments 2f............,.*. **.......... «.. 21.8 21.2 21.2 18.9 18.8 18.7 20.9 18 .1* 18.5 Less personal contributions for social insurance ¿/ 6.8 6.8 6.9 5.8 5.7 5.8 6.8 5.7 5.7 Total nonagrieultur&l income hf...................... 330.3 331.3 331.3 317.7 316.1 31i*.l 327.1* 309.5 311.7 15,3 15.3 15.5 15.0 15.2 15.3 15.2 15.2 Total agricultural i n c o m e . 16 .i* 1/ RComodity-producing industries'5 consists of agriculture, forestry and fisheries, raining, contract construction and manufacturing. »Distributive industries» consists of wholesale and retail trade, transportation, and eommuai-* cations and public utilities. »Service industries» comprises finance, insurance, and real estate «nrf services» 2/ Consists mainly of veterans* payments and social insurance benefits. 2/ Data since January of 1952 represent contributions of both employees and self-employed persons. h/ Equals personal income exclusive of net income of unincorporated farm enterprises, fans wages, agricultural net interest, and net dividends paid by agricultural corporations. -0-
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