The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
U . S. D EP A R T M EN T O F CO M M ER CE O F F IC E B U SIN ESS N E W S O F B U S IN E S S E C O N O M IC S R EPO R TS PERSONAL INCOME - October 1958 OBE FOR IMMEDIATE RELEASE MONDAY, NOVEMBER 17, 1958 James W. McNally: 58-85 STerling 3-9200 Ext. 3501 Personal Income in October was at a seasonally adjusted annual rate of $357y billion, little changed from the high September rate, the Office of Business Economics, U. S. Department of Commerce announced today. Wage and salary disbursements in October were $3/4 billion below the annual rate for September, as a result of work stoppages slowing operations temporarily in several durable goods manufacturing industries. The reduction in payrolls was largely offset in the personal income total b y an increase in the net income of proprietors. • 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. The October decrease in wages' and salaries was centered in the durable goods manufacturing industries. Roughly half of the decline in payrolls re stated from fewer hours worked and the other half from lower employment. Industrial disputes in the automotive, fabricated metals, machinery, electrical machinery, and glass industries were largely responsible for these declines. Higher payrolls were reported in October for the primary metals industry. Aggregate payrolls for nondurable goods industries were up slightly from September as most of the industries registered small gains. Nonmanufacturing payrolls showed little change. Nonfarm proprietors* income was at a higher rate in October, reflecting larger sales in retail trade and the services. Transfer payments were off fractionally as unemployment benefits under both the Temporary Unemployment Compensation Act and regular State programs declined. Details of personal income in October and other recent periods are shown in the following table. (Over) O BE TO TA L B U SI N ESS N EW S Comm— DC— 47277 M A N U F A C T U R IN G M A N U FA C T U R ER S' S A LE S A N D A N D TR A D E R EP O R T S 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 R E G U LA R 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 A V A I L A B LE — M o n t h ly P A Y M EN T S, IN CO 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) Aug. 1958 Sept. 1958 Oct. 1958 Aug. 1957 Sept. 1957 Oct. 1957 First ten months 1958 1957 Full year 1957 •TOTAL PERSONAL INCOME..................... 356.1 357.8 357.5 352.1 351.1* 350.6 352.2 31*7.8 31*7.9 Mage and salary disbursements, total.... 238.5 239.1* 2 38 .6 21*0.8 21*0.2 238.6 236.1 238.2 238.1 97.7 63.6 33.8 1*3.1* 98.1* 63.6 33.9 1*3.5 97.5 63.7 33.9 1*3.6 103.1 61*. 2 32.9 1*0.6 102.1* 61*.2 32.9 1*0.7 101.5 63.5 32.9 1*0.7 96.7 63.2 33.5 1*2.7 102.6 63.2 32.5 1*0.0 102.2 63.3 32.6 1*0.1 9.1 9.2 9.2 9.1 9.1 9.2 9.0 8.9 8.9 Proprietors* and rental income......... 56.6 57.0 57.1* 55.6 55.1* 55.1 56.2 51* .8 51*. 8 Personal interest and dividends....... . 31.9 31.9 32.0 3 1. 8 31.8 31.8 31.8 31.3 31.1 Transfer payments 1/..... .............. 26.8 27.0 26.9 21.5 21.5 22.6 25.8 21.2 21,5 Less personal contributions for social insurance............ ................. 6.8 6.8 6.7 6.7 6.6 6.6 6.7 6.6 6.6 Total nonagricultural income 2/.........,. 339.2 31*0.9 31*0.5 336.6 336.1 335.7 335.1* 332.6 332.7 Total agricultural income........ ........ 16.9 16.9 17.0 15.5 15.3 ll*.9 16.8 15.2 15.2 Commodity-producing industries....... Distributive industries»............. Service industries............... . Government........ ................... Other labor income......... ......... . — 1. 2. Consist mainly of social insurance benefits and veterans* payments. Equals personal income exclusive of net income of unincorporated farm enterprises, farm wages, agricultural net interest, and net dividends paid by agricultural corporations. P i ! to
@FedFRASER