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Office of Business Economics

For Immediate Release,
Wednesday, November 12, 19^7.


IH )
Jnraonnl income in September rose to an annual rate

billion higher

than in August, even without including the additional $11.5 billion gain de­
rived in September from-tbis-pashing of terminal leave bonds, the Department of
Commerce announced today.
Noting that the annual rate data represent the seasonally-adjusted monthly
total multiplied by 12 - - t o facilitate comparison with previous yearly totals
the Office of Business Economics reported that the extraordinary September annual
rate of $210 billion, compared with the $195 billion in August, resulted in tho
main from the bond settlement. However, exclusive of payments on terminal n eve
account the September annual rate of personal income was $199 billion.
Other increases in personal income were centered in wages and salaries and in
proprietors' income.

Personal income includes wage and salary receipts, net income of
proprietors and partnerships (farm and nenfarm), dividends and intoit. .>t, r.i. u
received by landlords, and other types of individual income.


Factory pay rolls, which increased in September to an annual rate of
billion as employment expanded and average wookly earnings rose, new ‘-xcoou ^ne
wartime highs reached in early 19 ^ 5 . Wage rate increases granted railroad worker
contributed to the rise in wage and salary receipts.

With both prices and marketings of livestock increasing above a u l usd
levels, farm income rose substantially. Nonagricultural proprietors' income, also
mounted, reflecting chiefly increases in manufacturers 1 shipments ai.i r e t a i l ^





The average level of personal income during the first 9 months^of 19‘H van
at an annual rate of $19^.5 billion, the Department said, compared with the fullyear totul of $ 177*2 billion in 19 ^-6 .
Details of personal Income for August and September 19^7, September
and for the first 9 months of 19 ^ 0 , 19 ^"» and^l9^i arc shown in the f o l l c v i u g


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102