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U . 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 SI N ESS N E W S R EP O R T S PERSONAL INCOME - September 1955 FOR RELEASE TO A.M» *Sa MONDAY, NOVEMBER 7 ,1955 O BE 5 5 -9 0 Personal income in September was at an annual rate of $307? billion, $2 billion higher than in August, the Office of Business Economics, U. S. Department of Commerce announced today. All major types of income registered gains. Wage and salary disbursements rose by over $ 3 A billion at an annual rate, with durable-goods manufacturing industries recording the largest increase. Dividend disbursements were up from August, and nonfarm proprietors* income was higher largely because of an in creased volume of retail sales. Farm proprietors* income, which exhibits con siderable irregularity on a monthly basis, also rose. 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. Reflecting successive increases in monthly income throughout the pre ceding year, the annual rate of personal income in September 1955 was almost $20 billion higher than in September 195^. All types of personal income except farm income shared in the September to September rise. Wage and salary disbursements were higher by $16 billion, at an annual rate, with the largest relative increase occurring in manufac turing payrolls. The income of nonfarm proprietors increased by $2 billion, and dividends and interest each rose by more than $1 billion. Transfer pay ments were higher, principally because the continuing rise in old age benefits more than offset a substantial decline in unemployment benefits. Farm proprietors* income was about $1 billion lower, reflecting mainly a decline in the prices of agricultural commodities. Details of personal income in September and other reeent periods are shown in the following table. (OVER) 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 LESA 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 T R 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 SH 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 CT , 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) Sept — Aug July Sept Aug 1955 1955 1954 19 5A 307.5 30 5.3 305.3 287.9 286.7 287.1 Wage and salary disbursements, total............ . Commodity-producing industries l/............. Distributive industries l/.................. ..... Service industries 1/............................ Government..... ........... 212.0 92.1 56.0 28.1 35.8 211.2 91.5 56.1 27.9 35.7 212.4 91.7 55.7 27.8 37.2 195.8 82.8 52.5 26.3 34.2 195.8 83.1 52.5 26.3 33.9 Other labor income..... ............ Proprietors' and» rental income................... Personal interest income and dividends........... . Transfer payments 2/......... ......... ........... . Less personal contributions for social insurance ¿/ 7.0 4 9 .7 27.1 17 . 0 5.3 7.0 48.8 26.7 16.9 5.3 7.0 47.9 26.4 16.9 5.3 6.6 49.0 24.7 16.3 4.5 292.6 290.8 291.7 14.9 14.5 13.6 ------------------ ------— ___________________________ 1955 Total personal income............. . Total nonagricultural income Total agricultural income.......................... 9 July 19 5A First nine months 1955 Full Year 195A 19 5A 300.1 286.6 287.6 196,6 83.8 52.8 26.2 33.8 206.5 89.5 54.5 27.4 35.1 195.6 84.1 52.1 25.7 33.7 196.2 84.2 52.3 25.9 33.8 6.6 48.1 24.7 16.1 4.6 6.6 47.6 24.6 16.1 4*4 6.9 48.8 26.0 17.1 5.2 6.5 48.5 24.5 16.0 4.5 6.6 4 8 .4 24.7 16.2 4.5 272.1 271.5 272,1 285.3 270.5 271.9 15.8 15.2 15.0 14.8 16.1 15.7 l/"Commodity-producing_industries" consists of agriculture, forestry and fisheries, mining, contract construction, and manufacturing. 'Distrioutive 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. ¿/Data since January of 1952 represent contributions of both employees and self-employed persons. ¿/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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