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U . S. D EP A R T M EN T O F CO M M ER CE O FFIC E O F B U SI N ESS N E W S B U SIN ESS EC O N O M IC S REPO RTS PERSONAL INCOME - September 1956 FOR RELEASE TO A.M.'S. MONDAY, N O VEM B ER Q BE 5, 1956 56-92 Personal income in September was at an annual rate of $32&|- billion, up slightly from the August rate of $328 billion, and $17y billion higher than in September 1955» the Office of Business Economics, U. S. Department of Commerce announced today. The August to September increase in personal income was mostly in wages and salaries. Other income components showed largely offsetting changes. Personal income in the first nine months of 1956 was at an annual rate of $ 322 §- billion, about 6§- percent more than in the corresponding period of 1955. 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 previous annual totals, represent the seasonally adjusted dollar totals for each month multiplied by 12. The August to September advance in payrolls was less than in most other months of this year. The largest gain occurred in primary metals manufac turing where the effort to fill a backlog of demand after last summer's steel strike was reflected in increased overtime and higher employment. Other manufacturing industries showing significant payroll gains were fabricated metals and nonelectrical machinery. Partially offsetting these upward movements were a decline in automobile payrolls connected with the model change-over and a continuation of downward trends in textile and apparel payrolls. In nonmanufacturing, scattered payroll gains took place in a number of industries. Disbursements were lower, however, in retail trade and in construction. Government payrolls continued to advance, principally because of the rising trend in state and local payrolls. Details of personal income in September and other recent periods are shown in the following table. COMM-DC-8249 (Over) 0 b E B U S I N E S S N E W S R EP O R T S R EG U L A R L Y A V A I L A B L E — TO TA L M A N U F A C T U R IN G W H O LE S A LE R S ’ SA LES M A N U FA C T U R ER S' A N D A N D 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 SO 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 O U C T , Q u a r t e r ly A N D E Q U IP M E N T FO 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 I N THE UNITED STATES (Seasonally adjusted annual rates in billions of dollars) Sept. 1956 Aug. 1956 July 1956 Sept. 1955 Aug, 1955 July 1955 îlrst nine months 1555 Ï 555 328.5 328.1 32iu3 311.0 308.7 309.2 322.5 302.8 306.1 Wage and, salary 'disbursements, total.«...«,,••••••••• Commodity-producing industries ..... Distributive industries I/.......... Service industries 3/a, . , •••••••••• Government,.... 227.7 98.5 60.3 30.8 38.1 227.1 98.3 60.3 22i*.G 21ii.7 92.8 95.9 59.9 56.9 30.1* 26.7 37,8 36.3 213,1* 92.1 56.5 28.7 36.1 21f*.5 92.1 56.1 28.6 37.7 223.1 208.0 96.5 89.7 59.2 51*.7 30.0 27.9 37.1* 35.7 210.1* 90.9 55.1* 28.2 35.9 Other labor income...... ................. . Proprietors1 and rental income...«,,«................ Personal interest income and dividends.«.••••.••••••• Transfer payments 2/...... •••••••••••••••••••••••••• Less personal contributions for social insurance 3/.. 7.3 50.7 30.0 18.7 5.9 7.3 5i.o 29.8 18.8 5.9 7.3 50.5 29.7 18.6 5.8 7.2 1*9.1* 27.6 17.1* 5.3 7.1 1*9.0 27.1 17.1* 5.3 7.1 1*8.5 26.9 17.5 5.3 7.3 5o.i 29.3 18.6 5.8 6.9 1*9.0 26.6 17.1* 5.2 7.0 1*9.1 27.3 17.6 5.2 313.1* 312.8 309.1* 295.9 293.8 29l*.7 307.5 287.5 290.9 Hi.9 15.1 ll*.9 ll*.5 15.0 15.3 15.2 Total personal income.,..,.«« Total nonagricultural income ij/............. . Total agricultural income............... y 15.1 30.6 37.9 15.3 TOT year 1955 "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. y Consists mainly of veterans' payments and social insurance benefits. 3/ Data since January of 1952 represent contributions of both employees and self-employed persons. y 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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