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U . S. D E P A R T M E N T OF OFFICE OF BUSINESS ECONOM ICS CO M M ER CE B U S IN E S S N EW S REPO RTS PERSONAL INCOME - September 1959 FOR REIEASE IN A.M. PAPERS OCTOBER 20, 1959 James ¥. McNally; O B E 59 77 Sïerling 3-9200 Ext« 3501 Personal Income was at a seasonally adjusted annual rate of $379§- billion in September, a little lower than in August, the Office of Business Economics, U. S. Department of Commerce announced today. For the third quarter as a whole the annual rate was $3^1 billion, the same as in the preceding quarter. Wage and salary disbursements and faxra proprietors1 income were off slightly last month, after much more substantial declines in August. This September move ment was largely offset by increases in government transfers and interest income. Payrolls in the primary metals industry, mining, and transportation — which felt the impact of the steel strike for the third consecutive month _ were • further affected by work stoppages at copper refineries. Wages and salaries in the food processing industry reflected strikes at meat-packing plants. The start of production on new models resulted in a large September payroll pickup in the automobile industry as well as smaller increases in those branches of the fabricated metals and electrical machinery industries which, supply com ponent parts. Other manufacturing industries showed no significant payroll changes from August. Construction payrolls were down in September, as employment declined some what more than seasonally. In services and State and local governments employ ment gains resulted in larger wage and salary disbursements. Hie decline in net farm income during the third quarter resulted from re duced wheat marketings and lower livestock prices, and from some rise in pro duction expenses. Government transfer payments were somewhat higher than in August. Disburse ments under the insured unemployment programs reflected layoffs due to the secondary effects of the steel strike. Old-age and survivors' insurance benefits were also up moderately from the previous month. Details of personal income in September and other recent periods are shown in the following table. (Over) O BE TO TA L B U SI N ESS M A N U F A C T U R IN G N EW S A N D TR A D E R EP O R T S IN V E N T O R IE S , 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 M A N U FA C T U R ER S' S A LE S A N D IN V E N T O R IE S , M o n t h ly D IV ID E N D N A T IO N A L A V A ILA B LE - IN C O M E , 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 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 t MONTHLY P E R ^ f â L INCOME (Seasonally adjusted annual rates in billions of dollars) Sept. 1959 Aug. 1959 July 1959 Sept# 1958 Aug. 1958 July 1958 First 9 months 1959 1958 Full Year 1958 TOTAL PERSONAL INCOME....... ............. 379.6 380,0 383. k 361*.2 362.1* 363.5 378,1 356.8 359.0 Wage and salary disbursements, total*... 258.2 258.8 261.5 21*2.5 21*1.3 21*3.2 256.7 237.1* 239.1* Commodity-producing industries....... Manufacturing only....... ........ . Distributive industries............... Service industries.................... Government. ............... ............ 10 6 . 1 8I*.l 68.1 37.7 1*6.2 106.8 81*.0 68.3 37.6 1*6.0 109.9 86,9 68.1* 37.3 U5.9 99.3 77.9 61*.1 35.0 1*1*.1 97.9 76.7 61*.3 35.0 1*1*.1 97.2 76.1 63.8 3l*.8 1*7.1* 96.7 75»9 63,5 3l*.3 1*2.9 97.8 76.7 63,8 3U.6 1*3.2 Other labor income.................. . 10.2 10.1 10.1 9.3 9.3 9.3 9.9 9.3 9.3 Proprietors' income? Business and professional............. Farm, ................................. 3U.7 9.6 3l*.9 10,0 3h.9 ll.U 32 ,8 11*.3 32 .6 11*.2 32.1* 11*.1 31*.3 11.9 32.1 ll*.2 32.1* H*.2 Rental income of persons................ 12.0 12.0 12.0 11.9 11.9 11.8 12.0 11,8 11.8 Dividends.............................. 13.5 13. 1* 13.2 12.6 12.6 12.6 13.0 12.6 12.1* Personal interest income................ 2 3.0 22.7 22.1* 20.6 20.5 20.1* 22,0 20.3 20.1* Transfer payments l/.................... 26.8 26.5 26,3 27.3 27.2 26.8 26.5 26.0 26.1 Less: Personal contributions for social insurance.......................... . 8.3 8.1* 8.1* 7.1 7,1 7.2 8.3 7.0 7.0 Total nonagricultural income 2/....,..,... 366.2 366.3 368.2 31*6.1 3l*l*®5 31*5.7 362.3 338.9 31*1.1 13. h 13.7 15.2 18.1 17.9 17.8 15®S 17.9 17.9 * Total agricultural income... 1. 2. 107.2 <81*.6 J ( 67.3 36.9 1*5.3 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. USCOM M — DC
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