Up 10%

Commerce Secretary Jesse Jones reported last week that Americans made more money last June than in any previous month in history. The total income paid to individuals in June was $13,496,000,000. This was 10% more than either the June 1943 or the May 1944 income.

The big jump between May and June was caused partly by heavy mid-year payments of interest and dividends. Federal interest payments, up 20% over last year, and higher transportation-industry pay rolls together accounted for one-fifth of the rise over June 1943. But the biggest factor (two-fifths of the 10% increase) was the continued rise in military payments--in pay to Army and Navy personnel, allowances to dependents and mustering-out pay. As a result, factory payrolls and net farm-operating income, which from June 1941 to June 1943 accounted for nearly half the individual income rise, were far less significant contributors.

The fact that people made 10% more money did not of course mean that they had 10% more real income. After taxes and allowance for higher prices, the in crease, if any, in real income was certainly much smaller.

This file is automatically generated by a robot program, so reader's discretion is required.