Friday, June 18, 2010

Personal income up in Connecticut and most states

State personal income growth across the nation averaged 0.9 percent in the first quarter of 2010, up from 0.5 percent in the fourth quarter of 2009, according to estimates released today by the U.S. Bureau of Economic Analysis (BEA).

Personal income is the income received by all persons from all sources and is measured before taxes are deducted.

Nationally, personal income grew to $12.1 trillion in the first quarter this year, compared to a 2.3 percent decline to $11.9 trillion in the first quarter of 2009.

In Connecticut, personal income grew by 0.6 percent to $193 billion, compared to a 3.6 percent decline to $189.9 billion in the first quarter a year ago.

Use this BEA spreadsheet to find your state.

It declined last quarter in all but two states with growth ranging from 1.6 percent in Mississippi to –2.0 percent in North Dakota. Inflation declined to 0.4 percent in the first quarter from 0.6 percent in the fourth quarter of 2009.

Turning to property income, that  fell 0.4 percent nationally in the first quarter as declines in dividends offset rises in interest and rental income. Property income fell the most in Wyoming, 1.2 percent, reflecting the relatively high share of dividends in that state's property income, while rising by 1 percent in Louisiana, boosted by an increase in homeowner assistance payments related to Hurricane Katrina.
Property income is rental income of persons, personal dividend income, and personal interest income

The BEA said the industry making the largest contribution to first-quarter personal income growth nationally was health care. The administrative and waste management industry and the military made the next largest contributions. Members of the military received a 3.4 percent pay raise in the first quarter but federal civilian workers received an average 2.0 percent increase.

Construction and real estate earnings continued to fall, the quarterly report said.

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