State personal income growth averaged 1.0 percent in the third quarter of 2014, down from 1.2 percent in the second quarter. Growth in personal income–the sum of net earnings by place of residence, property income, and personal current transfer receipts–slowed in 38 states and in the District of Columbia. The percent change across states ranged from -0.2 percent in South Dakota (the only state with a decline) to 1.4 percent in Texas. Inflation, as measured by the national price index for personal consumption expenditures, slowed to 0.3 percent in the third quarter from 0.6 percent in the second quarter.
Archive for the 'Personal Income' Category
Tags: Bureau of Economic Analysis, personal income, State Personal Income
Tags: BEA, Bureau of Economic Analysis, personal income
Preliminary statistics on people’s incomes by state in the third quarter of 2014 will be released Friday, Dec. 19 by the U.S. Bureau of Economic Analysis (BEA).
These state personal income statistics will provide BEA’s first look at state economies for the July-September quarter of 2014 and serve as a basis for government and business decision making. For example:
- Federal government agencies use state personal income statistics to allocate funds and determine matching grants to states. The statistics are also used in forecasting models to project energy and water use.
- State governments use the statistics to project tax revenues and demand for public services.
- Academic regional economists use the statistics for applied research.
- Businesses, trade associations, and labor organization use the statistics for market research.
As part of this report, BEA will release revised statistics for the first two quarters of 2014.
Tags: BEA, Bureau of Economic Analysis, State Personal Income
State personal income growth accelerated to 1.5 percent on average in the second quarter of 2014 from 1.2 percent in the first quarter. Personal income growth ranged from 2.7 percent in North Dakota and Nebraska to 1.1 percent in New York and Alaska, with growth accelerating in 36 states. Inflation, as measured by the national price index for personal consumption expenditures, accelerated to 0.6 percent in the second quarter from 0.3 percent in the first quarter.