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.
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.
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Personal income rose 0.4 percent in June and in May. Wages and salaries rose 0.4 percent in June and in May.
Current-dollar disposable personal income (DPI), after-tax income, rose 0.4 percent in June and in May.
Real DPI, income adjusted for taxes and inflation, increased 0.2 percent in June and in May.
Real consumer spending, spending adjusted for price changes, increased 0.2 percent in June after increasing 0.1 percent in May. Spending on nondurable goods increased 0.3 percent in June after decreasing 0.3 percent in May.
PCE prices rose 0.2 percent in June after rising 0.3 percent in May. Excluding food and energy, PCE prices rose 0.1 percent in June after rising 0.2 percent in May.
Personal saving rate
Personal saving as a percent of DPI was 5.3 percent in June and in May.
These estimates reflect the 2014 annual revision of the national income and product accounts, which incorporated new source data and other improvements back to 1999.
Read the full report.