State personal income growth slowed slightly to 1.1 percent in the third quarter of 2013, from 1.2 percent in the second quarter. Growth slowed in 25 states, accelerated in 22, and was unchanged in 3 states and the District of Columbia. Growth across states ranged from 0.4 percent in New Mexico to 1.9 percent in Mississippi. The national price index for personal consumption expenditures increased 0.5 percent in the third quarter after remaining unchanged in the second quarter.
For more information on state personal income, see the full report.
You probably noticed that today’s release of the Bureau of Economic Analysis’ (BEA) local area personal income statistics is missing some detail that’s normally included. Why?
Automatic budget cuts due to the 2013 sequester forced BEA to eliminate some data from the release, including detailed county-level statistics showing how much income people received from specific transfer receipts programs (unemployment benefits, Social Security, and Medicare); information on the categories of farm income and expenses; and data on the number of people employed by industry and the average wage per job.
BEA laid out the impact of the 2013 budget sequester on its local area personal income (LAPI) statistics on June 19. Today’s release is the first LAPI report affected by the automatic budget cuts.
BEA also scaled back some of the local statistical detail normally provided. For instance, today’s report contains detailed compensation and earnings information for 25 industries, instead of the usual 108.
For more information on how BEA’s LAPI statistics were affected by the 2013 sequester, please visit BEA’s Web site.
You can still access historical LAPI statistics that were produced before the detail was eliminated or reduced. Those statistics (which cover the period of 1969–2011 and were published November 2012) are available at http://www.bea.gov/regional/histdata, under the heading Local Area Personal Income.
Personal income growth slowed in 2012 in most of the nation’s 381 metropolitan statistical areas (MSAs). Personal income growth slowed in 311 MSAs, accelerated in 65 MSAs, and remained unchanged in 5 MSAs. On average, MSA personal income rose 4.2 percent in 2012, after growing 6.0 percent in 2011. Personal income growth ranged from 12.1 percent in Midland, TX, to –1.6 percent in Yuma, AZ, one of only five MSAs where personal income declined in 2012. Inflation, as measured by the national price index for personal consumption expenditures, slowed to 1.8 percent in 2012 from 2.4 percent in 2011.
For more on local area personal income, read the full report.