US State Personal Income Rose 2.3% in 1st Quarter of 2020

June 23, 2020
In the first quarter 2020, state personal income rose 2.3% at an annual rate relative to the 3.6% increase in the fourth quarter of 2019 according to estimates released by Bureau of Economic Analysis (BEA). The BEA also noted, “the percent change in personal income across all states ranged from 4.9% in New Mexico to -0.3% in Michigan.”


Earnings climbed 0.3% in the first quarter of 2020, after rising 4.5% in the fourth quarter of 2019. Earnings increased at a very slowest pace due to the partial economic shutdown following the outbreak of the COVID-19 pandemic in the first quarter of 2020.

The leading contributors to the nation’s overall growth in earnings were finance and insurance; state and local government; and construction. Whereas, earnings declined in 9 industries including accommodations and food services; arts, entertainment and recreation; and healthcare and social assistance

Property income.

In the first quarter of 2020, property income improved by 2.3% for the nation after increasing 1.3% in the fourth quarter of 2019. Moreover, property income grew in every state ranging from 3.8% in Nevada to 1.1% in Connecticut.

Transfer receipts.

Transfer receipts rose 10.1% for the nation in the first quarter of 2020, versus a 3.1% increase in the fourth quarter of 2019. The growth in transfer receipts revealed a 1.6% cost of living adjustment for social security recipients; an increase in state unemployment insurance compensation; and an increase in refundable tax credits. Furthermore, increases in transfer receipts ranged from 15.8% in New Mexico to 5.6% in Michigan.

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