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
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 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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