Date: December 18, 2019
In the third quarter 2019, state personal income rose 3.8% at an annual rate relative to a 4.4% increase in the second quarter 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 15.2% in South Dakota to 1.9% in West Virginia and Wyoming.”
Earnings climbed 5.2% in the third quarter of 2019, after rising 2.9% in the second quarter.
The leading contributors to the nation’s overall growth in earnings were farming; state and local government; and healthcare and social assistance.
In the third quarter of 2019, property income fell 1.2% for the nation after increasing 7.9% in the second quarter. Moreover, in every state, property income fell in almost every state ranging from unchanged in Nevada and Georgia to -2.8% in New York.
Transfer receipts rose 5.0% for the nation in the third quarter of 2019, versus a 6.0% increase in the previous quarter. Furthermore, increases in transfer receipts ranged from 6.4% in California to -0.2% in Alaska.
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