March 24, 2021
In 2020, U.S. state personal income rose 6.1% relative to a 3.9% increase in 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 8.4% in Arizona and Montana to 2.4% in Wyoming.” Meanwhile, state personal income fell 6.8% at an annual rate in the fourth quarter of 2020 in comparison to an 11.3% fall in the third quarter.
Earnings.
Earnings for the nation climbed 0.3% in 2020. Earnings fell in 10 of the 24 industries for which BEA prepares estimates. The leading contributors to the nation’s overall decline in earnings were accommodation and food services and in arts, entertainment, and recreation, however, the decline was partially tempered by earnings growth in 14 industries with the largest increases in professional, scientific, and technical services and in finance and insurance. Notably, the percent change in earnings across all states ranged from 5.2% in Utah to –6.6% in Hawaii.
Property income.
In 2020, property income fell by 1.1% for the nation compared to a 1.3% increase in 2019. Moreover, the percent change in property income ranged from –0.4% in Hawaii, New Mexico, and West Virginia to –1.9% in South Dakota.
Transfer receipts.
Transfer receipts advanced mainly due to increases in state unemployment insurance compensation and in all other transfer receipts. Furthermore, transfer receipts advanced in all states and the District of Columbia, ranging from 64.2% in Hawaii to 23.9% in Arkansas.
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.