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State Personal Income

Personal income growth for the nation was 1.3 percent in the second quarter 2002, roughly the same as in the first quarter (1.2 percent), and up from an average of 0.5 percent for the four quarters of 2001, according to estimates released today by the U.S. Bureau of Economic Analysis. Growth in the second quarter reflected faster growth in larger states such as California, New York, and Texas, that more than offset a slowdown in growth elsewhere.

[Map of States showing personal income, percent change 2002:I-2002:II]

For the nation, personal income growth was little changed, as an upturn in dividends, interest, and rent was largely offset by a slowdown in transfer payments. Earnings growth was unchanged. The upturn in dividends, interest, and rent was due in part to step-ups in the growth in rental income of persons and in interest income, the latter reflecting faster accumulation of interest-bearing assets. The slowdown in transfers followed a typical first-quarter uptick, when cost-of-living adjustments boosted payments for social security and other federal programs.

How's your state doing? | Posted October 25, 2002 12:06 AM by John Irons