NEWS Release - State Personal Income: Third Quarter 2016
State personal income growth decelerated to 1.1 percent on average in the third quarter of 2016 from 1.2 percent in the second quarter, according to estimates released today by the U.S. Bureau of Economic Analysis. Personal income grew in every state in the second-quarter with growth rates ranging from 0.4 percent in Oklahoma to 1.4 percent in South Dakota (table 1).
Earnings. Earnings increased 1.3 percent in the third quarter of 2016 and was the leading contributor to growth in personal income in most states (table 2).
Both personal income and earnings grew faster in South Dakota than in any other state. Growth in farm earnings and in finance and insurance earnings were the leading contributors to the 1.8 percent growth in total earnings (table 3).
The next fastest growing states were Pennsylvania, Minnesota, Massachusetts, and Oregon where personal income grew 1.3 percent.
- In Pennsylvania, growth in health care and social assistance earnings and in professional, scientific, and technical services earnings were the leading contributors to the 1.4 percent growth in total earnings.
- In Minnesota, growth in health care and social assistance earnings and in finance and insurance earnings were the leading contributors to the 1.6 percent growth in total earnings.
- In Massachusetts, growth in professional , scientific, and technical services earnings and in finance and insurance earnings were the leading contributors to the 1.5 percent growth in total earnings.
- In Oregon, growth in state and local government earnings and in professional, scientific, and technical services earnings were the leading contributors to the 1.7 percent growth in total earnings.
For the nation, earnings grew in 22 of the 24 industries for which BEA prepares quarterly estimates (table 5). Growth in professional, scientific, and technical services; health care and social assistance; and finance and insurance were the leading contributors to overall growth in personal income.
Mining earnings fell 1.4 percent nationally in the third quarter, the eighth consecutive quarterly decline. Lower mining earnings contributed to below average earnings and personal income growth in the five slowest growing states: Montana, New Mexico, West Virginia, Wyoming and Oklahoma. In Montana, the leading contributor to slower income growth was the health care and social assistance industry where earnings declined in the third quarter after bonuses were paid in the second quarter. In West Virginia and Oklahoma, declines in state and local government earnings were the leading contributors to slower income growth.
Updates to Personal Income. Today, BEA also released revised quarterly personal income estimates for 2016:Q1 to 2016:Q2. Revisions were made to incorporate source data that are more complete and more detailed than previously available, and to align the states with revised national estimates.
page source http://www.bea.gov/newsreleases
