The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today:
State personal income grew 1.0 percent on average in the first quarter of 2016, the same pace as in the fourth quarter of 2015, according to estimates released today by the U.S. Bureau of Economic Analysis.
Personal income grew in every state except Wyoming and North Dakota with first-quarter personal income growth rates ranging from -1.3 percent in North Dakota to 1.5 percent in Washington.
[Blogger Note: not a statistical difference for usual margin of error in measurement]
The full text of the release on BEA's Web site can be found at www.bea.gov/newsreleases/
Revisions. Today, BEA also released revised quarterly personal income estimates for 2015:I to 2015:IV. 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.
Upcoming Annual Revision of the State Personal Income Accounts. The annual revision of the state personal income accounts will be released along with estimates for the second quarter of 2016 on September 28. In addition to the regular revision of the estimates for the most recent 3 years and for the first quarter of 2016, some series will be revised back further. The July Survey of Current Business will contain an article that previews the annual revision, and the October Survey will contain an article that describes the results.
Earnings. Overall, earnings increased 1.1 percent in the first quarter of 2016 (table 5) and was the leading contributor to growth in personal income in most states.
- Earnings in Washington grew 2.1 percent, faster than in any other state, largely due to stock grants in the information sector.
- Growth in health care earnings was the leading contributor to above average earnings growth in Oregon.
- Growth in farm earnings was the leading contributor to above average earnings growth in Arkansas.
- Growth in durable manufacturing earnings was the leading contributor to above average earnings growth in Michigan due in part to profit sharing payments by motor vehicle manufacturers.
- Growth in construction earnings was the leading contributor to above average earnings growth in Utah.
Definitions
Personal income is the income received by all persons from all sources. Personal income is the sum of net earnings by place of residence, property income, and personal current transfer receipts.
Per capita personal income is calculated as the total personal income of the residents of a state divided by the population of the state. In computing per capita personal income, BEA uses mid-quarter population estimates based on unpublished Census Bureau data.
Net earnings by place of residence is earnings by place of work (the sum of wages and salaries, supplements to wages and salaries, and proprietors’ income) less contributions for government social insurance, plus an adjustment to convert earnings by place of work to a place-of-residence basis.
Property income is rental income of persons, personal dividend income, and personal interest income.
Personal current transfer receipts are benefits received by persons from federal, state, and local governments and from businesses for which no current services are performed. They include retirement and disability insurance benefits (mainly Social Security), medical benefits (mainly Medicare and Medicaid), income maintenance benefits, unemployment insurance compensation, veterans’ benefits, and federal education and training assistance.
Personal income is measured before the deduction of personal income taxes and other personal taxes and is reported in current dollars (no adjustment is made for price changes).
The estimate of personal income for the United States is the sum of the state estimates and the estimate for the District of Columbia; it differs slightly from the estimate of personal income in the national income and product accounts (NIPAs) because of differences in coverage, in the methodologies used to prepare the estimates, and in the timing of the availability of source data.
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