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May 27, 2020

State Personal Income in Jan-March Grows 0.9%, Falls in Four States

Growth in state personal income, sum of net earnings from salary, property and government benefits, slowed to 0.9 percent on average in the first quarter of 2015 from 1.1 percent in the preceding quarter, due to fall in earnings in farm and mining, according to latest Commerce Department estimates.

Personal income, measured before the deduction of personal income and other personal taxes, grew in 46 states, with fastest growth of 1.3 percent recorded in Florida. Personal income fell in four states, with the largest decline of 1.2 percent in Iowa, according to the estimated released June 22.

The national price index for personal consumption expenditures, fell 0.5 percent in the first quarter, after falling 0.1 percent in the fourth quarter.

Overall, earnings increased 0.8 percent in the first quarter compared with 1.4 percent in the fourth quarter of 2014. The slower pace was entire in the private sector. In contrast, government earnings growth accelerated to 0.5 percent from 0.3 percent in the fourth quarter.

In the private sector, earnings declined in two industries, farm and mining.

Farm earnings fell 22.4 percent in the first quarter with declines in all but 9 states. Most of the earnings decline was due to lower livestock output. In four farm belt states, Iowa, Kansas, Nebraska, and South Dakota the fall in farm earnings entirely offset the earnings growth of their nonfarm sectors.

Earnings in mining (which includes oil and gas extraction) fell 3.5 percent in the first quarter, the first decline since the third quarter of 2009. Mining earnings fell 4.5 percent in Wyoming, 4.4 percent in Louisiana, 4.1 percent in North Dakota, 3.9 percent in Oklahoma, and 3.1 percent in Texas.

Earnings grew in all other private sector industries in the first quarter of 2015. Earnings growth accelerated in five industries, including professional services and health care and slowed in 15 industries, including durable goods manufacturing, transportation, finance, and administrative services.

In California, Delaware, Minnesota, and 6 other states, nonfarm earnings growth accelerated in the first quarter.

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