Thursday, December 18, 2008

Regional Personal Income Breakdown: No Stimulus Here

According to the BEA:

The third quarter personal income growth was the weakest for the nation since the first quarter of 1994 and contrasts with the 1.6 percent increase in the second quarter of 2008. State personal income growth rates in the third quarter ranged from a 1.4 percent increase in Wyoming to a 1.6 percent decrease in Mississippi.

The lack of personal income growth in the third quarter reflects the concentration of Economic Stimulus Payments in the second quarter. Only $5 billion in economic stimulus payments were made in the third quarter, down from $113 billion in the second. This decline offset increases in the other components of personal income.