Idaho personal income down in first quarter
|
|
June 30, 2013 |
A decline in investment earnings offset rising
business profits to push down Idaho’s total
personal income for the first three months of
2013.
Estimates released Friday by the U.S. Bureau of
Economic Analysis put personal income – the
value of all wages, business profits, investment
earnings and transfer payments like Social
Security, unemployment benefits and pensions –
at $54.7 billion on an annualized basis. That
was down 0.9 percent from the fourth quarter of
2012.
Farm income was up 0.8 percent while nonfarm
income, which accounts for 95 percent of Idaho’s
total personal income, was off 1 percent from
the last three months of 2012.
But the decline in Idaho was not as bad as the
reduction nationwide. National personal income
fell 1.2 percent from the fourth quarter of 2012
to the first quarter of 2013. Investment
earnings were off substantially from the
previous three months, and wages fell
fractionally.
In Idaho, investment earnings were down 4.2
percent from the final three months of 2012, a
tenth of a percent greater reduction than
reported nationally. Wages rose three-tenths of
a percentage point while business profits were
up 1.7 percent – 0.8 percent on the farm and 2.1
percent in the rest of the economy.
Nationally, wages fell three-tenths of a
percentage point while business profits – both
on and off the farm – were up 2.4 percent.
While Idaho’s wage increase was fractional, it
was sixth highest in the nation. Twenty-seven
states recorded declines in wages.
At the same time, the increase in Idaho business
profits ranked 34th nationally. |
|
Questions or comments about this
article?
Click here to e-mail! |
|
|
|
|
