Personal Income Growth Above Nation's in 3rd Quarter
Personal income in Missouri increased 1.1 percent, from $183.83 billion to $185.82 billion, from the second quarter of 2005 to the third quarter of 2005, according to recently released data from the U.S. Bureau of Economic Analysis (BEA). This outpaced the national average of 0.7 percent. The U.S. growth rate was reduced in the third quarter by the impact of the hurricanes along the Gulf Coast.
South Dakota had the largest gain in personal income from the second quarter of 2005 to the third quarter of 2005, at 2.4 percent. Personal income declined 25.2 percent in Louisiana, the state hardest hit by the hurricanes.
Missouri ranked 18th among the states and District of Columbia in personal income growth in the 3rd quarter, inline with increases in Missouri's neighboring states:
Three major components make up personal income: net earnings; dividends, interest and rent; and transfer payments. Net earnings, defined as the sum of wage and salary disbursements, supplements to wages and salaries, and proprietors' income, increased 1.4 percent in Missouri from the second quarter of 2005 to the third quarter of 2005. Dividends, interest, and rent increased by 1.3 percent. Transfer payments -- payments to individuals and to nonprofit institutions by federal, state, and local governments and by businesses -- declined 0.3 percent.