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Personal income by state and region, second quarter 1992.

Personal income in the Nation grew slower in the second quarter of 1992 than in the first quarter. It increased 1.0 percent after increasing 1.5 percent.(1)

In the second quarter, personal income growth slowed in 37 States, picked up in 11 States, and was unchanged in Colorado and New Mexico. The States with the sharpest slowdowns were Iowa, Alaska, Mississippi, Nebraska, and Arkansas. The slowdowns in Iowa, Mississippi, Nebraska, and Arkansas were largely in farm income; the slowdown in Alaska was spread across most industries. The States with the sharpest pickups were North Dakota, Montana, Kansas, South Dakota, and Wyoming; the pickups largely reflected upswings in farm income. (See tables 1 and 2 at the end of this article.)

[TABULAR DATA OMITTED]

Income growth since the second quarter of 1991

Personal income in the Nation increased 4.7 percent in the four quarters since the second quarter of 1991. During this period, prices measured by the fixed-weighted price index for personal consumption expenditures increased 3.4 percent. In all States except California, Connecticut, and Delaware, the increases in personal income exceeded the 3.4-percent increase in prices.

Fastest growing States. - Increases in personal income in the 10 fastest growing States ranged from 8.4 percent in Montana to 6.3 percent in Mississippi and North Carolina (table A and chart 1). As a group, these States accounted foe less than 10 percent of the Nation's personal income.

All 10 States had above-average increases in payrolls in retail trade. Most had above-average increases ill payrolls in durables manufacturing, in construction, in wholesale trade, in the finance-insurance-real estate group, in services, and in government. In Montana, Washington, South Dakota, and Idaho, construction payrolls increased more than 10 percent, in contrast to a 1.2-percent decline for the Nation.

In some of the fastest growing States, payrolls in particular industries were weak. In Montana, Nevada, Idaho, Mississippi, and North Carolina, payrolls in the transportation and public utilities group declined. In Montana and Idaho, farm income declined considerably more than it did for the Nation; in Idaho and North Carolina, mining payrolls declined considerably more than they did for the Nation.

Slowest growing States. - Increases in personal income in the 10 slowest growing States ranged from 2.7 percent in Delaware to 4.0 percent in Michigan and North Dakota. As a group, these States accounted for about one-third of the Nation's personal income.

In Michigan, Massachusetts, Maryland, Illinois, California, Connecticut, and Delaware, payrolls declined in durables manufacturing and in construction. In most of these States, payrolls declined in wholesale trade; payrolls increased at below-average rates in retail trade, in the finance-insurance-real estate group, in services, and in government. In Delaware, a large decline in nondurables-manufacturing payrolls mainly reflected weakness in the chemicals industry.

In North Dakota, Florida, and Nebraska, personal income growth was slowed by substantial declines in farm income. In North Dakota and Florida, the declines reflected lower cash receipts; in Nebraska, the decline reflected lower Federal subsidy payments. In addition, payrolls in Nebraska declined in wholesale trade, and payrolls in Florida declined in construction and in the transportation and public utilities group.

In some of the slowest growing States, increases in payrolls in particular industries were well above average. In North Dakota, payrolls increased in construction and in retail trade. In Delaware, payrolls increased in the finance-insurance-real estate group, and in Nebraska, they increased in manufacturing.

(1.) These percent changes are not a annual rates.
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Author:Friedenberg, Howard L.; DePass, Rudolph E.
Publication:Survey of Current Business
Date:Oct 1, 1992
Words:577
Previous Article:Motor vehicles, model year 1992.
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