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State personal income, 1987-89: revised estimates.

State Personal Income, 1987-89: Revised Estimates

Revision Schedule for Regional Estimates

The annual estimates of State and local area personal income for a given year are subject to successive refinement. Preliminary State estimates, based on the current quarterly series, are released 4 months after the close of the reference year and published in the April Survey of Current Business. In the August Survey, more reliable annual estimates are published. These estimates are developed independently of the quarterly series and are prepared in greater component detail, primarily from Federal and State government administrative records. The annual estimates published in the August Survey are subsequently refined to incorporate newly available information used to prepare the current local area estimates. These revised State estimates, together with the current local area estimates, are published in the following April Survey. The annual estimates emerging from this three-step process are further revised for several succeeding years (the State estimates in April and August and the local area estimates in April) as additional data become available. The routine revisions of the State estimates for a given year are normally completed with the fourth April release. After that, the estimates will be changed only to incorporate a comprehensive revision of the national income and product accounts--which takes place approximately every 5 years--or to make important improvements to the estimates through the use of additional or more current State and local area data.

Annual estimates of State disposable personal income--that is, personal income less tax and nontax payments--are released each April on a preliminary basis and again in August on a revised basis.

This article presents revised annual estimates of State personal income for 1987-89. Tables 1 and 2 present the estimates of total and per capita personal income and of total and per capita disposable personal income, respectively. Table 3 presents detailed estimates of the sources of personal income by type of payment and by industry for 1987-89. Historical estimates in the same format as table 3 are presented in State Personal Income: 1929-87.(1) Summary and detailed tabulations of the entire time series, including more detail than is available in published form, are available on computer printouts and in machine-readable forms (see the box on page 40).

Definition of total and per capita personal income

The personal income of a State is defined as the income received by, or on behalf of, all the residents of the State. It consists of the income received by persons from all sources--that is, from participation in production, from both government and business transfer payments, and from government interest. Personal income is measured as the sum of wage and salary disbursements, other labor income, proprietors' income, rental income of persons, personal dividend income, personal interest income, and transfer payments, less personal contributions for social insurance. State per capita personal income is measured as the personal income of the residents of a State divided by the July 1 resident population of the State.

In the national and regional economic accounts, persons are defined as individuals, nonprofit institutions serving individuals, private noninsured welfare funds, and private trust funds.

Disposable personal income is measured as personal income less personal tax and nontax payments; it is the income available to persons for spending or saving. Personal tax and nontax payments are tax payments by persons that are not chargeable to business expense and certain other personal payments to government agencies (except government enterprises) that are treated like taxes. Personal taxes include taxes on income, including realized capital gains; on transfers of estates and gifts; and on personal property. Nontaxes include tuitions and fees paid to government-operated schools and hospitals; fees, fines, and forfeitures; and donations. Personal contributions for social insurance, which are deducted in the derivation of personal income, are not included in personal tax and nontax payments. State per capita disposable personal income is measured as the disposable personal income of the residents of a State divided by the July 1 resident population of the State.

The definitions underlying the State estimates of personal income are essentially the same as those underlying the personal income estimates in the national income and product accounts. The major difference is that the national estimates include the labor earnings (that is, wages and salaries and other labor income) of U.S. residents who are temporarily working and living abroad (mainly Federal civilian and military personnel), whereas the State estimates include the labor earnings of persons residing only in the 50 States and the District of Columbia. [Tabular Data 1 to 3 Omitted] (1)State Personal Income: 1929-87 (stock no. 003-010-00197-6) is available f rom the Superintendent of Documents, U.S. Government Printing Office, Washington, DC 20402-9325 (or call 202-783-3238), for $16.00. The 1986-87 estimates in this publication have been superseded by revisions.
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Publication:Survey of Current Business
Date:Aug 1, 1990
Words:795
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