Personal income grows slightly for Q2

Personal income increased in the second quarter in 36 states after falling in all states except Maryland in the first quarter, the Bureau of Economic Analysis reported. The percent change in second quarter personal income ranged from 1.5 percent in North Dakota (where the farm sector accounted for a large portion of growth) to -1.0 percent in Wyoming (with large losses in mining).

The personal income increase in every state except North Dakota can be attributed to growth in transfer receipts. The other components of personal income-net earnings and property income-declined in every state except North Dakota where net earnings grew 0.9 percent and Iowa where net earnings was unchanged.

U.S. personal income growth was offset by inflation, as measured by the national price index for personal consumption expenditures, which rose 0.3 percent in the second quarter.