Personal Income Accelerates In Q1
Personal income increased by an average of 1.8 percent in the United States during the first quarter of 2011, according to the latest estimates from the U.S. Bureau of Economic Analysis (BEA).
That's compared to an average growth of 0.8 percent in the previous quarter. Massachusetts personal income grew by 1.5 percent. The state where personal income grew the fastest was North Dakota at 6.9 percent.
The growth in income was largely due to a 2 percent reduction in required Social Security contributions contained in the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, the BEA said.
Inflation for personal consumption expenditures also rose to 0.9 percent in the first quarter compared to 0.4 percent the previous quarter.
Mining and durable goods manufacturing were the best-performing industries in the first quarter, increasing by 5.5 percent and 2.8 percent, respectively.
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