Private Sector Earnings Down Nationwide
The personal income of the nation continued its slide in the first quarter, falling 0.5 percent, according to the U.S. Bureau of Economic Analysis.
The bureau said the decline was offset by inflation, which fell by 0.3 percent during the same period. Incomes were pushed down by job losses, smaller corporate dividend payments and lower interest rates. Income declines were moderated by rising unemployment insurance benefits, cost of living adjustments for retirees and pay raises for government employees.
Hawaii was the fastest growing state during the quarter and posted personal income gains of 0.8 percent. It was followed by Virginia, which registered income gains of 0.3 percent.
Massachusetts registered a decline in personal income of about 0.5 percent.
Alsaska's personal income fell the most, 3.2 percent, and five other states, including North Dakota, Missouri and Iowa, saw declines of more than 1 percent.
Private sector earnings fell in all states.
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