June 23, 2020
State personal income increased 2.3 percent at an annual rate in the first quarter of 2020, a deceleration from the 3.6 percent increase in the fourth quarter of 2019. The percent change in personal income across all states ranged from 4.9 percent in New Mexico to -0.3 percent in Michigan.
- For the nation, earnings increased 0.3 percent in the first quarter of 2020, after increasing 4.5 percent in the fourth quarter of 2019. The percent change in earnings across all states ranged from 2.3 percent in Utah and Texas to -3.8 percent in Nevada.
- Transfer receipts increased 10.1 percent for the nation in the first quarter of 2020, after increasing 3.1 percent in the fourth quarter of 2019. Transfer receipts accounted for $78.2 billion of the $108.2 billion increase in personal income for the nation. Transfer receipts increased in every state, ranging from 15.8 percent in New Mexico to 5.6 percent in Michigan.
- Property income increased 2.3 percent for the nation in the first quarter of 2020, after increasing 1.3 percent in the fourth quarter of 2019. Property income increased in every state, ranging from 3.8 percent in Nevada to 1.1 percent in Connecticut.
For more information, read the full report.