Recent Updates
- UK Regional: E.SURV HPI by Region and London Borough (Nov)
- UK: Rightmove HPI (Jan), E.SURV HPI (Dec)
- Mexico: Manufacturing Employment (Nov)
- Brazil: Economic Activity (Nov)
- Japan: NCI Economic Activity Index (Jan)
- more updates...
Economy in Brief
U.S. Retail Sales Continue to Fall During December as COVID-19 Cases Increase
Total retail sales declined 0.7% (+2.9% y/y) during December...
Empire State Manufacturing Index Declines in January
The Empire State Manufacturing Index of General Business Conditions decreased to 3.5 in January...
U.S. Industrial Production Continues Recovery
Industrial production advanced 1.6% in December...
U.S. PPI Rose 0.3% in December
The Producer Price Index for final demand rose 0.3% (0.8% y/y) in December...
U.S. Business Inventories Accumulate during November as Sales Weaken
Total business inventories increased 0.5% during November (-3.2% y/y)...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Charles Steindel June 26, 2019
State personal income growth in the first quarter of 2019 averaged somewhat lower in the first quarter of 2019 than in the fourth quarter of 2018, but the variation in growth was fairly narrow. West Virginia reported the highest rate of growth, 5.6%, while South Dakota was the only state seeing a decline. Growth was generally low in the Plains states and some other portions of the Middle West, reflecting a sharp drop in farm income. Elsewhere, income growth in both Connecticut and New York trailed the national pace, reflecting declines in property income (dividends, rent and interest), which bore more heavily on the wealthy residents of those states. The drop in property income types explains why some poor states were relatively strong in the first quarter: Maine and New Mexico joined West Virginia in seeing personal income grow at a rate exceeding 5 percent (Arizona was also in that group).
While the typical focus of this release is on the growth rates, levels of personal income are widely skewed across the states. The aggregate income of California residents in 2019:Q1 was, at an annual rate, more than $2 ½ trillion; that of Vermont residents was less than $35 billion. Thus, a comparison of Vermont’s Q1 growth rate of 4.5% (11th in the nation) to California’s 3.1% (34th) hardly reveals much about how the two stand compared to each other!