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Economy in Brief
Italian Consumer Confidence Remains Hammered Down
Italy's consumer confidence fell month-to-month...
U.S. Current Account Deficit Deepens to Record in Q1'22
The U.S. current account deficit deepened to $291.4 billion during Q1'22...
Kansas City Fed Manufacturing Index Declines Further in June But Remains Positive
The Kansas City Fed reported that its manufacturing sector business activity index fell to 12 in June...
U.S. Unemployment Claims Edged Down
Initial claims for unemployment insurance filed in the week ended June 18 declined by 2,000 to 229,000...
U.S. Energy Prices Reverse Earlier Gains
Retail gasoline prices surged to $5.01 per gallon (63.1% y/y)...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Charles Steindel December 17, 2021
Personal incomes was mixed across the states in 2021:Q3, reflecting the complex factors at work: the drain from the continuing pullback of federal benefits vs. ongoing marked growth in net earnings in many states (employee compensation plus proprietors’ income). Kentucky saw the highest rate of growth (6.7 percent); North Dakota the lowest (-4.3). Net earnings fell in both North and South Dakota, as well as New Hampshire (which had the second largest decline in overall personal income) while 16 states, led by Hawaii and Texas, saw a double-digit rate of growth. On the transfer payment side, both Kentucky and Louisiana actually had increases, while the vast majority of other states saw double-digit rates of decline (with a dozen experiencing drops of more than 20 percent, at an annual rate).
Farm net earnings fell in the third quarter, accounting for the weakness in the net earnings component of income in many Plains states and, especially, in the Dakotas (the drop in net earnings in New Hampshire was attributable to an outside decline in the Management of Companies and Enterprises in that state). Unsurprisingly, gains in Accommodation and Food Services were important contributors to growth in Hawaii and Nevada.