Posted on 09/28/2004 9:10:15 AM PDT by Mike Fieschko
WASHINGTON (Reuters) - U.S. personal incomes rose 1.5 percent in the second quarter of 2004, the fastest pace of growth in more than three years as income gains sped up in 33 states, the Commerce Department said on Tuesday.
All 50 U.S. states reported increases in personal income, and real earnings for all eight U.S. regions climbed above the level set in the first quarter of 2001, the previous peak in the national business cycle, the government reported.
The Rocky Mountain and Far West regions posted the strongest personal income growth. Washington led the nation with a 2.4 percent increase in personal income, followed by Montana and Nevada, up 1.9 percent from the previous quarter.
For some states, gains were driven by increased earnings in the real estate and leasing industry. Arkansas and North Dakota posted a jump in earnings due to growth in the farm sector.
Nationally, all three components of personal income -- net earnings, property earnings and transfer receipts -- grew.
Net earnings, or income from work, increased 1.6 percent. Strong income growth rates for proprietors helped offset weaker gains in the wage and salary portion of earnings. Proprietors in Michigan posted the fastest earnings growth among states, hitting 4.7 percent in the quarter.
(Excerpt) Read more at news.moneycentral.msn.com ...
Great news!! I'm sure the Rats will find something about this that is bad news...
Paging Willie.
FYI
"This is the wrong personal income growth at the wrong time."
JFK
Awesome!
TDIDS
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