Personal Income Makes Turnaround IN Q2
The U.S. Bureau of Economic Analysis reported today that U.S. personal income grew 0.2 percent during the second quarter, while income in Massachusetts grew by 0.3 percent.
The slight national uptick in income is the first growth in a year and is a large improvement from the 2.3 percent decline in the first quarter.
Personal income increased in the second quarter in 36 states.
Nationwide, income growth in the second quarter was mainly within the government, health care, and farming industries.
State and local government salaries in the Bay State grew 0.07 percent, while health care salaries increased 0.08 percent.
The Bureau of Economic Analysis points out that any gains in personal income have been mostly offset by inflation, which rose 0.3 percent after falling 0.4 percent in the first quarter.
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