Regional quarterly report.

Highfill, Tina C. ; Lenze, David G. ; Ortiz, Mauricio 等

State personal income, 2008: III.

Personal income growth in the United States slowed sharply in the third quarter of 2008; all states except New Jersey and Wyoming shared in the slowdown, according to statistics released by the U.S. Bureau of Economic Analysis (BEA). Nationwide, personal income growth was nil in the third quarter, compared with 1.6 percent in the second quarter. Second quarter growth was boosted by payments from the Economic Stimulus Act (see page 70). Only $5 billion in economic stimulus payments were made in the third quarter, down from $113 billion in the second. This decline offset increases in the other components of personal income.

Third quarter growth was the weakest since the first quarter of 1994 (highlights on page 68). Third quarter growth ranged from a 1.4 percent increase in Wyoming to a 1.6 percent decrease in Mississippi.

Inflation, as measured by the national price index for personal consumption expenditures, was 1.3 percent in the third quarter compared with 1.0 in the second quarter.

County compensation by industry, 2007

Total compensation of U.S. workers grew 5.2 percent in 2007, and most counties shared in that growth. Compensation grew in more than 90 percent of 3,111 counties (see page 72). Inflation, as measured by the national price index for personal consumption expenditures, grew 2.6 percent in 2007.

The compensation-by-industry statistics cover 114 industries for 3,111 counties. The 2005-2006 statistics have been revised to incorporate newly available source data; the 2007 statistics are new. In addition, BEA has released compensation by industry for metropolitan areas, metropolitan divisions, micropolitan areas, combined statistical areas, and BEA economic areas. The information can be accessed at www.bea.gov/bea/regional/reis.

A note about this report

BEA is pleased to present the inaugural Regional Quarterly Report, which will provide information and analysis on state personal income and related statistics as well as new features, such as primers and explanatory articles. The report will appear in the January, April, July, and October issues of the SURVEY OF CURRENT BUSINESS. As always, BEA welcomes any suggestions. Please direct feedback to customerservice@bea.gov.

The following BEA economists contributed to this report: Tina C. Highfill, David G. Lenze, and Mauricio Ortiz.