MERIC NEWS LETTER

Personal Income Rise in Missouri Higher than National Average

Personal income in Missouri increased 1.7 percent, from $181.41 billion to $184.41 billion, from the first quarter of 2005 to the second quarter of 2005, according to recently released data from the U.S. Bureau of Economic Analysis (BEA). This outpaced the national average of 1.5 percent. The rate of personal income growth in Missouri was more than three times that of the revised rate for the preceding quarter of 0.5 percent.

Nevada had the largest jump in personal income from the first quarter of 2005 to the second quarter of 2005, at 2.6 percent. The slowest personal income growth was in South Dakota at 1.0 percent.

Missouri ranked 15th among the states and District of Columbia in personal income growth in the 2nd quarter, better than all but two of Missouri's neighboring states:

Three major components make up personal income: net earnings; dividends, interest and rent; and transfer payments. Net earnings, defined as the sum of wage and salary disbursements, supplements to wages and salaries, and proprietors' income, increased 1.7 percent in Missouri from the first quarter of 2005 to the second quarter of 2005. Dividends, interest, and rent increased by 1.6 percent. Transfer payments -- payments to individuals and to nonprofit institutions by federal, state, and local governments and by businesses -- rose 1.4 percent.

 

Income increased in Missouri across most BEA industry categories during the quarter. Leading the way in Missouri for percentage increases are:

  • Durable goods manufacturing, .21 percent 

  • Professional and technical services, .19 percent 

  • Health care and social assistance, .19 percent 

  • State and local government, .16 percent 

  • Administrative and waste services, .12 percent 

  • Real estate and rental and leasing, .12 percent 

  • Retail trade, .12 percent 

  • Wholesale trade, .12 percent 

  • Management of companies and enterprises, .11 percent

Income decreased in Mining (-0.05 percent), Arts, entertainment, and recreation (-0.03 percent) and Educational services (-0.02 percent).

View the complete BEA report at: www.bea.doc.gov/bea/newsrelarchive/2005/spi0905.htm.

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