State Income for 2009

The annual state income for 2009 data was released yesterday with an annual average drop of -1.7% from 2008 and dropped in 42 states.

personal income national

State personal income declined an average 1.7 percent in 2009, according to estimates released today by the U.S. Bureau of Economic Analysis. The annual percentage change in state personal income ranged from -4.8 percent in Nevada to 2.1 percent in West Virginia (one of six states with a personal income gain in 2009). Inflation, as measured by the national price index for personal consumption expenditures, fell to 0.2 percent in 2009 down from 3.3 percent in 2008.

The per capita income is even worse, -2.6% with an average of $39,138.

personal income national

Per capita personal income (personal income divided by population) fell 2.6 percent nationally in 2009 after rising 2.0 percent in 2008.

But all is not lost for in Q4 2009, the average income rose 0.9%, so obviously most of the loss is when the United States had those cliff diving unemployment losses.

The Wall Street Journal has put together a table of all state data, correlated to the drop in home prices.

The original source for the current State Income is located here on the BEA site.

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How does the BEA figure personal income?

I have looked at the url's referenced in the article, but did not see any information about how the BEA compiles its estimates. I am trying without success to imagine sources of this data other than IRS income tax returns, and it is too early in the year for data from the IRS returns to be available for 2009. Obviously I am ignorant about something. Can you help?

Ray Joiner

Personal Income data sources

administrative records, census, surveys. Businesses often report quarterly to the IRS, at least in profits amounts and I believe payroll records can be quarterly.

See here, page 5.

Thank you very much...

...for the link above, which I have read. I have a new appreciation for what a complicated business it is to arrive at an estimate of personal income.

Ray Joiner