By: Juliette Tennert and Kathryn Macdonald-Poelman
The recent quarterly report on personal income growth from the Bureau of Economic Analysis (BEA) gives some surprising and not so surprising tells for the nation as a whole and for Utahns. The components of total personal income include property income (dividends, interest and rent), transfer receipts (social security, Medicare, disability or unemployment insurance compensation etc.), and earnings (the sum of wages and salaries, including income for the self-employed). As the largest share of personal income, a close look at earnings within personal income can provide the clearest picture of how the everyday American is being affected by the economic climate.
States with strong job growth in the last year continued to climb in income. Utah came out swinging with a high 4.6% increase in overall personal income growth for the state, second only to Texas (6.0% growth). Figure 1 indicates where wages increased (or decreased) for the fastest growing states:
Figure 1: Earnings Growth by Major Industry, Top 3 States, Q1 2019 – Q2 2019