CLICK HERE. / " title="RHODE ISLAND personal income growth slowed in the third quarter to 0.5 percent from 1.6 percent a quarter earlier. For a larger version of this chart, CLICK HERE. /"/>WASHINGTON – Rhode Island quarter-over-quarter personal income growth slowed in the third quarter to 0.5 percent from 1.6 percent seen a quarter earlier, according to data released by the U.S. Bureau of Labor Statistics on Friday.
The state’s personal income – defined by the BLS as the income received by all persons from all sources – increased to $44.801 billion, seasonally-adjusted, from $44.564 billion a quarter earlier. For the same quarter in 2009, Rhode Island recorded $43.516 billion.
The Bureau ranked the Ocean State 41st in the nation for the growth of personal income from the 2010 second to the third quarter, and fourth in New England. Connecticut, which reported no growth in its personal income during the period, came in at last place in the nation; New Hampshire took 47th, Massachusetts 38th and Vermont 34th. Maine outshone its regional peers this quarter, coming in at 16th place.
On a national level, the U.S. saw personal income growth from the second to the third quarter slow to 0.7 percent, down from 1.4 percent from the first to the second. The slowdown was widespread across the country, with declining growth in 41 states and no change in the growth rate in three states. Only six states reported accelerating personal income growth.
Outperforming states were in the Plains region. South Dakota took the No. 1 spot as growth increased to 1.8 percent from 1.0 percent. Nebraska trailed at second place, reporting 1.5 percent growth (from 1.5 percent in the second quarter), and Iowa came in third with 1.4 percent growth (from 1.4 percent).
Construction declines were noted in most states in the third quarter, with the largest effects on personal income growth in Nevada and Hawaii, the BLS said, while noting that real estate earnings in every state also fell, continuing the downward trend of the last five years.
Nevertheless, farm earnings grew in every state an average of 12 percent, bolstered by higher commodity prices; wheat soared 22 percent and milk jumped 11 percent in the third quarter.
Regionally, New England personal income growth slowed to 0.4 percent from 2.0 percent, tying with the Mideast for the lowest in the nation. The Plains was the only region to report accelerated personal income growth.
