Business Excellence Awards
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By Kimberley Donoghue
PBN Web Editor
WASHINGTON – Personal income declined 0.2 percent in Rhode Island in the third quarter, compared with the national growth of 0.1 percent, according to seasonally adjusted estimates released by the U.S. Bureau of Economic Analysis.
Personal income - defined as the sum of net earnings by place of residence, property income and personal current transfer receipt – declined to $46.3 billion and ranked 48th for growth among the 50 states and the District of Columbia.
It was the first contraction during the year. In the third quarter of 2010, Rhody personal income grew 1.2 percent to $44.7 billion.; 0.6 percent in the 2010 fourth quarter; 1.3 percent in the first quarter of 2011; and 1.9 percent in the second quarter of this year.
Growth rates ranged from -0.4 percent in West Virginia to 0.6 percent in Washington in the third quarter. Personal income fell or was unchanged in 20 states and grew in the other 30.
Inflation, as measured by the national price index for personal consumption expenditures, decreased to 0.6 percent in the third quarter from 0.8 percent in the second quarter, the BEA said.