By PBN Staff
WASHINGTON - Personal income in Rhode Island and Massachusetts both grew 0.3 percent during the third quarter as growth slowed down to 0.5 percent across the United States, according to a new report from the U.S. Bureau of Economic Analysis.
Personal income in the Ocean State rose from $47.01 billion during the second quarter to $47.14 billion during the third quarter. For its third-quarter gains in personal income, Rhode Island ranked No. 42 in the U.S., a drop from the No. 26 ranking it earned during the second quarter.
Massachusetts, which saw personal income rise to $361.54 billion during the third quarter, ranked No. 41 in the U.S.
Comparatively, North Dakota earned the first place slot, with an increase of 1.4 percent between the second and the third quarters of 2012. South Dakota fell to the bottom of the list with a 1.6 percent loss in personal income during the quarter.
Personal income across New England rose 0.4 percent during the quarter, slightly lower than the growth seen across the United States as a whole.
The BEA defines personal income as the sum of net earnings by place of residence, property income and personal current transfer receipts.
Nationwide, third-quarter earnings dropped in four industries – finance, mining, information and administrative services. The largest decline nationally, of 2 percent, was in the finance industry.
In Rhode Island, third-quarter earnings dropped in wholesale trade, information, finance and insurance, administrative and waste management services, educational services, accommodation and food services, and state and local government. The finance and insurance industry was hit hardest in the Ocean State, with a drop of 1.45 percent during the third quarter.
The Ocean State’s farming industry was most improved in the quarter, increasing 4 percent to $1 million. Construction followed with a 2.25 percent improvement to $37 million.