Business Excellence Awards
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By Kimberley Donoghue
PBN Web Editor
WASHINGTON - Rhode Island personal income increased 1.2 percent in the second quarter, according to estimates released by the Bureau of Economic Analysis Thursday.
Ocean State personal income grew to $46.04 billion in the second quarter from $45.07 billion in the first quarter. A year earlier it stood at $43.73 billion.
In New England, Maine experienced the slowest growth, at 1.0 percent; Connecticut matched Rhode Island at 1.2 percent; and New Hampshire came in at 1.3 percent. Massachusetts and Vermont both had 1.4 percent growth.
Nationally, state personal income growth slowed to 1.1 percent, on average, down from 2.1 percent in the first quarter.
Inflation, as measured by the national price index for personal consumption expenditures, decreased to 0.8 percent in the second quarter from 1.0 percent in the first quarter of 2011.
Growth rates ranged from 2.2 percent in Nebraska and South Dakota to 0.7 percent in Washington and Georgia.