R.I. personal income grows in 3rd quarter

STATE PERSONAL INCOME GROWTH averaged 1 percent in the third quarter. Rhode Island's personal income grew 1.1 percent, according to the federal Bureau of Economic Analysis. / COURTESY U.S. BUREAU OF ECONOMIC ANALYSIS
STATE PERSONAL INCOME GROWTH averaged 1 percent in the third quarter. Rhode Island's personal income grew 1.1 percent, according to the federal Bureau of Economic Analysis. / COURTESY U.S. BUREAU OF ECONOMIC ANALYSIS

PROVIDENCE – Personal income in Rhode Island grew 1.1 percent to $51.8 billion on an annualized basis in the third quarter compared with $51.2 billion in the previous period, according to data released by the federal Bureau of Economic Analysis on Friday.
The bureau said that state personal income growth averaged 1 percent in the third quarter, down from 1.2 percent in the second quarter. Personal income, which is the sum of net earnings by place of residence, property income and personal transfer receipts, slowed in 38 states and Washington, D.C.
Rhode Island was among states that had a gain in the third quarter, giving it an overall rank of 13, which was the second-highest among the New England states. Rhode Island’s personal income grew 0.8 percent in the second quarter.
Massachusetts had the greatest personal income growth among New England states in the third quarter at 1.1 percent, ranking it No. 11. Personal income in the Bay State was $399.6 billion, compared with $395.3 billion. Second quarter personal income in Massachusetts grew by only 0.3 percent in comparison.
Vermont also experienced 1.1 percent growth in personal income in the third quarter, ranking it No. 15. New Hampshire registered the smallest gain in personal income in the third quarter at 0.3 percent, ranking it No. 47 among the states.

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