ECONOMIC INDICATORS

R.I. personal income rises 1% in 2Q

COURTESY THE U.S. BUREAU OF ECONOMIC ANALYSIS
Personal income in Rhode Island and New England matched the national increase of 1 percent during the second quarter of 2012.
Posted 9/25/12

WASHINGTON - Personal income in Rhode Island rose 1 percent from $47 billion during the first quarter of 2012 to $47.5 billion during the second quarter, according to a new report from the U.S. Bureau of Economic Analysis.

Personal income across New England also rose 1 percent during the quarter, matching the growth across the United States.

The BEA defines personal income as the sum of net earnings by place of residence, property income and personal current transfer receipts.

For its second-quarter gains in personal income, Rhode Island ranked 26th in the nation, down six slots from the No. 20 ranking it earned during the first quarter.

Comparatively, North Dakota earned the first place slot, with an increase of 2.1 percent between the first and the second quarters of 2012.

Nationwide, second-quarter earnings dropped in three industries – farming, civilian federal government and military earnings. The largest decline nationally, of 1.8 percent, was in the farming industry.

In Rhode Island, second-quarter earnings dropped only in military earnings, which fell 0.01 percent from the first quarter of 2012. The Ocean State saw no change in earnings for farming, manufacturing of nondurable goods, educational services and federal/civilian government.

The Ocean State’s professional, scientific and technical services industry saw the greatest earnings improvement over the quarter, increasing 0.08 percent to $36 million.

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