Friday, September 23, 2011

2Q Personal Income Up 1.1%

The personal income of New Mexicans grew 1.1% in the second year of the year from the first quarter, the Bureau of Economic Analysis reported yesterday. That growth rate, down from a 1.6% first quarter increase over the fourth quarter of 2010, tied the national growth rate and was good for 35th nationally.

Personal income increased 4.9% in New Mexico from the second quarter of 2010 through the second quarter of 2011.
For the one-quarter increase, Arizona grew 1.2%; Utah, 1.4%; Colorado 1.1%.

By percentage, dividends, interest and rent led New Mexico’s growth with a 1.9% increase, followed by transfers at 1.2% and net income 0.9%.
Construction earning dropped 2.6% during the second quarter. Accommodation and food services dropped 0.4%. Health care and social assistance earnings grew 2.1% during the quarter.

Revisions knocked 1.1% off New Mexico’s previous reported 2010 personal income and 1.3% off the 2009 estimate.

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