State individual income accrued 34.2 percent astatine an yearly complaint successful nan 2nd 4th of 2020, an acceleration from nan 4.1 percent increases successful nan first quarter, according to estimates released coming by nan Bureau of Economic Analysis (table 1). Personal income accrued successful each authorities and nan District of Columbia ranging from 15.3 percent successful nan District of Columbia to 76.3 percent successful Massachusetts.
Increases successful individual existent transportation receipts much than offset decreases successful net and successful spot income (chart 1). The summation successful transportation receipts includes caller authorities alleviation payments provided by nan Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020.
Transfer receipts. Transfer receipts accrued $2.5 trillion for nan federation successful nan 2nd 4th of 2020, aft expanding $80.3 cardinal successful nan first quarter. The summation successful transportation receipts reflected increases successful authorities unemployment security compensation, each different transportation receipts and Medicaid benefits (chart 2). Transfer receipts accrued successful each state, ranging from $3.8 cardinal successful Wyoming to $342.6 cardinal successful California (table 2).
State unemployment compensation was boosted by a $600 summation successful play benefits provided by nan CARES Act, arsenic good arsenic an description of eligibility of workers not antecedently covered by authorities unemployment compensation programs. The summation successful each different transfers reflected $1,200 economical effect payments to individuals, arsenic good arsenic supplier alleviation costs for nonprofit institutions, specified arsenic hospitals and wellness attraction providers, serving individuals.
Coronavirus (COVID-19) Impact connected nan Second-Quarter 2020 State Personal Income
The 2020 Q2 estimates of authorities individual income were impacted by nan consequence to nan dispersed of COVID-19, arsenic governments issued and lifted "stay-at-home" orders, and authorities pandemic assistance payments were distributed to households and businesses. The afloat economical effects of nan COVID-19 pandemic cannot beryllium quantified successful nan authorities individual income estimates because nan impacts are mostly embedded successful root information and cannot beryllium separately identified. For much information, spot nan Technical Note.
Tables showing nan Effects of Selected Federal Pandemic Response Programs connected State Personal Income for each authorities and nan District of Columbia will beryllium made disposable connected October 15, 2020.
Earnings. For nan nation, net decreased 27.5 percent successful nan 2nd 4th of 2020, aft expanding 3.4 percent successful nan first 4th (table 2). The declines were moderated by Paycheck Protection Program (PPP) loans to proprietors. The alteration successful net reflected nan partial economical shutdown pursuing nan outbreak of nan COVID-19 pandemic successful nan first 4th of 2020.
Earnings decreased successful 20 of nan 24 industries for which BEA prepares quarterly estimates (table 4). Accommodations and nutrient services, and healthcare and societal assistance were nan starring contributors to nan wide net decrease. The percent alteration successful net crossed each states ranged from -14.0 percent successful Utah to -38.1 percent successful Nevada.
Property income. Property income decreased 8.6 percent for nan federation successful nan 2nd 4th of 2020, aft expanding 1.1 percent successful nan first quarter. Property income decreased successful each state, ranging from -4.8 percent successful West Virginia to -12.1 percent successful Utah.
Annual Update of State Personal Income
The estimates of 2020:Q2 individual income incorporated nan results of BEA's yearly update of authorities individual income that was besides released today. The yearly estimates of authorities individual income for 2013 to 2019, and quarterly estimates of authorities individual income for 2013:Q1 to 2020:Q1 were revised. The update incorporates revised root information that are much complete and much elaborate than antecedently available, updates to seasonal factors, and nan results of nan July 2020 yearly update of nan National Income and Product Accounts.
Today, BEA besides released revised estimates of existent authorities individual income for 2013 to 2018 that incorporated nan results of nan yearly update to authorities individual income and revised experimental state-level statistic describing nan transactions of authorities and section authorities defined use pension plans for 2015-2018 and caller estimates for 2019.
Next release: December 17, 2020 astatine 8:30 A.M. EST
State Personal Income, 3rd Quarter 2020