Home Economy NY and CT personal income growth up 4.2 percent in Q2

NY and CT personal income growth up 4.2 percent in Q2

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Wage earners in New York and Connecticut ranked average nationwide in personal income growth during the second quarter, according to new data released by the U.S. Bureau of Economic Analysis.

The personal income levels in the two states grew at an annual rate of 4.2 percent in the second quarter. Among all 50 states, Connecticut ranked 22nd and New York placed 23rd. Texas led the nation with a 6 percent personal income growth rate in the second quarter, while Washington trailed far behind with a 1.6 percent rate. The national personal income growth rate of 4.2 percent in the second quarter was below the 5 percent increase recorded in the first quarter.

Within the New England region, Connecticut and Maine tied with a 4.2 percent personal income growth rate, but the region averaged at 3.0 percent due to weaker growth rates in Vermont, Rhode Island and New Hampshire. New York, which was placed in the Mideast region by the BEA, tied with Delaware for the highest rate in a geographic corridor that averaged 3.7 percent.

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