Meridian Star

September 30, 2013

Miss. personal income grows slowly in Q2 2013


Associated Press

JACKSON —

JACKSON, Miss. (AP) — Personal income growth in Mississippi trailed the nation in the second quarter, dragged down by a drop in farm income and slow growth in the service sector.

The economic measure expanded 0.5 percent, the federal Bureau of Economic Analysis said Monday, ranking 44th among states. Personal income in the United States as a whole grew 1 percent from April to June.

Farm income, which can be among the most volatile parts of the measure, fell more in Mississippi than nationwide. A decrease in government transfer payments also hurt the state's performance

Personal income is all of income received from every source, including wages, business owner profits, interest, dividends, rent and government transfers. It's not the same as a measure of the overall economy, but can be a rough proxy.