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Growth in Personal Income Shows Uneven U.S. Recovery

Pew Charitable Trusts: “One of the longest U.S. economic expansions in history has lifted personal income in all states. But growth has varied, from a constant annual rate of less than 1 percent in Nevada to more than 5 percent in North Dakota since the start of the Great Recession. A handful of states, though, lost some gains in the fourth quarter of 2015. Nationwide, growth in personal income has been slower than normal. Since the downturn began in the fourth quarter of 2007, estimated U.S. personal income has increased by a constant annual rate of 1.6 percent through the fourth quarter of 2015, compared with 2.8 percent over the past 30 years, after accounting for inflation. States have recovered at different paces. Adjusted for inflation, personal income in 21 states has grown faster than in the nation as a whole since the start of the recession. Only in mid-2015 did the final state—Nevada—recover its personal-income losses and return to its pre-recession level…”

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