Comments on economics, mystery fiction, drama, and art.

Thursday, September 18, 2008

Rewriting a Bureau of Economic Analysis Press Release

Here's the Bureau of Economic Analysis press release on state personal income, in my email inbox this morning:

"The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today:

"U.S. personal income grew 1.8 percent in the second quarter of 2008 with growth accelerating in all but five states. The second-quarter growth was the highest since the first quarter of 2007 and more than double the 0.8 percent pace of the first quarter of 2008. Almost all (0.9 percentage point) of the acceleration is accounted for by the cash rebates taxpayers received from the federal government this spring under the provisions of the Economic Stimulus Act of 2008."

But this does not adjust for price changes, or for population. So, here are my rewrites, first, adjusting for inflation:

"Between the second quarter of 2007 and the second quarter of 2008, real personal income in the US. grew by 0.89%. Among regions in the U.S., the most rapid growth occurred in the Southwest, where personal income rose by 2.89%. Real personal income grew by more than 1% in the Plains states, the Rocky Mountain states, and in New England. Growth was slowest (0.12%) in the mideast states.

"Among individual states, real personal income growth was fastest in North Dakota (8.95%). Real personal income fell in seven states, falling fastest (-0.8%) in Michigan."

And then adding in the adjustment for population:

"Between the second quarter of 2007 and the second quarter of 2008, real per capita personal income in the US. fell by 0.06%. Real per capita income grew fastest in the mideast region (+0.84%) and in the Southeast (+0.77%), but fell in most regions. The decline was greatest in the Rocky Mountain states (-0.93%) and the Far West (-0.72%).

"Among individual states, real per capita income grew in 26 states, most rapidly in North Dakota (+8.56%). Real per capita income fell by the greatest percentage in Idaho
(-2.66%), Arizona (-2.42%) and Utah (-2.35%). Connecticut had the highest real per capita income in both years (around $53,500), while Mississippi (around $28,300) ranked at the bottom in both years."


Post a Comment

<< Home