Personal Income and Employment Interactive Map
We can’t let a Friday go by without something Employment/Income related. Hence, this lovely BEA chart, showing changes in personal income by state:
The data for Q1 — yes, it is both old and lagging — is still stunning nonetheless: 74% of the states showed a drop in Personal Income.
>
Personal Income Changes, by State
via Bureau of Economic Analysis
UPDATE: June 22 2009 6:23am
David Rosenberg writes:
“As an aside, the U.S. Commerce Department also released state-by-state income data yesterday for 1Q and found that personal income deflated in 37 states. That is a very generous assessment since whatever income there was reflected government benefits like food stamps, unemployment insurance and welfare. Income derived from the private sector — remember that part of the economy? — actually contracted in all 50 states.
Whatever shoot that is, it definitely is not green.”
>
Source:
PERSONAL INCOME AND OUTLAYS
BEA, April 2009
http://www.bea.gov/newsreleases/national/pi/pinewsrelease.htm
Personal Income Drops in 37 States
David Wessel
Real Time Economics, June 18, 2009, 9:34 AM ET
http://blogs.wsj.com/economics/2009/06/18/personal-income-drops-in-37-states/
June 19th, 2009 at 12:37 pm
that’s it I am moving to W. Virginia . . . or Kentucky
June 19th, 2009 at 12:40 pm
As CA goes, so goes the…
California’s unemployment rate climbed to 11.5 percent in May, the highest in modern record-keeping, the U.S. Department of Labor reported Friday.
The loss of another 69,000 jobs comes as a blow to the state after unemployment dipped slightly to 11.1 percent in April, according to revised figures. The California Employment Development Department said the government posted the largest job declines in the month, down by 14,200 jobs. Every other sector besides education and health services also saw losses.
Although the federal agency reported that 48 states and the District of Columbia saw their unemployment rates rise in May, California’s rate was substantially higher than the national rate of 9.4 percent for the month.
http://news.ino.com/headlines/?newsid=68988482770790
June 19th, 2009 at 12:45 pm
not sure why we are surprised. this is the inevitable result of globalization. when a rich country tries to compete with a poor country on price (which is all that matters any more), the rich country has to devalue its living standards to match or it can’t compete
June 19th, 2009 at 12:46 pm
The second quarter is likely to be worse. Not surprising at all. And this doesn’t count those who are losing their health insurance plans (my wife lost her dental bene’s), which is basically a de facto salary cut to all at any given company.
June 19th, 2009 at 1:01 pm
Life is good…. US Open on Tv…. this site is so unhappy…..
June 19th, 2009 at 1:01 pm
Well, I’m in SC and have lost about 15% of my normal pay….in sales, though, so not sure how they measured this.
Our dealership has cut hours/salary to help keep employees here as long as they can, but cuts across the board, nonetheless.
June 19th, 2009 at 1:01 pm
Sort of strange that NC and SC would be amongst the highest in personal incomes yet these two states have amongst the highest unemployment rates per the BLS state report just issued and in fact are likely worse than printed since the printed unemployment rate would be the U-3 I believe. Using U-6, more reflecting of real employment stress makes reconciling the personal income data and employment data even more difficult.
http://www.calculatedriskblog.com/2009/06/record-unemployment-rates-in-eight.html
June 19th, 2009 at 1:02 pm
And I’m probably going to lose my job in the next few months…if the economy stays like it is….which I think is what is going to happen…if not get worse.
June 19th, 2009 at 1:08 pm
hmm, credit hard to come by if it isn’t being taken away altogether and incomes down most places. Couple that with a higher savings rate in a credit based system based on the consumer and I think that puts some Round Up on most of the green shoots.
Is there anything inflationary about that?
June 19th, 2009 at 1:10 pm
Karen,
I saw a video with your states Controller the other day on a Bloomberg feed. It was pretty scary outlook to say the least and what he was discussing is going to happen in about 30 days.
June 19th, 2009 at 1:18 pm
Green shoots!!!!! Business will save on wages by not having to pay so much for the employees they keep…. oh wait a minute WTF! This little jaunt down green(shoots)ville reminds me, I haven’t seen my favorite antagonist Frank around lately… what gives?
June 19th, 2009 at 1:36 pm
In one respect, however, the CA economy is hard to gauge because a not small percentage of it is a cash economy with a bit of barter going on, too. Still, I feel if CA hadn’t been so mismanaged during the Gray Davis years… and didn’t have such a whacko legislature on both sides, it would be in better fiscal shape to weather this “crisis” (for lack of a better word.)
June 19th, 2009 at 1:37 pm
Since some of the states showing increases are also said to now have record joblessness, it is hard believe both stories.
June 19th, 2009 at 1:46 pm
Zombie Banks Thriller video. Lol.
http://www.youtube.com/watch?v=DVMshMIPNUg&feature=player_embedded
June 19th, 2009 at 2:02 pm
Cheese @ 1:01
Don’t confuse cynicism with unhappiness.
June 19th, 2009 at 2:08 pm
and from today’s headlines: Texas billionaire indicted for alleged $7 billion Ponzi scheme
June 19th, 2009 at 2:24 pm
Great post by Mish on the collapse of credit (= deflation)…..
http://globaleconomicanalysis.blogspot.com/2009/06/flow-of-funds-report-offers-hard.html
June 19th, 2009 at 2:32 pm
Mannwich, you have to be careful about posting off topic subjects. Barry will delete them.
June 19th, 2009 at 2:41 pm
@Ned: I don’t think this is entirely off-topic. It’s related to the inflation and deflation issue, and so is, I believe, the drop in personal income. Why don’t we let Barry decide?
June 19th, 2009 at 2:43 pm
Karen – I agree. Sad that we live in such a wealthy state with such a terrible financial mess. I’m wondering how the current mess is going to translate in the next state legislature elections.
June 19th, 2009 at 3:14 pm
Jeff,
to see a weblog post that should be deleted, just remember:
“self-appointed Thread-Stasi can FBM.”
~~
June 19th, 2009 at 3:31 pm
We’re all just guests of Barry’s. He has the right to delete any and all that he doesn’t approve of. Otherwise it will just become Yahoo Message boards… and how much value do you find there?
June 19th, 2009 at 3:43 pm
Taking Karen’s point a step further, if the world’s 9th largest economy (CA) has high unemployment, then US tax revenues will suffer accordingly. Add in the huge rush to Treasuries, whose meager earnings are not taxed, and the investment losses that will be claimed for years to come. So falling revenues and rising expenditures. How long will the US be able to borrow it’s way forward before it all collapses?
June 19th, 2009 at 4:42 pm
Good to see everyone asking the right questions…
But I didnt doubt any of you for a second. Its the majority of the population that I worry about.
June 19th, 2009 at 5:19 pm
There are large contingent Native American populations in both NM and OK. The various tribes living in both states have been living with 50%+ unemployment rates for decades. That is perhaps why this latest downturn hasn’t impacted those states to the degree it has others.
June 20th, 2009 at 1:53 am
I’m surprised to see WY as bright red. I thought that was one of the “bright spots”.
Kinda looks to me like the states with lots of military bases are doing relatively well.
Meh….I’m a bit loaded….and half color blind.
June 20th, 2009 at 10:41 pm
But surprisingly “”disposable”" personal income went up , and that’s the one that matters. It went up from 10642 to 10783.9 or 1.33%.