Louisiana posted the biggest drop in personal income during the third quarter, falling by 0.4% from the second quarter. According to figures released today by the U.S. Bureau of Economic Analysis, personal income in Louisiana during the third quarter was $158.9 billion, compared with all the money earned by state residents in the second quarter, coming in at $159.4 billion. Officials with the BEA noted that Louisiana’s decline was fueled by lower earnings in the construction, manufacturing and energy sectors—areas that have been hit by layoffs and low oil and natural gas prices. Personal incomes in Louisiana have been falling steadily since the fourth quarter of 2008. Overall, personal income grew by an average of 0.3% by state. Alaska was the biggest gainer, fueled by higher military earnings, with personal income going up by 0.8%. See the full report here.
Louisiana posts biggest drop in third-quarter personal income
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