Louisiana’s quarterly personal income grew 35.7% in the second quarter of the year, rising to $240.3 billion, according to data from the federal Bureau of Economic Analysis.
The state’s personal income, or the total amount that Louisiana workers took home before taxes, has grown $20 billion since this time last year. The state’s growth is also higher than the national personal income average increase of 34.2%, a stark acceleration from the 4.1% increase in the first quarter. Personal income increased in every state in Q2.
The 2020 Q2 estimates of state personal income were impacted by the response to the spread of COVID-19, as governments issued and lifted stay-at-home orders, and government pandemic assistance payments were distributed to households and businesses, the report says.
The full economic effects of the COVID-19 pandemic cannot be quantified in the state personal income estimates because the impacts are generally embedded in source data and cannot be separately identified.
For the nation, overall earnings decreased 27.5% in the second quarter, after increasing 3.4% in the first quarter. The declines were moderated by Paycheck Protection Program loans to proprietors and the decrease in earnings reflected the partial economic shutdown following the outbreak of the COVID-19 pandemic in the first quarter of 2020. See the full report.
