Personal income grew 4.2% in Louisiana from 2007 to 2008, according to preliminary estimates released today by the U.S. Bureau of Economic Analysis. U.S. personal income growth slowed to 3.9% in 2008 from 6% percent in 2007 with all states except Alaska sharing in the slowdown. The U.S. growth was the slowest since 2003. Inflation, as measured by the national price index for personal consumption expenditures, rose to 3.3% in 2008 up from 2.6% in 2007. Personal income is the income received by all persons from all sources. The average income per person increased 3.3% in Louisiana, to $36,271, while the nation’s per capita income increased 2.9%, less than the rate of inflation, to $39,751.
State income grows 4.2%
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