Personal Income Rising
U.S. personal income increased by 1.4 percent in the third quarter, up from just 0.9 percent, with growth accelerating or holding steady in all but 11 states, the Commerce Department reported this week.
The largest third-quarter gains were in Washington, where incomes grew by 3.6 percent, followed by New Mexico and Louisiana, the report said. The weakest growth was in Minnesota, Michigan and Maryland.
Quarterly income rates tend to swing as a result of year-end bonuses paid in the financial industry in the first quarter.