Does it feel like you have more money in your pocket?
Maybe you do.
Personal income growth in Tennessee rose 3.9 percent in 2012, according to the latest data from the U.S. Bureau of Economic Analysis.
That was the 10th best state growth rate in the country and faster than neighboring states in the Southeast.
Tennessee also performed better than the nation overall. Nationally, “average state income growth slowed to 3.5 percent in 2012 from 5.2 percent in 2011, BEA reported.
State personal income data released today shows Tennessee’s income grew 3.8 percent from 2009 to 2010, another sign that the recovery is edging forward.
Only five other states posted larger percentage increases — New Mexico (4.2), New York (4.1), Kentucky (4.0), Mississippi (3.9), and Alaska (3.9), according to the U.S. Bureau of Economic Analysis.
The national average was 3 percent growth.
Government number crunchers always provide fascinating reading.
Today, for example, the Commerce Department said the GDP from 1998-2007 was on average actually 2.7 percent, or $301.5 billion, higher that we thought.
Higher, that is, “if research and development (R&D) spending was treated as investment in the U.S. national income and product accounts,” according to the the Bureau of Economic Analysis.
So, does that mean if we count R&D spending the recession really wasn’t all that bad?
State personal income increased in all but two states and inflation declined in the first quarter, according to estimates released today by the U.S. Bureau of Economic Analysis.
The national average increase in earnings was 0.9 percent. Inflation fell to 0.4 percent from 0.6 percent in the fourth quarter of 2009.
Tennessee posted better 1Q results than most states with personal income rising 1.4 percent, up from from 0.8 percent in the prior quarter.
All in all, a pretty good report. However, there are some numbers that give us pause.
Breaking down earnings by industry, BEA reports that construction and real estate earnings were down again.
On the positive side, healthcare provided the biggest boost to earnings. A 3.4 percent pay raise for the military and a 2 percent increase for federal civilian workers also helped.
Read the full BEA report here.
Word from the Commerce Department today is that the economy didn’t grow quite as fast in the first quarter as originally estimated. But that’s no reason to panic. The key word here is “grow.” The economy continues to recover, albeit slowly.
Several bits of good news can be found in the news release from the Bureau of Economic Analysis.
— Automobile manufacturing and computer sales both were up from the fourth quarter.
— Consumer spending rose 3.5 percent, slightly less than originally estimated, but up from 1.6 percent in the 4Q and the strongest showing in three years.
— Corporate America is still making money. Corporate profits increased $81.4 billion, compared to a 4Q increase of $108.7 billion. Still a tidy increase, any way you cut it.
Read the full BEA press release here.