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State's personal income growth lags rest of nation

Money in handACROSS MISSISSIPPI — Personal income growth in Mississippi accelerated in the second three months of 2014, but growth still trailed the nation.

The measure expanded 1.4 percent on an annual basis, the federal Bureau of Economic Analysis said yesterday, ranking Mississippi 40th among states from April to June. That rose from 0.3 percent in the first quarter. Personal income nationwide grew 1.5 percent in the second quarter.

Workplace earnings grew as fast as nationwide, while income from financial investments and government programs trailed national growth.

Mississippi’s workplace income from manufacturing of durable goods such as autos and ships grew strongly, but construction earnings shrank and earnings from professional, scientific and technical services grew slowly.

Personal income is all income from every source, including wages, business owner profits, interest, dividends, rent and government transfers.

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