BEA: State sees significant jump in personal income

ACROSS MISSISSIPPI — Finally, some good news about Mississippi’s economy.

Personal income grew at a 1.2 percent annual rate in 2012′s second quarter, the federal Bureau of Economic Analysis said today. That’s sixth-highest among the states. Personal income grew 1 percent nationwide.

Workplace earnings and government payments grew faster than the nation, while dividend, interest and rent income trailed slightly. Agriculture was the top contributor to Mississippi’s strong performance.

The bureau also revised its initial estimate of Mississippi’s first quarter performance, saying personal income grew 1 percent, instead of shrinking as officials originally figured.

That income decline, along with falling payrolls, had contributed evidence that Mississippi had stumbled back into recession.

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