Kansas personal income rises

Kansas personal income grew in the third quarter of 2018, but slower than in most states.

Today the Bureau of Economic Analysis, an agency of the United States Department of Commerce, released state personal income data for the third quarter of 2018. The press release noted, “State personal income increased 4.0 percent at an annual rate in the third quarter of 2018, an acceleration from the 3.4 percent increase in the second quarter.”

Personal income in Kansas rose at an annual rate of 3.1 percent, while Plains States rose at 3.2 percent. (For this data, Plains States are Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, and South Dakota.)

The 3.1 percent rate in Kansas ranked 40th among the states. Over the period covered by this news release, Kansas personal income has grown more slowly than the nation.

According to BEA, “Personal income is the income received by, or on behalf of, all persons from all sources: from participation as laborers in production, from owning a home or business, from the ownership of financial assets, and from government and business in the form of transfers. It includes income from domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or losses.”

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