US personal income rises 4.5pc in 2018

WASHINGTON: All U.S. states and Washington D.C. saw personal income growth in 2018, the Bureau of Economic Analysis (BEA) reported on Tuesday.

According to BEA, U.S. personal income increased 4.5 percent in 2018 after an 4.4 percent increase in the previous year.

At the state level, the State of Washington top the list with a growth rate of 6.8 percent. However, the State of Hawaii only saw a growth rate of 2.9 percent in 2018, which was the slowest among all states.

BEA also noted that the increases in earnings, property income, and transfer receipts contributed to the personal income growth in all states. Specifically, these three factors grew 4.4 percent, 4.9 percent and 4.2 percent respectively in 2018.

At the national level, 24 industries that were closely monitored by BEA during the survey saw an increase in earnings. Among these industries, the top three contributors to the overall growth in personal income was professional, scientific, and technical services; health care and social assistance; and construction.

As income grew across the states, the U.S. Federal Reserve said that the overall inflation, a measurement of price increase, had declined.

The core inflation that excluded volatile products like food and energy, remained near 2 percent, according to Fed's statement after a policy meeting on March 20.