State personal income decreased 10.0 percent at an annual rate in the third quarter of 2020, after increasing 35.8 percent in the second quarter. Personal income decreased in every state and the District of Columbia, ranging from –29.9 percent in West Virginia to –0.6 percent in Georgia.
- Decreases in personal current transfer receipts and property income (dividends, interest, and rent) more than offset an increase in earnings. Transfer receipts decreased $1.3 trillion for the nation in the third quarter of 2020.
- Reduced government relief payments provided under the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020 was the leading contributor to the decrease in personal current transfer receipts.
- Transfer receipts decreased in every state and the District of Columbia, ranging from $2.1 billion in the District of Columbia to $122.4 billion in California.
- For the nation, earnings increased 32.8 percent in the third quarter of 2020. The percent change in earnings across all states ranged from 11.5 percent in Oklahoma to 55.3 percent in Nevada.
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