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N.J. personal income growth was weak in third quarter
Personal income of New Jersey residents grew by 0.1 percent from July through September — a weakening of the pace from the previous two quarters, according to federal statistics.
The state matched the national growth rate for the third quarter, according to a U.S. Bureau of Economic Analysis report released today. Personal income in New Jersey had grown by 0.8 percent in the second quarter and 2.3 percent in the first quarter.
While the largest component of personal income — wages — grew in the quarter, this was offset by a decline in transfer payments like unemployment insurance and Social Security. Wages increased by 0.4 percent, while transfer payments fell by 0.6 percent. (Kitchenman, NJBIZ)
