Personal income growth slows in Alabama and nation


Alabama's personal income rose at a 0.8 percent annual rate in 2010's third quarter, just higher than the 0.7 percent growth nationwide, according to figures released Friday.

Alabama's growth was significantly slower than the 1.7 percent posted in the second quarter. The state saw workplace earnings and transfer payments rise roughly equally, while dividend, interest and rent payments fell slightly.

The state ranked 20th nationwide for growth rate.

Personal income is all the income received by everyone from every source, including wages, business owner profits, interest, dividends, rent and government transfers. It can serve as a rough measure of the size and health of an area's economy.

Transfer receipts are benefits people receive from government sources.

For wage earnings, the top growing sector was health care and social assistance.

South Dakota led the states with personal income growth of 1.8 percent, while Connecticut, where income was flat, was last.