If your wallet felt a little lighter at the end of July than at
the start of the year, it probably was.
New Jersey's personal income rose 0.8 percent in the second
quarter, slower than the 1.8 percent growth in the first quarter,
figures released Tuesday by the Bureau of Economic Analysis showed.
The state had personal income of $475.87 billion in the second
quarter, the agency said.
The state's growth was also slower than 44 other states. Only
Delaware, New Mexico, Idaho, Wyoming and Montana had slower growth.
And New Jersey's growth rate was the same as in that period a year
earlier.
Joseph Seneca, economist and professor at Rutgers University,
said the figures reflect "the national deceleration."
"The key factor that caused New Jersey personal income to grow
somewhat slower was a much lower gain in income from wages and
salaries," Seneca said.
The personal income figures follow job figures for August that
suggest the state's labor market remains weak, with an unemployment
rate of 9.9 percent - the highest in 35 years - and an increase of
5,300 jobs in the state's employment level. New Jersey has lost
2,000 jobs in the last two months, after adding 12,100 in the first
quarter and 14,400 in the second.
About half the increase in New Jersey's personal income, $1.8
billion, came from a 2.4 percent gain in dividends, interest and
rent. The state's net earnings rose 0.4 percent, or $1.4 billion,
the figures show.
