Growth in Total Personal Income and Its Components, 2002-2008 |
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| Source: U.S. Bureau of Economic Analysis | |
Personal income is the sum of all income received by, or on behalf of, the residents of a region. The dominant component of personal income is wage and salary disbursements, which reflect the sum of all workers’ pay before taxes and other deductions. Dividends, interest, and rental income received from investments such as mutual funds, bank accounts, and property make up just under 18 percent of New England’s personal income. Transfers, mainly in the form of Social Security, Medicare, disability insurance, and food stamps, account for the third largest source of personal income; these payments represent a “transfer” of financial resources from the government to individual residents.
New England’s personal income growth primarily reflects the more than 41 percent growth in Transfers. The Dividends, Interests and Rent category saw growth rates just over 40 percent, slightly under the growth rate of national Dividends, Interests and Rents. New England’s wage and salary growth also remained below that of the nation, growing about 28 percent. |
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