Idaho's 3Q income growth among nation's best

Total personal income in Idaho last summer rose for the fifth straight quarter, growing just over 1 percent from the second quarter to an annualized $50.6 billion. It was the eighth fastest growth rate in the nation.

Employee wages and proprietor profits both grew between July and September, the second straight quarter of gains, according to the U.S. Bureau of Economic Analysis. Farm profits increased more than enough to offset a fractional decline in nonfarm business earnings, the first since the third quarter 2009.

Investment earnings declined fractionally and for the second quarter in a row totaled less than income from so-called transfer payments, which include government assistance, unemployment benefits, pensions and Social Security. Before the recession began in late 2007, investment income was running $2 billion to $2.5 billion higher than income from transfer payments.

Overall, personal income was up $521 million from the spring quarter.

The resurgence in personal income that began in spring 2009 followed an unprecedented four straight quarters of declining income.

Wages and salaries, which account for about 40 percent of all personal income, rose nearly nine-tenths of a percent from the spring quarter while farm income was up 30 percent on an annualized basis and nonfarm business profits were off fractionally.

Only three sectors reported declining earnings in the third quarter – construction, real estate and utilities - the fewest number of losing sectors since the third quarter 2006.

Most other sectors posted increases of 1 percent or more from the second quarter, and financial services rebounded with a strong 2.7 percent increase.