Personal Incomes Fall Across US
The Commerce Department issued a report Monday showing personal income was down all across the United States in 2009. Parts of the country where federal government and military jobs are main stream did not decline.
The hardest hit areas were those containing high housing and financial positions.
There were just three of the 52 cities where population numbers of one million or greater that had an increase in net earnings and personal income, the broadest measuring factor of the two.
In each of these three areas the federal government was the contributing factor. One was Washington D.C. the other two are large military areas in San Antonio, TX and Virginia Beach, VA. Each case showed the highest gain was from federal government and military workers while private public sectors decreased.
When comparing those numbers domestically across the country, employers of private held companies froze earnings and in many places employee hours and pay were cut.
Two other large metro areas showed an increase in personal incomes, they were Baltimore and Pittsburgh. However each faced declining net earnings but also had a high rise in government benefits, mainly coming from unemployment benefits.
Nevada, Arizona and Florida had the most areas with the sharpest declines of personal income. This is also reflected by the huge decline in housing markets in those areas. Nevada is also suffering from our nation’s number one unemployment rate of 14.2%.
The Midwest states were hit extremely hard with declining jobs in manufacturing during 2009, which created a decrease in income levels from many industrial areas
Leave a Reply