POSTED: 4:18 p.m. HST, Dec 19, 2011
Personal income growth in Hawaii slowed to a standstill in the third quarter, making it one of 20 states where incomes fell or were unchanged compared with the previous three-month period, a federal agency reported today.
Salaries, investment income and federal government transfers paid to Hawaii residents totaled $59.14 billion at a seasonally adjusted annual rate in the July-through-September quarter, statistically unchanged from the previous quarter, according to a report from the Bureau of Economic Analysis. That followed quarter-over-quarter increases of 0.9 percent in the second quarter and 1.7 percent in the first quarter.
The figures are not adjusted for inflation, which erodes the value of personal income. The state Department of Business, Economic Development and Tourism is forecasting personal income in Hawaii to grow by 4.6 percent this year, but by only 1.3 percent after inflation is taken into account.