Quantcast
Get breaking news alerts via email

Click here to manage your alerts
Brent Lewin/Bloomberg Nationally incomes grew 0.5 percent in the third quarter, down from 0.7 percent three months earlier, the bureau said. Growth fell in 34 states and accelerated in only 11. The rest were unchanged.
Utah personal income growth slowed in 3Q

Economy » Lagging data may not reflect recovery’s hardiness.

First Published Dec 19 2012 11:48 am • Last Updated Apr 08 2013 11:33 pm

Although it doesn’t reflect Utah’s current economic vigor, personal income growth in the third quarter slowed to the weakest pace since the final three months of last year, the Bureau of Economic Analysis said Wednesday.

Growth slowed to 0.66 percent in the July-September period from 1.17 percent in the second quarter. It was the weakest rate of growth since the fourth quarter of 2011, when personal incomes grew just 0.5 percent.

At a glance

A look at how the growth in Utah personal income has changed since the recession began in December 2007

Fourth quarter 2007: up 2.13 percent

First quarter 2008: 3.03 percent

Second quarter: 1.5 percent

Third quarter: minus 0.13 percent

Fourth quarter: minus 1.88 percent

First quarter 2009: minus 2.26 percent

Second quarter: minus 0.85 percent

Third quarter: minus 1.04 percent

Fourth quarter: minus 0.12 percent

First quarter 2010: up 2.4 percent

Second quarter: 0.66 percent

Third quarter: 1.13 percent

Fourth quarter: 1.45 percent

First quarter 2011: 2.6 percent

Second quarter: 1.11 percent

Third quarter: 0.8 percent

Fourth quarter: 0.5 percent

First quarter 2012: 1.88 percent

Second quarter: 1.17 percent

Third quarter: 0.66 percent

Source: U.S. Bureau of Economic Analysis

Join the Discussion
Post a Comment

Nationally, against a backdrop of uncertainty fueled by the presidential campaign and congressional gridlock, incomes grew 0.5 percent in the third quarter, down from 0.7 percent three months earlier, the bureau said. Growth fell in 34 states and accelerated in only 11. The rest were unchanged.

Utah’s personal income growth has been sluggish since the first quarter of 2008, when the reading was 3.03 percent and the worst of the Great Recession was still in the future. Income growth faltered in the second quarter of that year, and in the third quarter it turned negative. Growth didn’t resume until the first quarter of 2010.

More than two years later, "we are still below our potential," said Juliette Tennert, Gov. Gary Herbert’s chief economist. "But these numbers are consistent with the recovery path that we are on. The recovery is not as rapid as it’s been after past recessions. That’s because the recession we experienced was more severe."

Tennert said personal income growth figures lag behind more current estimates of economic vitality, such as the monthly unemployment rate and job formation. Those measures suggest Utah’s recovery is accelerating, she said.

Personal income for all Utahns totaled $99 billion at the close of the third quarter, up from $98.3 billion three months earlier and $94.9 billion last year, according to the bureau. The year-over-year gain of 4.3 percent was seventh-best in the country.

Personal income consists mainly of wages, but also includes rents, dividends and transfer payments from the federal government, such as Social Security and pensions. Economists say personal income is a proxy for job growth and consumer spending, which drives much of the economy.

pbeebe@sltrib.com

Twitter: @sltribpaul


story continues below



Copyright 2014 The Salt Lake Tribune. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Top Reader Comments Read All Comments Post a Comment
Click here to read all comments   Click here to post a comment


About Reader Comments


Reader comments on sltrib.com are the opinions of the writer, not The Salt Lake Tribune. We will delete comments containing obscenities, personal attacks and inappropriate or offensive remarks. Flagrant or repeat violators will be banned. If you see an objectionable comment, please alert us by clicking the arrow on the upper right side of the comment and selecting "Flag comment as inappropriate". If you've recently registered with Disqus or aren't seeing your comments immediately, you may need to verify your email address. To do so, visit disqus.com/account.
See more about comments here.
Staying Connected
Videos
Jobs
Contests and Promotions
  • Search Obituaries
  • Place an Obituary

  • Search Cars
  • Search Homes
  • Search Jobs
  • Search Marketplace
  • Search Legal Notices

  • Other Services
  • Advertise With Us
  • Subscribe to the Newspaper
  • Login to the Electronic Edition
  • Frequently Asked Questions
  • Contact a newsroom staff member
  • Access the Trib Archives
  • Privacy Policy
  • Missing your paper? Need to place your paper on vacation hold? For this and any other subscription related needs, click here or call 801.204.6100.