Personal income down from last year
Trend of lower earning less severe in the second quarter for Coloradans
Personal income hasn’t increased in Colorado since the second quarter of 2008, but the recent trend of decreasing income was less severe in the second quarter of 2009 for the state’s 2.5 million workers.
The amount of money earned from wages, salary and investments in Colorado dipped just 0.32 percent in the second quarter, the smallest drop since the economy crumbled last fall.
The third quarter of 2008 marked the first decrease in earnings Colorado experienced since the first quarter of 2003. Income decreased one-tenth of a percent in the third quarter last year, dropped 1.69 percent in the fourth quarter and dipped another 0.69 percent in the first quarter of 2009, according to information released Friday by the U.S. Bureau of Economic Analysis.
While health care, educational services, farming and utilities experienced an increase in total income, the 17 other private industries measured by the BEA decreased in Colorado. The hardest hit industries were construction, real estate, manufacturing and mining.
Mining had the largest change in income, a 6.9 percent decrease, from the first to the second quarter of 2009. Health care and social assistance showed 1.2 percent growth between the quarters.
The government sector had a 1.36 percent increase in income in the second quarter and a 6.96 percent boost year over year. Government income totaled $20.9 billion in the second quarter, ahead of the $13.6 billion earned among professional, scientific and technical services workers and the $10.2 billion brought in by health and social assistance workers.
At $107 million, forestry, fishing and related work brought in the least money of any industry in Colorado. Farming and utilities placed second and third from the bottom with $383 million and $671 million, respectively.
Third-quarter data released by the U.S. Bureau of Labor Statistics on Friday showed the average weekly paycheck was $738 for the 100.1 million full-time wage and salary workers in the United States. That’s a 2.5 percent increase from the third quarter of 2008.
Median income was $812 a week for men and $657 a week for women.
Men 55 to 64 years old earned the highest median weekly wage, $979, while the most lucrative age for women was 45 to 54, with $727 as the median weekly wage.
Those employed in management, professional and related occupations had the highest weekly wage. Those is service jobs had the lowest.
Third-quarter income statistics for Colorado will be released in December.