Californians' Income Sees First Decline Since WWII

Wednesday, 11 Aug 2010 06:29 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

The personal income of California residents declined last year for the first time since World War II, state officials said Wednesday.

An analysis by the federal Bureau of Economic Analysis found that statewide income fell by $40 billion in 2009 to $1.56 trillion. That's down about 2.5 percent from the previous year and even lower than the 2007 figure.

Per capita income was a little more than $42,000 in 2009, compared with nearly $44,000 in 2008, according to the Bureau of Economic Analysis.

Data released by the agency Monday shows most of the state's metropolitan areas saw personal income decline or remain the same last year.

In the Los Angeles area, personal income fell 3 percent to $551.27 billion from $568.43 billion in 2008. San Francisco saw a 3.3 percent decline to $257.76 billion from $266.68 billion in 2008.

Fresno and Bakersfield were among the few areas that saw personal incomes rise.

Brad Kemp, an economist with Beacon Economics, said the numbers from those Central California cities reflect relatively steady employment in the farming sector.

"The farm industry has always been resistant to job losses," he said. "Food remains a commodity that people can't skimp on."

Overall, the income drop in California was more dramatic than it was nationwide. The U.S. saw an average decline of 1.8 percent in 2009.

"You've got an unholy trinity of three things going on here," said H.D. Palmer, a spokesman for the state Department of Finance.

Between 2008 and 2009, Palmer said, the state lost nearly 900,000 jobs and saw stock and dividend income fall. Wages also declined as people worked fewer hours with less overtime and saw income from sources such as tips and commissions go down.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Mali's Islamists Withdraw Cease-Fire Pledge

Friday, 04 Jan 2013 13:06 PM

Tens of thousands of Fatah supporters rallied in the Hamas stronghold of Gaza on Friday for the first time since they we . . .

Fmr. CIA Director Hayden: Iran Nuclear Crisis Gets 'Scarier'

Tuesday, 17 Jul 2012 18:11 PM

 . . .

Join Fmr. CIA Director for Special Iran Briefing, Assess the Danger

Friday, 13 Jul 2012 12:27 PM

 . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved