Source: Bureau of Economic Analysis
Personal income for Georgia’s residents rose sharply in the 2nd quarter of 2020 thanks to large payouts by the state unemployment fund and economic impact payments funded by the federal government.
Wages
declined by $16.8 billion over the three-month period.
Over the quarter, personal income increased by 28.5% at an
annual rate in the 2nd quarter of 2020, below the national average,
which rose by 34.2%.
Total personal income in Georgia equaled $558.88 billion in
the 2nd quarter compared to $524.91 billion in the 1st
quarter of the year and $510.46 billion in the 2nd quarter of 2019.
While nonfarm income rose by $35.8 billion, farm income declined
by $1.8 billion over the quarter.
The state’s personal income per capita rose to $52,184.
Changes in personal income components
Overall, personal income in Georgia rose by $33.9 billion in
the 2nd quarter.
Net earnings of workers by place of residence dropped by $20.7
billion, and income from dividends, interest, and rent receipts declined by $2.1
billion.
These losses were offset by $56.8 billion increases in
transfer receipts. The largest contributors to the rise in transfer receipts
were economic impact payments financed by the federal government ($34 billion)
and state unemployment insurance benefits ($14.7 billion).
Transfer payments include Social Security, Medicare, Medicaid,
state unemployment insurance, as well as boosts due to benefits provided by the
CARES Act, expansion of eligibility of workers, not previously covered by state
unemployment insurance, economic impact payments to individuals, and provider
relief funds for nonprofit institutions, such as hospitals and health care
providers.
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