Minnesotans' wages and other personal income grew by 1.3 percent in the second quarter. Sadly, that is down from 1.8 percent in the first quarter, according to estimates released Thursday by the U.S. Bureau of Economic Analysis.
For the nation, personal income growth slowed to 1.1 percent from 2.1 percent in the first quarter. While not great, at least there was some growth. But don't party yet.
Economists noted that some of the gains in wages, salaries and other forms of income were merely a result of the government's reduction in Federal Social Security taxes.
If accurate, it's sobering information and one more indication that the economic recovery continues to largely stall.
Nationally, income growth rates ranged from 2.2 percent in Nebraska and South Dakota to a measly 0.7 percent in the states of Washington and Georgia.
