Idaho's first-quarter personal income rises fractionally

A decline in wages and salaries during the first quarter of 2014 offset strong business profits to hold Idaho's seasonally adjusted personal income to fractional growth during the January-March quarter, the U.S. Bureau of Economic Analysis reported Tuesday.

Personal income - a total of wages, business profits, investment earnings and transfer payments like Social Security and pensions - rose two-tenths of a percent from the final three months of 2013 to just more than $58 billion. That compared to the increase nationally of eight-tenths of a percent.

Idaho wage and salary payments declined three-tenths of a percent in the first three months of the year - about $80 million on a seasonally adjusted basis. California was the only other state to record a decline. Nationally, wage and salary payments rose nine-tenths of a percent.

Business profits were up 1.8 percent - $97 million on a seasonally adjusted basis - a tenth of a point higher than the increase nationally to rank 12th among the states and the District of Columbia.

Investment earnings in Idaho rose three-tenths of a percent while transfer payments were up 1.7 percent, due largely to a 2.2 percent increase in Social Security benefit payments. Increases nationally mirrored those in Idaho.

Mining, utilities, construction, wholesale trade, information, financial services, education services, leisure and hospitality and professional, scientific and technical services all posted earning gains of 1 percent or more but were offset by declines in natural resources, durable goods manufacturing, business management and federal government operations.

Idaho's farm income on a seasonally adjusted basis showed a 5.8 percent decrease in the first quarter of 2014 compared to a national decline of 22 percent.