Show-Me State personal income grows 2.9%

Missouri’s personal income level grew 2.9 percent in the third quarter compared to the same three months of 2013. The movement was slower than the national average of 3.9 percent, according to recently released U.S. Bureau of Economic Analysis data.

For the quarter ended Sept. 30, the Show-Me State’s aggregate personal income was $254.1 billion, compared to $246.9 billion a year earlier, the BEA said.

Missouri’s personal income level also improved 0.8 percent from the second quarter, ranking the state 37th in terms of percentage growth. On average, personal income across the nation rose 1 percent in the third quarter, down from 1.2 percent growth in the second quarter.

The U.S. personal income total grew 3.9 percent to $14.8 trillion in the third quarter compared to the same time last year, according to a news release.

The BEA defines personal income as the sum of net earnings by place of residence, property income and personal current transfer receipts.