Newspaper article THE JOURNAL RECORD

Personal Income of State Residents Down 0.3 Percent

Newspaper article THE JOURNAL RECORD

Personal Income of State Residents Down 0.3 Percent

Article excerpt

WASHINGTON (AP) - Personal incomes of Oklahoma residents fell 0.3 percent in the first quarter of 1986, reflecting the weakness in the oil patch.

Americans' personal incomes rose a modest 1.1 percent in the first three months of the year, and residents of 10 states, including Oklahoma, actually suffered declines in earnings, the government reported Monday.

The Commerce Department said energy and farm states were the hardest hit, with Alaska enduring a 9 percent income plunge, the biggest of any state. Since January, 115,000 jobs have been lost in theoil and gas industry as companies have cut back sharply on drilling plans because of the dramatic fall in oil prices.

The weak income numbers cut a swath across the farm belt as well, led by a 6.1 percent fall in North Dakota, one of eight farm states that had declines in earnings during the first three months of the year.

The state with the biggest income gain during the period was West Virginia, with a 3.5 percent increase, followed by Virginia, New Hampshire and Maine, all with 2.4 percent advances.

The 1.1 percent overall increase was down from a 1.9 percent rise in the final three months of 1985 and was the weakest showing since a 0.5 percent rise in the July-September quarter last year.

Government analysts said the slower growth in incomes was a reflection of continuing trade-related problems in farming and manufacturing and the widespread layoffs in the oil industry.

Overall economic growth has been a disappointment so far this year. The economy, as measured by the gross national product, has expanded at an anemic 2.5 percent annual rate from January through June, far below Reagan administration predictions. …

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