Personal Incomes Fall Nationwide

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We hate to start off the week with a downer, but we’re doing it anyway. According to The Wall Street Journal, personal income fell nationwide last year by nearly 2%.

“Personal income from wages, dividends, rent, retirement plans and government benefits declined 1.7% last year, unadjusted for inflation,” the Journal reports. The picture is even more bleak when you consider personal income levels by state.

The Journal reports personal income fell by several percentage points in many states including a 3.9% decline in Wyoming and a huge 4.8% decline in Nevada. (The latter shouldn’t be too surprising given that it continually ranks near the bottom of our list of the most fiscally happy states.)

To make matters worse, some studies have shown that those who see their incomes drop during recessions never really return to where their income level would have been. Still, there is some silver lining. The Journal also notes that income levels did increase in the fourth quarter of last year from the previous quarter, which means American bank accounts may have begun the long healing process.

Check out our feature on states with the most millionaires, so you know which states to loathe.

—For a comprehensive credit report, visit the BankingMyWay.com Credit Center.

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